Tag Archives | Addax

Sinopec is Dealt a Setback in Iraq

By John Lee. China Petrochemical Corporation, also known as Sinopec, is still unable to participate in projects in central and southern Iraq four years after it acquired a project in northern Kurdistan, reports the Wall Street Journal. The company held talks with Russia’s Lukoil about jointly developing the West Qurna-2 oil field, but Lukoil’s chief […]

Oryx Petroleum Reveals Kurdistan Plans

By John Lee. Bloomberg reports that Oryx Petroleum Corp. (OXC) is to drill a well at its Banan site in Iraqi Kurdistan in the third quarter. The company, Canada’s newest publicly traded oil explorer, is hoping to find out of the site has the same type of reserves as its Demir Dagh discovery, which has 160 million […]

KS Energy Supplies Land Rig to Taq Taq

By John Lee. Singapore-listed KS Energy (KSE) signed a contract recently to supply its KS Discoverer 4 land rig (pictured) to the Taq Taq Operating Company (TTOPCO) in Kurdistan. The rig will be contracted for one year or until the completion of one exploration well and two development wells, whichever is later. TTOPCO has the […]

Sterling Energy to Pull Out of Kurdistan

Sterling Energy has announced that it is withdrawing from the Sangaw North Production Sharing Contract (“PSC”) in Kurdistan. Shares in the company were trading down 3.3 percent on Friday morning: Interpretation of the 2D seismic data acquired in the Sangaw North PSC during 2012 has indicated that the remaining potential is insufficient to justify drilling […]

Sterling Energy Rises on Interim Management Statement

By John Lee. Shares in Sterling Energy were up more than 1% in early trading on Monday, following the publication of the company’s interim management statement. Sterling made the following statement on operations in Iraqi Kurdistan: “The Company completed the acquisition of 117 km of 2D seismic data in the Sangaw North block in south […]

Sterling Energy Falls 5.7% on Results

In its announcement this morning of results for the year to end of December 2011, Sterling Energy gave the following review of its operations at the Sangaw North block in Iraqi Kurdistan, in which it has a 53.33% working interest: The Sangaw North block lies in the foothills region of the Zagros fold belt, approximately […]

Sterling Abandons Sangaw North, Shares Fall

Shares in Sterling Energy (AIM: SEY), the independent oil and gas exploration and production company with interests in Iraqi Kurdistan, closed the day down just 4% following a disappointing update on its operations at Sangaw North, in which it has a 53.33% working interest. The shares had opened the day down 33%. Flow testing operations […]

Addax Petroleum Increases Output

Addax Petroleum Corp.’s crude output has risen 14 percent since the Geneva-based company was acquired by China Petrochemical Corp. in August last year, according to Bloomberg. Crude production at Addax has grown to 155,000 barrels a day from 136,000 barrels a day, China Petrochemical, also known as Sinopec Group, said in a statement on its […]

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Genel Enerji Sells Iraq Oilfield Stakes for $175m

Turkish oil company Genel Enerji AS has reportedly agreed to sell part of its stake in three northern Iraq oilfields to South Korea’s UI Energy Corp. for more than $175 million [210 billion Iraqi dinars]. BusinessWeek reports that Genel Enerji will sell 5 percent stakes in the Dohuk and Tawke fields and 10 percent of […]