Mining Exploration and Drilling News

Nigeria’s Oando Plc purchase stake in Akepo offshore oilfield

Nigerian energy firm Oando Plc (UNIP.LG) it has acquired a stake in the Akepo offshore oilfield as it diversifies from fuel distribution and retail into oil refining and production, the company said on Monday.

Oando, one of Nigeria’s top gasoline retailers which is listed on the Lagos and Johannesburg (OAOJ.J) stock exchanges, said it had bought 75 percent of Toronto-based Exile Resources’ (ERI.V) 40 percent working interest in the field.

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Tags: Akepo offshore oilfield, Nigeria's Oil Blocks

January 6, 2009 – 1:05 am

Exxon Mobil with Mitra Energy to drill oil and gas in Sulu sea

Exxon Mobil is the International oil giant , with Malaysian firm Mitra Energy Ltd., will be lining up to investment for drilling of exploration wells at its oil and gas development prospect in Sandakan basin at the Sulu sea.

Exxon Mobil is currently the world’s largest in the league of the international oil companies (IOCs); and counts engagement in the whole chain of the oil business – from exploration, refining to distribution, among others.

The exploration program was recently submitted by the two firms to the Department of Energy. This serves as a follow-through to the commitment made by Exxon Mobil exploration vice president for Asia Pacific Stephen Greenlee during his courtesy call to President Arroyo last year.
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Tags: oil and gas project in Sulu sea

January 6, 2009 – 1:04 am

Tata seeks Orissa, Jharkhand help for mega projects, says Business Standard

Business Standard reported on January 6, 2009; Tata Steel has linked the progress of its mega steel projects in Orissa and Jharkhand to the pro-active support of the respective state governments.

The steel major has proposed to set up a six-million-tonne steel plant in Orissa and a 12-million -tonne steel plant in Jharkhand.

Both the projects are marred by land acquisition, displacement and iron ore allotment issues and the company sees a major role of the state administrative machineries for their resolution.

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January 6, 2009 – 12:24 am

Australia’s Northern with Tata Steel sign deal iron ore concentrate

Australia’s Northern Iron with Tata Steel group has signed agreement, under which the Australian company will supply 6 million tonnes of iron ore concentrate over a five-year period of iron ore concentrate, The Economic Times has been reported on 5 Jan 2009.

The iron ore concentrate will come from Northern Iron’s Sydvaranger iron project in Norway and will be supplied to Corus.

Pricing for the concentrate will be based on Brazilian iron ore company Vale’s benchmark for similar products delivered into Europe.
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Tags: Iron Ore concentrates

January 5, 2009 – 8:51 am

Rio Tinto restarts iron ore mine in Australia

Rio Tinto Ltd/Plc (RIO.AX)(RIO.L) World No. 2 iron ore miner is restarting its iron ore mines in western Australia.

Workers on Monday began returning to each of Rio’s 11 mines as well as its rail network spanning hundreds of kilometres across the Pilbara region, after a two-week closure to cut production by about 10 percent due to lower demand from steel mills in China, a spokesman said.

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Tags: Australia iron ore mining

January 5, 2009 – 8:26 am

National Oil Corporation of Kenya (NOCK) to explore oil blocks in Lamu basin

National Oil Corporation of Kenya has been given licensed by government to explore commercial fossil fuel deposits in two offshore blocks in the Lamu basin.

The corporation’s deputy managing director Sumayya Athmani said they are partnering with Swiss Oil Holdings International to explore block L4 and L13 for oil and gas (hydrocarbons).

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Tags: Lamu basin oil blocks

January 5, 2009 – 1:05 am

ONGC Videsh Ltd (OVL) to bid oil and gas exploration blocks in Iraq

Business-standard reported, ONGC Videsh Ltd (OVL), the overseas investment arm of India’s largest oil producer Oil and Natural Gas Corporation (ONGC), is planning to bid for a “few” of the 19 exploration blocks being offered under two bidding rounds by Iraq, which has the world’s third-largest oil reserves.

OVL is the only Indian company among 35 global companies to be qualified by the Iraqi government for bidding in its auctions, as Business-standard has reported on January 3, 2009.

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Tags: Iraq Oil Blocks

January 5, 2009 – 1:04 am

Oil JUNIOR MEO Australia search partner for Timor Sea projects

JUNIOR oil and gas explorer MEO Australia is hunting for a partner for its Timor Sea projects.

Theaustralian.news.com.au reported on January 03, 2009; After a company owned by one of Australia’s wealthiest individuals failed to proceed with the tie-up, JUNIOR oil and gas explorer MEO Australia is hunting to search for a partner for its Timor Sea projects.

MEO said it planned to begin a process to attract a joint venture partner during the second quarter of this year.

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Tags: JUNIOR oil and gas explorer MEO Australia

January 3, 2009 – 1:05 am

NMDC plans to set up steel plant in Karnataka

Mining giant NMDC Ltd. said it plans to set up a 10-million-tonne integrated steel plant in the southern Indian state of Karnataka at an estimated investment of Rs.40,000 crores, provided the state government offers it with adequate iron ore deposits and infrastructure support. The company has not yet finalized the investment plans for this project, reports media.

In this connection, the public sector undertaking or PSU has submitted a proposal to set up this integrated steel plant with an initial capacity of 2 million tonnes, expandable to 10 million tonnes. The PSU has requisitioned 4,000 acres for its proposed steel plant and has sought approval for water supply and mineral linkages.

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Tags: NMDC, steel plant in the southern Indian state of Karnataka p

January 3, 2009 – 1:04 am

Nigeria: Laureates request to empower more explore oil and gas, want indigenisation of oil exploration

Laureates of the Nigerian National Order of Merit (NNOM) have requested the Federal Government to empower more Nigerians to explore oil and gas.

The request was contained in a communiqué issued at the end of the 2nd forum of the NNOM Laureates held in Abuja.

The forum which was chaired Professor Sylvester Adegoke recommended that Nigerians should be empowered to explore oil and gas in order to encourage the indigenisation of oil and gas exploration.

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Tags: indigenisation of oil and gas exploration

January 3, 2009 – 1:02 am