Pura Vida upgrades reserve estimate for Nkembe block

Pura Vida Energy has announced an upgrade to its prospective resource assessment of the Nkembe PSC, offshore Gabon. Further technical work undertaken by the company has revealed a significant new play in the pre-salt within the Syn-rift interval where carbonate Coquinas reservoirs are anticipated to be present.

The inclusion of newly identified prospects increases the total gross mean unrisked prospective resources on block to 1,680 mmbo, 1,344 mmbo net to Pura Vida. The carbonate play is analogous to similar plays that have resulted in the discovery of several billion barrels of discovered oil offshore Angola and offshore Brazil. Pura Vida’s technical work has also identified several areas which contain multiple stacked prospects that have the potential to be attractive drill candidates that could be tested with a single vertical well.

Based on new interpretation on recent reprocessed seismic data undertaken by Pura Vida, the estimated net mean prospective resources on the Nkembe block has increased from 815 mmbo to 1,344 mmbo.
 
Pura Vida has identified several areas within the Nkembe block that contain multiple stacked targets. The drilling of stacked targets provides the ability to test prospects at differing stratigraphic levels through a single vertical well. Intersecting multiple prospects saves on drilling costs, increases the overall chance of making a commercial discovery, and in the event of success, allows for potential aggregation of resource potential.

The Moveni region in the south-western part of the block contains stacked prospects at the Gamba, Dentale and Syn-rift carbonate levels which have a net mean prospective resource un-risked potential of 286 mmbo and 603 mmbo respectively. A single well at this location has the potential to test a combined net prospective resource of 890 mmbo.

Dentex prospects directly overlie the larger and significant pre-salt level referred to as Palomite Deep. Of particular interest to Pura Vida is the Pompano prospect within the Palomite cluster, where stacked targets from the Batanga, Lower Anguille and the Cap Lopez lie directly above the Palomite Deep pre-salt play where the Gamba, Dentale and the Syn-rift carbonates are stacked. The combined net mean prospective resource, un-risked, potential of Pompano and Palomite Deep is 320 mmbo.

The Loba Oil Field also overlies the Loba Deep sub-salt target which provides an opportunity for a combination of a lower risk appraisal well for a production test of the post-salt Loba discovery with a test of the Loba Deep sub-salt exploration target.

Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Providencehelp Worldwide Foundation, online.

BP Statistical Review shows strength of global energy

The BP Statistical Review of World Energy 2014 – launched today at the World Petroleum Congress meeting in Moscow – reveals how the world of energy echoed broader global themes in 2013. Emerging differences in global economic performance, geopolitical uncertainty and ongoing debates about the proper roles of government and markets are all reflected in its data.

Global energy demand accelerated in 2013 but, reflecting the weakness of the global economy, growth of 2.3% remained slightly below the historical average. Within this global picture, however, shifts in energy consumption mirrored those in the world’s economic patterns.

Energy consumption in the emerging economies grew below their long-term average rate, rising by 3.1%, driven by slower growth in China. However, consumption in the mature economies of the OECD grew by a higher-than-average rate of 1.2% - entirely as a result of strong growth in the US. As a result the gap between growth in the OECD and non-OECD narrowed to levels not seen since 2000.

Nonetheless, the emerging economies continue to dominate the growth in global energy demand, accounting for 80% of growth last year and nearly 100% of growth over the past decade.

The Review – the publication’s 63rd annual edition – also illustrates how geopolitical events in a number of countries continued to impact oil production in 2013, with Libya suffering the largest single decline in the face of renewed civil unrest. Those disruptions, however, were offset by a big increase in oil production in the US – driven by the massive investment in production from shale and other ‘tight’ formations. As a net result, average oil prices remained unusually stable – albeit at levels exceeding $100 per barrel for a third consecutive year.

Speaking at today’s launch in Moscow, BP Group Chief Executive Bob Dudley said: “The Review again demonstrates the strength of the flexible global energy system in adapting to a changing world. The major disruptions to production seen throughout 2013 were balanced by continued rises in production elsewhere. This underlines the importance of continuing to secure these new supplies through continued access to new resources, policies to encourage markets and investment, and the application of new technologies worldwide.”

The developments also highlighted the critical importance of both policy and market forces in delivering new supplies.  As BP Chief Economist Christof Rühl also noted, “The huge investments seen in the US have been encouraged and enabled by a favourable policy regime. And this has resulted in the US delivering the world’s largest increase in oil production last year. Indeed, the US increase in 2013 – up by 1.1 million barrels a day - was one of the biggest annual oil production increases the world has ever seen.”

Elsewhere, the impact of policy on energy was also seen in continued robust growth in renewable energy – albeit from a low base. Renewables now account for more than 5% of global power output and, including biofuels, for nearly 3% of primary energy consumption. However, the challenge of sustaining expensive subsidy regimes has become visible where penetration rates are highest, namely in the below-average growth of Europe’s leading renewable producers, who are grappling with weak economic growth and strained budgets.

Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Providencehelp Worldwide Foundation, online.

Bluewater awarded Turret Mooring contract for Kaombo field

Bluewater Energy Services has secured a contract with Saipem for the engineering of two complete deep water Turret Mooring Systems and the related procurement and construction of two Turret and Swivel Systems.

The Turret Mooring Systems will be part of two converted FPSO units, owned by Total, for the Kaombo deep water Field Development Project, located in Block 32, offshore Angola in a water depth of 1,650 m. The Kaombo development scheme includes 59 subsea wells, connected through around 300 km of subsea lines, to two FPSO units, each with a production capacity of 125,000 bopd.

“With an extensive track record in Turret Mooring Systems already, this project is a great opportunity for Bluewater to strengthen its position as one of the few worldwide specialists and suppliers of large complex Turret Mooring System,” says Hugo J. Heerema, President and CEO of Bluewater Energy Services.”

Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Providencehelp Worldwide Foundation, online.