- Published on Wednesday, 02 October 2013 08:44
- Written by Roberta Murray
Energy and mining news: BP, Transocean, SOCO International, Royal Dutch Shell, Conroy Gold, Northern Petroleum, Fresnillo and Randgold.
An employee of Transocean LTD (NYSE:RIG), the company that owned the doomed Deepwater Horizon drilling rig, has told a court he was surprised when BP plc (LON:BP) scrapped his team's design to stop the gushing well in the Gulf of Mexico.
Robert Turlak, a Transocean manager, was a witness for his employer at a federal trial that is focusing on BP's response to the April 2010 well blowout. BP's trial adversaries argue the company could have sealed the blown-out well much sooner if it had employed a capping strategy that Mr Turlak and others had devised. It was ready for installation in early June.
BP ultimately used a capping stack to stop the spill on July 15 after several other methods failed, reports the Telegraph.
SOCO International said testing of the TGT-10XST1 exploration well on the H5 fault block of the Te Giac Trang field in Vietnam exceeded expectations. The well flowed at a combined average maximum production from the three zones tested at more than 27,600 barrels of oil equivalent per day, writes ShareCast.
Royal Dutch Shell
Peter Voser, Chief Executive of Royal Dutch Shell, and Christophe de Margerie, his counterpart at France’s Total, used the Oil & Money conference in London on Tuesday to highlight the potential energy windfall if sanctions preventing international oil companies from dealing with Tehran were lifted.
"Longer term, Iran’s oil and gas resources will have to be developed to meet demand," Voser said. He was echoed by de Margerie, who said that he hoped doing business with Iran would again be permitted "as soon as possible, not just for Total but for the world and for Iran. Any country cannot stay out of the system," The Daily Telegraph reports.
AIM listed miner Conroy Gold raised £1m via a share placing priced at 2.65p, a premium to last night's close of 1.95p. Today it was 0.175p brighter at 2.12p. It will use the proceeds for its gold project in Ireland, according to the Independent.
Oil explorer Northern Petroleum seems to have turned the tables on the market. Given the company’s inability to develop more fully its main assets — onshore and offshore gasfields in the Netherlands — its share price has virtually halved since the start of this year. As a result, it quickly became a take-over candidate. Now its new management seems to have pulled off a part-takeover by another means. It will see the above assets while retaining a revenue stream.
The result is that it now has almost as much cash in the bank as its market capitalisation. That will allow it to carry out seismic studies on its Adriatic assets and go ahead with the development of others. Northern has disappointed in the past and remains a highly speculative investment, although existing holders may as well stay in, The Times’s Tempus column says.
Fresnillo and Randgold
Precious metals producers Fresnillo and Randgold were the worst performing stocks in afternoon trade yesterday as a political stalemate in the US prompted a reduction in risk appetite. Fallin g commodity prices and gloomy comments on gold from Fitch were also weighing on sentiment, as the ratings agency said that a rebound in gold prices is unlikely with the unwinding of quantitative easing, ShareCast explains.
Offshore Technology International Vol:2 2013
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