Oil & gas round-up: Latest BG Group campaign raises Tanzania resources

on Dec 10, 2013
Updated: Oct 21, 2019

iNVEZZ.com, Tuesday, December 10: BG Group (LON:BG) has increased its total recoverable resources estimate for Tanzania marking the conclusion of a successful drilling and testing campaign in the country. BG’s share price has hardly reacted to the news, right now it is 0.20 percent down on the day.

In Australia, Woodside Petroleum (ASX:WPL) today said that it expected to decide in the first half of 2014 whether to complete a deal to invest in Israel’s Leviathan offshore field. Woodside’s share price closed 0.45 percent higher in Sydney.
**BG Group increases Tanzania resources**
BG Group said in a statement today that its latest drilling and testing campaign had raised recoverable resources for the Mzia discovery and across Blocks 1, 3 and 4 offshore southern Tanzania to around 15 trillion cubic feet. The company noted that its exploration and appraisal campaign started in 2010 offshore Tanzania has had a 100 percent success rate.

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Commenting on the news, BG Group’s chief executive Chris Finlayson stated that the company had sufficient resources for a two-train liquefied natural gas (LNG) project in the country.
“We look forward to the Tanzanian government’s announcement of a decision on the location of an onshore site for an export facility,” Finlayson added.
**As of 14:26 UTC, buy BG shares at 1233.50p.**

**As of 14:26 UTC, sell BG shares at 1233.00p.**
**Woodside’s decision on Leviathan expected in 2014**
Perth-based Woodside Petroleum today said in an investor update that it expected to make a final decision on an investment in Israel’s Leviathan field in the first half of 2014, around the time when the Israeli government is likely to finalise its tax policy setting for gas export projects.

Woodside agreed to acquire a 30 percent interest in the Leviathan project last December as part of its strategy to diversify outside Australia where companies have been struggling with surging costs of LNG projects. (Surging LNG Costs Down Under Prompt Woodside Petroleum to Look Abroad)
In October, Israel’s Supreme Court upheld a government decision to allow about 40 percent of natural gas from the country’s offshore reserves to be exported, dismissing challenges that more gas should be reserved for domestic use.

In today’s update Woodside also announced that Michael Utsler, a former BP (LON:BP) executive who led the Gulf of Mexico recovery operation after the 2010 oil spill, had replaced Vince Santostefano as chief operations officer.
**On December 10, buy Woodside shares at A$37.75.**
**On December 10, sell Woodside shares at A$37.50.**
**Statoil with new discovery in the Barents Sea**
Norway’s Statoil ASA (OSL:STL) announced that it had made an oil and gas discovery in the Skavl prospect, with the volumes estimated to be in the range of 20-50 million barrels of recoverable oil.
The new discovery is seen as a boost to the Johan Castberg project which was delayed earlier this year on account of higher taxes and because of uncertainty over resource estimates. (Statoil Delays Barents Sea Project over Tax Hike)
“Skavl was the third of the four wells in the Johan Castberg area we have on our drilling plan this year,” Gro G. Haatvedt, Statoil’s senior vice president for exploration on the Norwegian continental shelf, said in the company statement. “We are working closely with our license partners to establish a plan for further exploration drilling in the Johan Castberg area.”
Statoil’s partners in the Castberg venture include Eni Norge AS, a subsidiary of Italy’s Eni SpA (BIT:ENI), and Petoro AS, which is wholly owned by the Norwegian government.
**As of 15:02 UTC, buy Statoil shares at 141.40 Norwegian kroner.**
**As of 15:02 UTC, sell Statoil shares at 141.30 Norwegian kroner.**
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