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Critical, Forward-Looking Analysis of the Upstream Oil and Gas Industry
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Cost Watch 2011

Cost Watch

25 Jan 2012

This issue of Cost Watch reflects current estimates of inflation pressures in the oil and gas industry through the end of 2011...

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Emerging East African Gas Discoveries Up for Sale

A&D

06 Jan 2012

After opening a data room with the intent to sell its 8.5% working interest in the Offshore Area 1 (Rovuma Block) in Mozambique, the Board of Directors has decided to offer the entire company.

The license in Mozambique is the site of multiple gas discoveries including...

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Sinopec Joins CNOOC in Major North American Unconventional Resource Deal

Land Programs, Liquids-Weighted Shale, A&D, Company Strategy, Unconventional Resources

05 Jan 2012

A US$2.5 billion joint venture alliance between Devon Energy and Sinopec has been announced. Sinopec will acquire a 33.33% interest in Devon's acreage across five new venture plays. The alliance includes...

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Total S.A. Enters Liquids-Weighted Utica Shale Play

Liquids-Weighted Shale, A&D, Company Strategy

03 Jan 2012

A joint venture between Chesapeake, EnerVest Ltd., and Total has been announced in the liquids-weighted Utica Shale play in Ohio. The joint venture combines 542,000 net acres contributed by Chesapeake with 77,000 net acres contributed by EnerVest Ltd.

Total will acquire a 25% interest in the combined JV acreage through...

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$338 Million Committed in Gulf of Mexico Sale 218

Lease Sale, Gulf of Mexico, Deepwater

19 Dec 2011

On 14 December 2011 twenty companies bid for new Western Gulf of Mexico acreage in Sale 218. Winning bids on 191 blocks totaled US$337.7 million. The results of the sale were noteworthy in a number of respects.

Only a handful of companies drove the sale results. ConocoPhillips' high bids represented 46.7% of the total. Other drivers of the competition were...

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CNOOC Farms Into Nexen Deepwater Gulf of Mexico Prospects

Land Programs, A&D, Company Strategy

01 Dec 2011

Nexen Petroleum announced on 30 November 2011 that it has farmed out a 20% interest in three deepwater exploration prospects to CNOOC with possibly three others to follow with working interests ranging from 10% to 25%. Two of the prospects, Kakuna and Angel Fire, are located west and northwest of the Knotty Head discovery on Green Canyon Blocks 504 and 327, respectively. The third prospect is Cypress. Earlier this year Statoil farmed into a 27.5% interest in Kakuna.

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Kodiak Oil & Gas: Building Scale in the Bakken

A&D

14 Nov 2011

In a US$590 million deal (including US$50 million in stock), Kodiak Oil & Gas has acquired an additional 50,000 net acres in the Bakken play. The company announced that, following this transaction, its Williston Basin land position will rise to 155,000 net acres.

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Sinopec Builds on its Brazilian Position

A&D, Company Strategy

11 Nov 2011

In a US$3.5 billion deal, Sinopec will acquire a 30% share in Galp Energia's Brazilian upstream assets. The transaction will give Sinopec a 3% working interest in the Lula (formerly Tupi) and Iara projects and the Iracema (Cernambi) discoveries in Brazil's pre-salt play. Sinopec will also acquire interests in three other Santos Basin deepwater blocks.

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Statoil Continues Expansion Program in North American Unconventional Plays

A&D, Company Strategy

24 Oct 2011

Land-rich independents continue to be squeezed between the drag of low gas prices on cash flows and high drilling requirements if they are to achieve production growth targets. The result is an ongoing, if sometimes costly, opportunity for international companies to buy into North American unconventional resource plays as a strategy to achieve future production growth.

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GAIL and Sinopec Deals Mark Continuing Shift in NOC & EEC Companies' Growth Strategies

A&D

09 Oct 2011

The GAIL JV alliance with Carrizo and the Sinopec acquisition of Daylight Energy are part of a continuing process described in our recent study, Emerging Challenges to the Global Competitor Peer Group.

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