Companies with production were in focus this week as fourth quarter updates were released across the sector, and, on Thursday, Genel Energy PLC (LONGENL) CEO Bill Higgs has celebrated 2019 as a “successful year” for the Iraq focussed oil and gas firm.
In a trading update, ahead of full-year financial results due for release on 17 March, the group told investors that it delivered some 36,250 barrels of net oil production per day from the Kurdistan region of Northern Iraq. The company pointed out that it brought 19 wells into production during 2019.
In terms of financials, Genel said that it received some US$317mln of cash proceeds from the Kurdish authorities in 2019, while the groups free cash flow amounted to US$99mln before dividends.
Earlier, on Tuesday, Genel highlighted a trading update released by DNO – its partner in Kurdistan – which reported an increase in production volumes from the Tawke field.
The Tawke licence, which is host to two fields, produced 124,000 barrels of oil per day (bopd) in 2019, up from 113,100 bopd in 2018. At the Tawke field itself production amounted to 68,000 bopd as newly drilled wells supported operations, while the Peshkabir field flowed with 55,200 bopd of production thanks to new wells which added around 40%
In the fourth quarter, gross production from the licence measured 122,800, marking an improvement of 3,000 bopd in the preceding three-month period. Genel owns a 25% interest in the Tawke licence, along with a 44% interest in the Taq Taq licence.
88 Energy Ltd (LON:88E) has told investors that the preparation for the Charlie-1 well is “progressing to plan” with spudding expected soon. In a statement, he Alaska-focused explorer said that ice road construction is underway and its base layer is presently about 25%.
A permit to drill has been submitted, with approval expected in January. It said that a more accurate forecast for the anticipated February spud along with the timings for drilling, logging and testing will be communicated in due course.
Australia focussed explorer Falcon Oil & Gas Ltd (LON:FOG, CVE:FO) said that the Kyalla 117 N2-1H well, at the Beetaloo shale project, will undergo sidetrack drilling after the wells original horizontal section experienced operational challenges.
The Australian shale wells vertical section was completed in November, and, horizontal drilling subsequently began in early December. After 700 metres – of a section intended to span at least 1,000 metres – drilling challenges were encountered affecting the maintenance of clean hole conditions and stability in certain sections.
As a result, the original production section will be plugged, in line with regulatory requirements, before the sidetracking and drilling of a new horizontal production section. The company noted that such work is not uncommon in an exploration drilling program like this.
It is expected that the new drilling will start next month. Fracture stimulation activity will only occur after the successful completion of drilling and the integrity of the well is tested and verified.
United Oil & Gas PLC (LON:UOG) reported that Tullow Oil PLC (LON:TLW), partner and operator for its high potential Jamaica exploration project, reached an agreement with the Jamaican authorities to extend the initial exploration licence period by six months. It means that a drill or drop decision will need to take place before 31 July 2020, rather than 31 January 2020.
A joint farm-out partnering process is presently underway, led by Tullow, ahead of anticipated exploration drilling programme in 2021 to test the Colibri prospect (estimated to host some 229mln of potential resources). In Tuesdays statement, United noted that a number of interested parties are continuing their evaluation of the licence data, and the extension was granted to provide sufficient time for these to be completed.
In Morocco, Sound Energy PLC (LON:SOU) extended negotiations over the gas sales agreement for the Tendrara gas project in eastern Morocco, with a new deadline of 31 March 2020. It comes as the company continues to move Tendrara towards a Final Investment Decision.
The company is working on a build-own-operate-transfer funding solution for the infrastructure development that will support Tendrara, it noted.
The Environmental Impact Assessment (EIA) approvals process is progressing well, with a second meeting with the Moroccan Ministry of Energy, Mines and Environment to review the document on 28 January – following the first meeting, which took place in October. At the January meeting the committee will consider and, if agreed, approve the EIA.
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Australia resists calls for tougher climate targets
Australia’s Prime Minister Scott Morrison has resisted pressure to set more ambitious carbon emission targets while other major nations vowed deeper reductions to tackle climate change.
Addressing a global climate summit, Mr Morrison said Australia was on a path to net zero emissions.
But he stopped short of setting a timeline, saying the country would get there “as soon as possible”.
It came as the US, Canada and Japan set new commitments for steeper cuts.
US President Joe Biden, who chaired the virtual summit, pledged to cut carbon emissions by 50-52% below 2005 levels by the year 2030. This new target essentially doubles the previous US promise.
By contrast, Australia will stick with its existing pledge of cutting carbon emissions by 26%-28% below 2005 levels, by 2030. That’s in line with the Paris climate agreement, though Mr Morrison said Australia was on a pathway to net zero emissions.
“Our goal is to get there as soon as we possibly can, through technology that enables and transforms our industries, not taxes that eliminate them and the jobs and livelihoods they support and create,” he told the summit.
“Future generations… will thank us not for what we have promised, but what we deliver.”
Australia is one of the world’s biggest carbon emitters on a per capita basis. Mr Morrison, who has faced sustained criticism over climate policy, said action to reduce greenhouse gas emissions would focus on technology.
The prime minister said Australia is deploying renewable energy 10 times faster than the global average per person, and has the highest uptake of rooftop solar panels in the world.
Mr Morrison added Australia would invest $20bn ($15.4bn; 11.1bn) “to achieve ambitious goals that will bring the cost of clean hydrogen, green steel, energy storage and carbon capture to commercial parity”.
“You can always be sure that the commitments Australia makes to reduce greenhouse gas emissions are bankable.”
Australia has seen growing international pressure to step up its efforts to cut emissions and tackle global warming. The country has warmed on average by 1.4 degrees C since national records began in 1910, according to its science and weather agencies. That’s led to an increase in the number of extreme heat events, as well as increased fire danger days.
Ahead of the summit, President Biden’s team urged countries that have been slow to embrace action on climate change to raise their ambition. While many nations heeded the call, big emitters China and India also made no new commitments.
“Scientists tell us that this is the decisive decade – this is the decade we must make decisions that will avoid the worst consequences of the climate crisis,” President Biden said at the summit’s opening address.
Referring to America’s new carbon-cutting pledge, President Biden added: “The signs are unmistakable, the science is undeniable, and the cost of inaction keeps mounting.”
Read from source: https://www.bbc.com/news/world-australia-56854558
Sydney seaplane crash: Exhaust fumes affected pilot, report confirms
The pilot of a seaplane that crashed into an Australian river, killing all on board, had been left confused and disorientated by leaking exhaust fumes, investigators have confirmed.
The Canadian pilot and five members of a British family died in the crash north of Sydney in December 2017.
All were found to have higher than normal levels of carbon monoxide in their blood, a final report has found.
It recommended the mandatory fitting of gas detectors in all such planes.
British businessman Richard Cousins, 58, died alongside his 48-year-old fiancée, magazine editor Emma Bowden, her 11-year-old daughter Heather and his sons, Edward, 23, and William, 25, and pilot Gareth Morgan, 44. Mr Cousins was the chief executive of catering giant Compass.
The family had been on a sightseeing flight in the de Havilland DHC-2 Beaver plane when it nose-dived into the Hawkesbury River at Jerusalem Bay, about 50km (30 miles) from the city centre.
The final report by the Australian Transport Safety Bureau (ATSB) confirmed the findings of an interim report published in 2020.
It said pre-existing cracks in the exhaust collector ring were believed to have released exhaust gas into the engine bay. Holes left by missing bolts in a firewall then allowed the fumes to enter the cabin.
“As a result, the pilot would have almost certainly experienced effects such as confusion, visual disturbance and disorientation,” the report said.
“Consequently, it was likely that this significantly degraded the pilot’s ability to safely operate the aircraft.”
The ATSB recommended the Civil Aviation Safety Authority consider mandating the fitting of carbon monoxide detectors in piston-engine aircraft that carry passengers.
It previously issued safety advisory notices to owners and operators of such aircraft that they install detectors “with an active warning” to pilots”. Operators and maintainers of planes were also advised to carry out detailed inspections of exhaust systems and firewalls.
Read from source: https://www.bbc.com/news/world-australia-55862128
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