Rally Energy Corp. is pleased to announce that the Dewan-5 development well spudded on March 11, 2007 in the Salsabil development lease using a new Chinese rig ZP900. Total target depth is 3,200 meters, a depth sufficient to penetrate the productive Lower Goru sands and continue to the prospective Sembar and Chiltan formations. It is estimated that the well will take 65 days to reach total target depth and up to an
additional 30 days of evaluation and testing which may include stimulation.
Dewan-5 is the third well in the Salsabil field located on the Safed Koh concession in Pakistan where the Corporation's working interest is 30%. The Dewan-5 location is an offset to the Dewan-2 gas well, which production tested at rates of 10 MMCF/D, restricted by the size of tubing. The new Dewan-5 location is designed to allow maximum tubing size in the producing horizon Lower Goru Formation and in the prospective Sembar sandstones.
We are also pleased to confirm that the operator has advised that we are on schedule for commencement of commercial gas production later on this month at an expected rate of 15 to 20 MMCF/D (net 4.5 to 6.0 MMCF/D) from two wells Dewan-1 and 2 increasing to 60 MMCF/D (net 18 MMCF/D) by July 2007 following the drilling and tie-in of the Dewan-5 development location.
complete press release click here
The Mozambican government has agreed to form a joint venture with Oslo-listed Artumas Group Inc (AGI.OL: Quote) to explore for oil and gas, a cabinet spokesman told Reuters on Wednesday.
Artumas, which has its head office in Canada, will hold 85 percent of the venture with state oil firm ENH owning the other 15 percent, spokesman Luis Covane said.
The cabinet agreed to award the Mozambique subsidiary of Artumas a tender to undertake a feasibility study for part of the massive Rovuma basin in the north of the country.
The license runs for eight years, which would be extended to 25 years if oil is found, Covane added.
The Rovuma basin is mostly offshore and covers an area of 60,000 sq km in the provinces of Nampula and Cabo Delgado. It has been divided into seven areas by the government for oil and gas exploration.
Other firms that are exploring for gas and oil in the basin are U.S. company Anadarko Petroleum (APC.N: Quote), Petronas (PETR.UL: Quote) of Malaysia, Norway's Norsk Hydro and Italy's ENI (ENI.MI: Quote).
Sporadic exploration work has taken place in the basin over the past 20 years. In 1986, Esso dug an onshore well which found no oil, but showed signs of natural gas deposits.
Oil majors in the past have concentrated on west and southwestern Africa, but are now seeking opportunities in new areas in eastern and southern Africa, partly spurred by high global oil prices.
source news : ca.today.reuters.com
The state-owned Turkish Petroleum Corporation (TPAO), which has long carried out extensive exploration and extraction work for oil in the Black Sea, now looks set to expand its activities in the Mediterranean, a move that may generate tension between Ankara and Greek Cyprus.
Exploration projects are planned for the shallow waters of the Antalya, İskenderun and Mersin bays, with an international tender process to begin this month, stated TPAO Director General Osman Saim Dinç this week. Dinç told the Anatolia news agency that Turkey would begin exploration with foreign partners in July or August.
He also said Turkey would carry out seismic studies west of Cyprus between the coasts of Turkey and Egypt this spring and summer. TPAO had always been planning to explore the potential for oil in the Mediterranean, but had prioritized the Black Sea because its energy potential had seemed greater. “We achieved serious progress in the Black Sea and exploration works are now on track. Therefore this year we start work in the Mediterranean,” he explained.
Tenders for oil exploration and seismic studies in the eastern Mediterranean could well upset Greek Cypriots who last month opened a bidding process to license offshore oil and gas exploration in the same region. The exploration sites are likely to overlap, further raising political tensions between Turkey and Greek Cyprus.
Ankara protested after Greek Cyprus signed agreements to delineate undersea boundaries with Egypt and Lebanon. Turkish authorities said Turkey and Turkish Cypriots also had legitimate rights and interests in the eastern Mediterranean. Ankara stated it would not allow its rights to be eroded and asked Lebanon and Egypt not to go ahead with the agreements.
Foreign Ministry spokesman Levent Bilman dismissed claims that the TPAO’s plans for oil exploration in the eastern Mediterranean were related to the Greek Cypriot move to open a bidding process to license offshore oil exploration in the region. “I don’t think there is a connection between the two issues,” he told a press conference yesterday.
Bilman also said a Turkish delegation had recently been sent to Egypt to discuss the Egyptian-Greek Cypriot agreement to delineate undersea borders in the eastern Mediterranean. The delegation had an exchange of views and information with the Egyptian authorities and the two sides agreed to continue talks, he added.
Meanwhile, the US gave indirect support to the Greek Cypriot plans for oil exploration in the eastern Mediterranean, with State Department deputy spokesman Tom Casey saying sovereign governments had a right to contracts with private companies or other governments.
source news : todayszaman.com
The Minister also noted that for the growth of annual production in Eastern Siberia there must be an increase to over 25 million tons - roughly 500,000 barrels of oil per day - in the very near future.
With domestic demand for oil seen rising in the not-too-distant future and the launch of a key pipeline to China, Yuri Trutnev, Russia's Minister of Natural Resources said that more reserves in East Siberia need to be found and said the current pace of exploration in the region and in Sakha Republic (Yakutia) was unacceptable.
According to the minister, the State has increased investment in the discovery and evaluation of mineral resources that has led to some positive changes in the industry. However, the funds foreseen in the program is not enough, he said.
In particular, Yuri scheduled drew the meeting's attention to the pace of exploration on the continental shelf in Russia and Eastern Siberia. "Such growth is unlikely to provide a quick replacement of individual mineral commodities, above all oil," he stressed. The Minister also noted that for the growth of annual production in Eastern Siberia there must be an increase to over 25 million tons - roughly 500,000 barrels of oil per day - in the very near future.
Trutnev made the comments Wednesday at a conference that discussed liscensing and geological studies for the region.
Also speaking at the conference, Sergei Fedorov, the co-director of the Department of Public Policy in the field of geology and mining, said that in 2005 recoverable oil reserves in Eastern Siberia and the Republic of Sakha (Yakutia) resulting from exploration carried out by companies, amounted to 6.7 percent of that which was planned.
According to Fedorov, in the Eastern Siberia and Sakha Republic (Yakutia) there are currently 120 (including Taimyr autonomous areas and the north of the Krasnoyarsk Territory) licensing sites for geological exploration and production of oil and gas, including those held by Russian oil companies such as Rosneft, Surgutneftegaz and TNK-BP Holdings. Furthermore, there were 46 other geological studies of mineral resources, prospecting and exploring oil and gas, as well as the extraction of hydrocarbons, underway.
In 2006, in the region an additional 27 sites were auctioned.
Yuri Adler noted that the heightened demand for exploration blocks in the region is largely linked to the construction of the Eastern Siberia - Pacific oil pipeline. However, Adler said not all companies are actively working at the sites of mineral resources.
The Eastern Siberian Pacific oil pipeline will connect the Chinese border with Russia's Pacific Coast, and is scheduled to begin operations to China next year.
source news : speroforum.com
The Sri Lanka government is to develop an oil and gas regulatory system and establish a regulatory authority with a 51 million rupee grant from the United States Trade and Development Agency.
This will involve developing laws pertaining to oil exploration in the island nation, where recent studies have revealed possible oil deposits.
Expressing the need for a well-established regulatory system to attract investors for oil exploration, US Ambassador to Sri Lanka Robert O. Blake said in a statement that the grant would help Sri Lanka's oil and gas regulations to move from a 'consumer-driven to a production-oriented' structure.
source news : colombopage.com
Estimated net present value [NPV] remains $80 a share for buy-recommended BP plc (NYSE: BP - News), though fourth quarter 2006 cash flow and earnings reported on February 6 were below our projections.
Future growth in Russia may help justify NPV that otherwise looks high compared to that indicated by a correlation with reserve life and cash flow for some thirty companies. Prospects could be further strengthened if oil for delivery over the next six years, priced currently at $64 a barrel, resumes an uptrend by crossing above the 40-week average later in 2007.
Looking for a higher cash flow margin (Ebitda Margin (E&P)) in 2007, we presume some extra charges taken in 2006 will not recur. Price below the 200-day average confirms that BP stock remains out of favor with investors. With patience, we include BP stock at a half weighting in our illustrative energy portfolio concentrated on real assets that promise a high return providing clean energy for global growth.
SeekingAlpha
The National Math and Science Initiative (NMSI), a major new program designed to help America regain its global leadership position in technological innovation, was launched today by ExxonMobil and leaders in America's education community.
The creation of NMSI comes in response to the call for action by the National Academies' 2005 blue ribbon panel report, Rising Above the Gathering Storm. According to the panel of 20 experts, improving American students' performance in math and science coursework is the most effective way to increase the United States' global competitiveness. ExxonMobil Foundation announced its support for the initiative with a commitment of $125 million.
"The National Academies set forth a clear path for the nation to improve math and science education for our country's youth and it is now time for us to act," said Tom Luce, CEO of the National Math and Science Initiative and former U.S. Assistant Secretary of Education for Planning, Evaluation, and Policy Development. "NMSI will broadly implement two proven programs in states across the nation in an effort to support the next generation of innovators."
Chairman and Chief Executive Officer of Exxon Mobil Corporation Rex Tillerson joined with Tom Luce and other leaders in the education and business community to announce this new organization.
"Meeting the world's energy requirements and environmental challenges demands that we have a steady supply of well-skilled engineers and scientists," said Tillerson. "For many years, ExxonMobil has been greatly concerned about the erosion of the number of students coming out of American schools who are qualified and interested in careers in science, technology, engineering and mathematics, and we are confident that NMSI will help to reverse these trends."
NMSI aims to scale-up two proven programs: training and incentive programs for AP® and pre-AP® courses and UTeach. The training and incentive programs include extensive training of teachers, identification and cultivation of lead teachers, additional time on task for students, and financial incentives based on academic results. UTeach is a program that encourages math and science majors to enter the teaching profession by offering an integrated degree plan, financial assistance, and early teaching experiences for undergraduates.
Both programs have demonstrated considerable success, the training and incentive programs in more than 60 Texas schools and UTeach at its founding site at the University of Texas at Austin. Over five years, schools with training and incentive programs for AP and pre-AP courses experienced three and four times more growth in students scoring 3 or higher on AP exams in math and science, respectively, than those Texas schools without the program. UTeach has doubled the number of UT-Austin students graduating with math and science teacher certification, and of their graduates who entered teaching four years ago, more than 80% are still teaching, compared with 60% four-year retention nationally.
NMSI is a non-profit entity created to raise funds for the improvement of math and science education in the U.S. The initiative is being launched with the support of ExxonMobil, and expects to receive additional support from other corporations and foundations.
The NMSI Board of Directors includes:
* Bruce Alberts, former President of the National Academy of Sciences
* Norm Augustine, former Chairman and Chief Executive Officer, Lockheed Martin Corporation
* Gov. Gaston Caperton, President, the College Board
* Steven Chu, Director, E.O. Lawrence Berkeley National Laboratory
* Edward Copley, President and CEO, O'Donnell Foundation
* Roger Enrico, Chairman, DreamWorks Animation SKG and former Chairman and Chief Executive Officer, PepsiCo
* Peter Flawn, President Emeritus, University of Texas
* Bernard Harris, Jr., MD, President and Founder, The Harris Foundation, Inc.
* Thomas W. Luce III, President and CEO, National Math and Science Initiative, Inc., former Assistant Secretary, U.S. Department of Education
* Peter O'Donnell, Chairman, O'Donnell Foundation
* Art Ryan, Chairman, CEO, and President, Prudential Financial, Inc.
* Beverly Daniel Tatum, President, Spelman College
* Roy Vagelos, former Chairman and CEO, Merck & Co., Inc.
* Charles Vest, President Emeritus, Massachusetts Institute of Technology
About the NMSI Grant Selection Process
NMSI plans to award grants in up to 10 states for training and incentive programs for AP® and pre-AP® courses and up to 10 colleges and universities for the replication of UTeach in fall 2007. Over the next five years, NMSI plans to make additional awards for the expansion of both programs. NMSI is now receiving applications, and additional information on the application process is available at NMSI's website, www.nationalmathandscience.org.
About ExxonMobil Foundation
ExxonMobil Foundation is the primary philanthropic arm of the Exxon Mobil Corporation (NYSE:XOM - News) in the United States. The Foundation and the Corporation engage in a range of philanthropic activities that advance education, health and science in the communities where ExxonMobil has significant operations. In the United States, ExxonMobil supports initiatives to improve math and science education at the K-12 and higher education levels. Globally, ExxonMobil provides funding to improve basic education and combat malaria and other infectious diseases in developing countries. In 2006, Exxon Mobil Corporation, its divisions and affiliates, and ExxonMobil Foundation provided $139 million in contributions worldwide, with $54 million dedicated to education. Additional information on ExxonMobil's community partnerships and contributions programs is available at http://www.exxonmobil.com/community.
Contact:
ExxonMobil
Dave Gardner, 972-444-1107
Source: ExxonMobil Corporation
