Total launches Hild field development

Total, operator of the Hild license, launched the development of the field located in the Norwegian North Sea.

"The Hild field development is an important milestone for Total in Norway, made possible thanks to significant technological progress," said Patrice de Vivies, Senior Vice President Northern Europe, Exploration-Production.

"Innovation has opened up new opportunities for Total offshore Norway, where we will continue to invest annually an average of US$2 billion within the next five years. Norway will remain in the coming years as one of the largest contributors to Group production."

The development will represent an investment of US$4.2 billion (NOK 25.6 billion) and is subject to the approval of the Norwegian Ministry of Petroleum and Energy and Norwegian Parliament (Storting).

Total holds a 51 % interest together with its partners Petoro (30 %) and Statoil (19 %). Hild’s reserves amount to approximately 190 million barrels of oil equivalent (boe). Production is expected to start end of 2016 and will reach 100,000 boe per day at peak.

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Apache completes Beryl Field acquisition

Apache Corporation subsidiary, Apache North Sea Limited, has completed its previously announced acquisition of Exxon Mobil Corporation's Mobil North Sea Limited assets including the Beryl field and related properties.

Apache has assumed operations of the Beryl, Nevis, Ness, Nevis South, Skene and Buckland fields, the Beryl/Brae gas pipeline and the SAGE gas plant.

The transaction also included non-operated interests in the Maclure, Scott and Telford fields and exploration acreage at Benbecula (West of Shetlands).

"We are pleased to work with ExxonMobil in order to acquire the best North Sea assets we have evaluated since we entered the UK in 2003," said G. Steven Farris, Apache's chairman and chief executive officer.

"These fields have significant remaining life, high production efficiency, quality reservoirs and a portfolio of low-risk exploitation projects; we also believe the complex structural setting holds reserve upside."

Apache's assumption of operations followed a comprehensive review of the transaction by several United Kingdom and Scottish government agencies.

"Completing this transaction while remaining focused on safe and environmentally responsible operations at both Apache and Mobil North Sea assets was the product of hard work by both the Apache and Mobil North Sea teams, along with cooperation from regulators," said James L. House, region vice president and managing director of Apache North Sea Limited.

"We look forward to a new period of growth with a strong, combined team."

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Repsol begins development of Perla field, Venezuela

Repsol Chairman, Antonio Brufau, Eni Chairman, Paolo Scaroni, and the Venezuelan Minister of Popular Power for Oil and Mining Rafael Ramirez signed the natural gas supply agreement for the Perla field development.

The Perla super-giant field, which contains over 16.3 trillion cubic feet of gas in place, equivalent to approximately 3 billion barrels of oil, was discovered by Repsol and Eni in 2009 in the Cardon IV block, and is located 50 miles offshore in shallow water of the Gulf of Venezuela.

Since the discovery, a total of five gas wells have been drilled, which will now be put into production using offshore platforms and underwater connections which will carry the gas onshore, where it will be processed and sent through the Venezuelan distribution network.

The project will be developed in phases, with the first phase entailing an estimated investment of $1.5 billion, including the exploration and evaluation phase in which 300 million cubic feet/day of gas is expected to be produced. In the next two phases, production is set to rise fourfold to 1.2 billion cubic feet/day, which will be maintained until the end of the contract in 2036.

The supply contract, signed until 2036, with a mutual commitment to supply and purchase over 8 TCF of natural gas, will be one of the supply sources for the domestic gas demand in Venezuela, which is expected to grow along with industrial, petrochemical and power generation consumption in the coming years. Given its large size, the field also offers new opportunities for natural gas exports, which Repsol and Eni will analyze with PDVSA and the Ministry of Popular Power for Oil and Mining.

The license for the Cardon IV block was awarded to Repsol and Eni at 50% each. Venezuela's state oil company, PDVSA, will participate with a 35% share in the development of the project, with Repsol and Eni's shares at 32.5% each.

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Iran Set To Issue Bonds For Gas Field Locally

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DNO doubles estimate for Kurdish oil field

(OSLO, Norway, July 12, UPI)-Norwegian energy company DNO ASA said Tuesday the reserve estimate of Tawke oil field in the Kurdish region of Iraq is a former two-digit.

DNO said a reserve estimate completed sets the recoverable reserve estimation from the Tawke field by French company Beicip Franlab to 636 million barrels of oil, of the 305 million barrels estimated in 2010.

DNO Managing Director Helge Eide said that the latest estimate of third-party Auditors confirmed that Tawke was a world-class field.

"The new reserves numbers far surpass our expectations some months ago and certainly were not provided for when we made the discovery in the year 2006", he said in a statement. "But the field of the last performance has its extraordinary reservoir quality."

DNO and its partners launched exports of Tawke oil field in June 2009 oil raft for only four months due to the legal disputes between the Kurdish government and Baghdad.

The Iraqi Minister of finance in may, the first oil export payment to contractor confirms in the Kurdish region. Kurdish Prime Minister Barham Salih said earlier this year confirmed payment to the Kurdish regional government for the export of 5 million barrels of oil revenues derived the Federal Government in Baghdad.

DNO said in June that the first payment of $103.7 million for its oil exports was a milestone for the operation of the country.

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