National Oil Company | ICT magazine

Posts Tagged ‘national oil company’

BP in Russia: Dancing with Mr Putin

January 20th, 2011 | No Comments

BP’s Russian venture offers big rewards and big risks

EARLIER this month Bob Dudley was ferried along the ten-lane avenue that links Vladimir Putin’s home to the Kremlin. The Russian prime minister shook hands with the boss of BP, sealing a $16 billion deal. The British oil firm will gain access to Russia’s vast and deeply frozen Arctic oilfields. It will also get a 9.5% stake in Rosneft, Russia’s state-controlled oil giant, to add to the 1.3% it already owns. In return Rosneft will get 5% of BP. The deal was announced to the world on January 14th.

It is the first share swap between a national oil company and a private oil major. It is also the first joint venture to explore in an area that could hold as much oil and gas as the North Sea. Far from keeping a low profile after its disastrous oil spill in the Gulf of Mexico last year, BP seems eager to prove that it is as bold as ever. …

U.S. cites progress in curbing Iranian oil business

October 1st, 2010 | No Comments

The U.S. State Department said four major European oil companies have promised to halt dealings with Iran, and will be spared from U.S. sanctions. A Swiss-based subsidiary of Iran’s national oil company will face sanctions.

Petrobras: Over a barrel

September 2nd, 2010 | No Comments

Brazil’s oil giant may be paying too much to pump the stuff

FOUR years ago Brazil struck oil—up to 350km (220 miles) offshore and buried under deep water and thick layers of rock, sand and corrosive salt. In places, the oil fields are 7km below the surface, so getting the black stuff out was always going to be hard. Now it looks like finding the funding will be tricky too.

On September 1st, two months later than planned, Brazil’s government made public the price it will demand for an estimated 5 billion barrels, mostly in the Franco field off the coast of Rio de Janeiro. Petrobras, the national oil company that was partially privatised in 1997 (Brazil’s government still owns 40% and a majority of voting rights), will have to pay $8.51 a barrel. Analysts frown that $6 would be more reasonable. Oil is $74 a barrel, on the surface, but is worth much less underground. …

Ezra Holdings clinches long-term inspection, maintenance and repair contract worth $16.6m

January 14th, 2010 | No Comments

Ezra Holdings, the support and marine services provider in the offshore oil & gas (O&G) sector, says it Deepwater Subsea division’s has clinched its first inspection, maintenance and repair contract worth US$12 million ($16.6 million).

Under the contract, Ezra will provide inspection, maintenance and repair services to support subsea work on an existing production field of a national oil company in the region.

Ezra says the long-term charter will start immediately.

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Mirach Energy unit signs cooperation deal with PT Pertamina EP to operate Wiriagar concession

September 14th, 2009 | No Comments

Mirach Energy says wholly-owned unit has signed an Operations Cooperation Agreement with Indonesia’s national oil company, PT Pertamina EP for the rights to operate on a contract area known as the Wiriagar Operating Area.

The greement is signed via a newly established Indonesian company, Petroenergy Utama Wiriagar (Petroenergy). Mirach group and its Indonesian partner, PT Remaja Bangun Kencana each hold a 50% stake in Petroenergy.