Alaya Legal presents its Fourth Issue of Petroleum: Information and Updates. In previous editions, countries were categorized based on the concentration of proven petroleum reserves. This issue focuses on major developments from around the globe and within the Republic of India.
MARKET UPDATES – GLOBAL
Oryx Updates Oil Production Plans in Kurdistan, Iraq
January 27, 2014
Oryx Petroleum updated its exploration and development programme for the Demir Dagh discovery in the Kurdistan Region of Iraq. The DD-3 appraisal well was designed to test Cretaceous, Jurassic and Triassic reservoirs.
Legal Challenges Delay Chevron’s Nigeria Asset Sale
January 13, 2014
Chevron’s planned divestment of Nigerian oil blocks valued at approximately USD 1 billion faced delays due to legal disputes involving prospective buyers.
Shell, OMV and Mitsui to Drill Deepwater Well in New Zealand
January 7, 2014
Royal Dutch Shell, OMV and Mitsui announced plans to drill an exploration well offshore New Zealand as part of a deepwater exploration programme.
Gambia Revokes Oil Exploration Licences
January 7, 2014
The Government of Gambia revoked several exploration and production licences, citing failure by operators to meet contractual obligations.
New Zealand Awards Deepwater Exploration Permits
December 5, 2013
Deepwater petroleum exploration permits were awarded to Statoil, Woodside Petroleum and other exploration companies for offshore prospects.
Tanzania Introduces New Production Sharing Terms
November 4, 2013
Tanzania introduced revised Production Sharing Agreement terms covering royalties, capital gains tax obligations and signature bonuses for exploration and production activities.
MARKET UPDATES – REPUBLIC OF INDIA
Government Plans Operational Flexibility for Oil & Gas Contracts
November 6, 2013
The Government proposed formation of an empowered group under the Oil Ministry to provide operational flexibility in implementing exploration and production contracts.
OVL and Cairn Explore Joint Participation in Sri Lankan Blocks
November 6, 2013
ONGC Videsh Limited and Cairn India considered a joint bid for offshore oil and gas blocks offered by Sri Lanka.
TRS Demands Revenue Share from KG-D6 Basin
November 6, 2013
Telangana Rashtra Samithi sought a share of revenue generated from hydrocarbon resources in the KG-D6 Basin.
OVL and PDVSA Sign Cooperation MoU
October 10, 2013
ONGC Videsh Limited and Venezuela’s PDVSA signed a Memorandum of Understanding for exploration and production cooperation in Venezuela.
OVL Expands Interests in Brazil and Myanmar
October 14, 2013
OVL acquired participating interest in Block BC-10, offshore Brazil, and secured exploration opportunities in Myanmar.
OVL and PetroVietnam Sign Cooperation Agreement
November 21, 2013
OVL entered into an MoU with PetroVietnam to explore hydrocarbon opportunities in Vietnam, India and other jurisdictions.
OVL Signs Ecuador Strategic Cooperation MoU
December 10, 2013
OVL signed an agreement with Ecuador’s Coordinating Ministry for Strategic Sectors to evaluate exploration and production opportunities in Ecuador.
OVL Temporarily Suspends South Sudan Operations
December 26, 2013
OVL temporarily suspended oilfield operations in South Sudan due to security concerns affecting producing assets.
OVL Increases Stake in Brazil’s BC-10 Block
December 31, 2013
OVL increased its participating interest in Block BC-10 offshore Brazil from 15% to 27% through acquisition of additional interests.
OVL and OIL Complete Mozambique Acquisition
January 8, 2014
OVL and Oil India Limited completed acquisition of a 10% participating interest in the Rovuma Area 1 Offshore Block in Mozambique.
ONGC and Mitsui Sign Strategic Cooperation MoU
January 27, 2014
ONGC and Mitsui & Co. signed a Memorandum of Understanding for collaboration in conventional and unconventional petroleum and natural gas opportunities.
NEW OIL FINDINGS
BP and ConocoPhillips Discover Oil in Gulf of Mexico
December 18, 2013
BP announced an oil discovery at the Gila Prospect located in deepwater Gulf of Mexico exploration acreage.
Dana Petroleum Announces North Sea Discovery
November 22, 2013
Dana Petroleum reported a successful oil discovery at the Liberator exploration prospect in the Moray Firth region.
Tullow and Africa Oil Report Fifth Kenyan Discovery
November 22, 2013
Exploration activities in northern Kenya resulted in another oil discovery, confirming substantial hydrocarbon potential in the region.
Statoil Announces Norwegian Sea Oil Discovery
November 11, 2013
Statoil and its partners discovered recoverable light crude oil resources in the Snilehorn prospect located in the Norwegian Sea.
LEGAL DEVELOPMENTS
Delhi High Court Stays CCI Proceedings Against Oil Companies
November 22, 2013
The Delhi High Court stayed Competition Commission proceedings concerning alleged anti-competitive practices involving IOCL, HPCL and BPCL.
Madras High Court Upholds One-House-One-LPG Policy
November 1, 2013
The Court upheld the validity of restricting subsidized LPG connections to one connection per household.
In 600–700 AD, Arab and Persian chemists discovered that lighter petroleum fractions could be combined with quicklime to create “Greek Fire,” one of history’s earliest incendiary weapons.
SOURCES
- Norwegian Petroleum Directorate
- U.S. Energy Information Administration
- The International Energy Agency
- Economic Times (India)
- Natural Gas Asia and Europe
- OPEC
- Oil and Gas Journal
- European Commission
DISCLAIMER
The information contained in this private circulation is not legal advice and should not be treated as such.
The information is sourced from public domain materials and is intended solely for private and non-commercial purposes.
No representation is made regarding the accuracy, completeness or reliability of the information provided.
This disclaimer shall be governed by and construed in accordance with the laws of India, and any disputes shall be subject to the exclusive jurisdiction of the courts of the Republic of India.
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