Oando Energy Resources announces production increase as Qua Iboe field comes online

Oando Energy Resources, a company focused on oil and gas exploration and production in Nigeria, has announced the completion of all civil and pipeline works associated with the Qua Iboe field, and associated crude delivery and sales infrastructure, with commercial production at 2,150 boepd gross. Continue reading “Oando Energy Resources announces production increase as Qua Iboe field comes online” »



VAALCO Energy Commences Drilling On Block 5 Offshore Angola

VAALCO Energy, Inc announced that on March 2, 2015, the Company spudded the post-salt Kindele-1 well, its first exploration well on Block 5 offshore Angola. As previously announced, VAALCO contracted the Transocean “Celtic Sea” semi-submersible rig to drill the Kindele-1 well to a planned total depth of 2,250 meters in a water depth of approximately 100 meters. Continue reading “VAALCO Energy Commences Drilling On Block 5 Offshore Angola” »


Tullow expects exploration spend to double from 2016

Africa-focused Tullow Oil’s exploration budget will never return to a peak target of $1 billion, although spending could double from current levels starting next year, its CEO told Reuters. African drilling projects are among the most expensive in the world and many explorers are cutting spending, especially offshore, after the oil price rout. Continue reading “Tullow expects exploration spend to double from 2016” »


Libya’s Declares Force Majeure on 11 Oilfields

Libya’s state-run National Oil Corporation (NOC) declared force majeure on eleven of its oilfields Wednesday due to the deteriorating security situation in the country, reports Reuters. The country’s oilfields are being increasingly targeted as rival governments seek to gain control of the country’s main source of income. Continue reading “Libya’s Declares Force Majeure on 11 Oilfields” »


Lukoil’s 2014 Net Income drops 30% to $7.1b

LUKOIL on March  3rd, published consolidated US GAAP financial statements for 2014.

The Company’s 2014 net income reached $4,746 million. EBITDA (earnings before interest, taxation, depreciation and amortization) reached $15,982 million in 2014. Sales revenues were $144,167 million (+1.9% y-o-y). The changes in ruble-nominated revenues were significantly affected by the ruble devaluation. Continue reading “Lukoil’s 2014 Net Income drops 30% to $7.1b” »