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GoM: BP releases report on causes of Gulf of Mexico tragedy

No single factor caused the Macondo well tragedy. Rather, a sequence of failures involving a number of different parties led to the explosion and fire which killed 11 people and caused widespread pollution in the Gulf of Mexico earlier this year. ... more ...

Denmark: PensionDanmark becoming partner in DONG Energy's Nysted offshore wind farm

DONG Energy and PensionDanmark have signed an agreement, under which PensionDanmark will buy 30% of the Nysted offshore wind farm at a cash consideration of DKK 0.4 billion. ... more ...

Russia: Urals Energy announces 2010 interim results and updates operations

Urals Energy, an independent exploration and production company with operations in Russia, has announced its interim results for the six months ended 30 June 2010. ... more ...

Russia: PetroNeft Resources announces 2010 interim results and updates operations

PetroNeft Resources, owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, has reported its results for the 6 months ended 30 June 2010. ... more ...

Romania: Regal Petroleum abandons E-1 Sagna exploration well

Regal Petroleum has announced that the exploration well E-1 Sagna, in the Barlad Concession, is being plugged and abandoned. Despite encouraging gas shows noted during drilling, no gas inflow was established.  ... more ...

Uzbekistan: Tethys Petroleum signs Uzbekistan MOU

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Tethys Petroleum has signed a Memorandum of Understanding (MOU) with the Uzbek State oil and gas company, National Holding Company Uzbekneftegaz (UNG). The MOU states that Tethys and UNG will conduct joint studies to determine the possibilities of improving hydrocarbon recovery on certain long-term production fields in the Republic of Uzbekistan in order to then sign a contract in accordance with the applicable legislation of the Republic of Uzbekistan.

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Tethys already has a PEC over the North Urtabulak Field

It is expected that it would be a similar contractual arrangement to the Production Enhancement Contract (PEC) that Tethys has over the North Urtabulak Field in Uzbekistan that has operated successfully for some 10 years. Under this contract Tethys is allocated refined products for the oil it produces and sells these on the export market in United States dollars.

Julian Hammond, Chief Commercial Officer and Uzbekistan Regional Manager of Tethys, commented, 'We are very pleased to have signed this MOU with our partners Uzbekneftegaz to work on more oil fields in Uzbekistan. This MOU is a key step forward and we believe that Tethys is now in a strong position to obtain additional fields which we could develop in parallel with our existing producing oil field, North Urtabulak, thereby increasing our short to medium term oil production base in Uzbekistan. Our existing project and experience in the country put us in a strong position to assess and take over new fields quickly and we will now work hard on achieving this goal.'

Source: Tethys Petroleum

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