A collection of oil and gas briefs.
Middle East Times
May 27, 2007
Energy Watch
By Andrea R. Mihailescu
UPI
BG faces criticism for bid to sell Palestinian gas to the Israelis
BG Group wants to sell Palestinian gas to Israel, in a deal brokered by Prime Minister Tony Blair.
According to London's Evening Standard, Hamas leaders denounced BG for attempting to pull off the deal as political and military tensions heat up between the Israelis and the Hamas-led Palestinian government over retaliatory attacks in Gaza and the arrests of prominent Palestinians on the West Bank.
BG is looking to sell some $3 billion worth of natural gas to Israel from the offshore Gaza Marine field, discovered by BG but described as the Palestinian people's only sovereign natural resource, the report said.
The deal also comes in the midst of the latest BG controversy over a bribery scandal in Italy.
Aurelian Oil to acquire stake from Europa Oil in Bilca project
Aurelian Oil & Gas Plc said it agreed to purchase Europa Oil & Gas Plc's 28.75 percent stake in the Romanian Bilca gas production project, increasing its stake in the concession to 62.5 percent.
The exploration and production company, which specializes in Central Europe, also said it will seek Europa's 28.75 percent stake in the Cuejdiu project by paying 18.75 percent of the costs on the concession.
Aurelian said in a statement it will also seek Europa's 47.5 percent stake in the Bacau project.
Separately, Europa said it plans to use the proceeds primarily to construct its production levels with further exploration and development activities in the British East Midlands.
Indian firm makes large gas discovery
India's Reliance Industries said it discovered two large natural-gas reserves on its eastern and western coasts but may not be able to exploit them immediately due to delays in the delivery of rigs.
Reliance's eighteenthth discovery came in the prolific KG-D6 block (KG-DWN-98/3) in the Krishna Godavari basin off the east coast, when its well KG-D6-R1 encountered two gas-bearing zones.
"The commerciality of the two discoveries is currently under evaluation," Tushar Pania, Reliance spokesman, said.
"These recent discoveries demonstrate the further upside potential of the blocks in the Krishna Godavari and opens up a new corridor in the Gujarat-Saurashtra basin for future exploration. We plan to begin gas production from the first two discoveries made in the block by the second half of 2008," he said.
Reliance, operator of the block, said the discovery is located in the center of India's largest natural gas field, with a 90 percent equity stake, while Niko Resources of Canada holds the remaining 10 percent, according to Indian press reports.
The block, awarded in 1998 in the first round of bidding under the New Exploration Licensing Policy, is estimated to hold some 50 trillion cubic feet of gas and 1 billion barrels of oil.
The state-owned Oil & Natural Gas Corp. is having similar problems at its Mahanadi field.
http://www.metimes.com/storyview.php?StoryID=20070527-034331-2853r