[UPDATED] Khan: Expect rough 2021 but good 2022 for Trinidad and Tobago energy industry
Franklin Khan -
Minister of Energy and Energy Industries Franklin Khan has said 2022 will be a good year for the local energy industry, but the country will first face a challenging 2021.
He spoke at a virtual news conference Thursday on the results of a 2019 audit of TT’s gas reserves done by oil and gas consultancy agency, Ryder Scott.
Khan, taking from the audit, said results showed that between 2016 and 2019 TT experienced an upward trend of technically recovered resources (TRR). So much so that in 2019, TT had a 113 per cent recovery of its proven and developed reserves.
Providing coverage of Alaska and northern Canada s oil and gas industry
88 Energy buys Umiat oil fields 2 tracts
Ahead of this winters Project Peregrine drilling at Merlin and Harrier firm buys NPR-A unit directly to south in bargain deal
Kay Cashman
Petroleum News
88 Energy said Jan. 11 that on Jan. 8 its wholly owned subsidiary Emerald House acquired the Umiat oil field in the National Petroleum Reserve-Alaska from Malamute Energy and Renaissance Umiat. The purchase price was a 4% overriding royalty interest on the two federal leases in the Umiat unit, as well as the assumption of liability of abandonment (estimated cost US$1 million) of two Umiat wells - 18 and 23H - drilled by Linc Energy in 2013/2014.
Russia: PetroNeft announces potential acquisition of an additional 40 percent interest in Licence 67
15 Jan 2021
Licences 61 and 67 in the Tomsk Oblast, has signed Heads of Terms signed with
Belgrave Naftogas (formerly
40% interest in Licence 67 for US$2.9 million.
Background
Over the last 12 months, PetroNeft has significantly increased the focus on LIcence 67, as we look to develop the value of our portfolio. We have increasingly seen the significant potential that Licence 67 offers in terms of exploration and production. As a means of moving the Licence forward, in a cost-effective and timely way, a non-binding Heads of Terms has been executed between PetroNeft and Belgrave Naftogas to acquire an additional 40% interest in Licence 67, thereby increasing PetroNeft s interest from 50% to 90%.
· Two operated oil fields in Wyoming, USA at start of their 40+ year life
· ROI over 50% with $2.18/bbl acquisition cost vs a value of $7.52/bbl at NPV (10%)
Calgary, Canada; London, United Kingdom; December 16, 2020 - Canadian Overseas Petroleum Limited ( COPL or the Company ) (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company, today announces that it has agreed to acquire Atomic Oil & Gas LLC ( Atomic ) for a consideration of US$54 million consisting of assumed debt, cash and shares. This strategic acquisition would represent a step change in the capacity and revenue generating opportunities open to the Company. COPL expects to complete the acquisition by January 31, 2021, with a long stop date in the agreement of 90 days from execution. The effective date of the transaction is December 1, 2020.