NIDC Digs 27 Oil, Gas Wells in 100 Days
National Iranian Drilling Company (NIDC) dug and completed the digging operations of 27 oil and gas wells during the first 100 days of the current Iranian calendar year (March 21-June 30), the company’s managing director said.
According to Hamidreza Golpayegani, the drilled wells consisted of two development, and 25 workover ones, Shana reported.
Golpayegani had earlier declared the company’s infrastructure improvement in line with the programs of the Oil Ministry as the most important achievement of NIDC in the past year.
Speaking at the company’s annual board meeting, the official said NIDC’s performance in various operational, technical, engineering, support, services, and headquarters departments has been significant and improved in the previous year compared to the preceding two years.
“According to the statistics of our planning department, the productivity index [of the company] reached 62 percent past year, while this figure was 48 percent in 1400,” he noted.
NIDC managed to dig and complete 99 oil and gas wells in the past Iranian calendar year 1401 (ended on March 21).
According to Masoud Afshar, the deputy head of NIDC for drilling operation, the drilled wells consisted of 15 development, five exploratory, and 79 workover ones.
88 Energy Announces Acquisition of Additional Texas Oil and Gas Production Assets
88 Energy has announced the execution of binding agreements for the acquisition of a new non-operated working interest (averaging ~45% net to 88 Energy) in leases and wells with conventional onshore production and in development assets within the Permian Basin of Texas, U.S.
The new oil and gas production and development assets will form an expansion of the existing Project Longhorn (Longhorn) acreage and are located approximately 4 miles to the south. The newly acquired acreage is estimated to contain independently certified net 2P reserves of 1.1 MMBOE(1,2).
Importantly, all proposed well locations have been classified as low risk, accessing Proven reserves totalling 0.97 MMBOE(1,2), given the production histories from existing wells on the newly acquired leases as well as adjacent leases. Additionally, these wells should intersect multiple potentially oil-bearing intervals which have been successfully developed in the vicinity of Project Longhorn. Consequently, upside has been identified and classified as Contingent or Prospective Resources and will be quantified in due course.
The purchase price for the acquisition is US$1.5 million (net to 88E US$1.1 million) to be to be paid in cash by 88 Energy and Lonestar I, LLC.
Risks, Rackets and Ransoms: The dark side of cybersecurity threats
In May 2021, the operator of the US’s largest fuel pipeline paid $4.4m to a group of hackers who broke into the company’s computer systems. The owners of the Colonial Pipeline, which carries fuel to south-eastern parts of the US, made the payment to return operations after a ransomware cyberattack, the largest ever attack on US oil infrastructure.
More than 9500 filling stations were out of fuel, causing panic-buying and severe fuel shortages. What followed was the intervention of the federal government, the help of engineers to recover systems and a ransomware negotiation with the hackers known as Darkside.
It is now two years since the Colonial Pipeline incident. The mayhem it caused became a point of departure to address the elephant in the room – cybersecurity.
Shell Still Trading Russian Gas Despite Pledge to Stop
Shell is still trading Russian gas more than a year after pledging to withdraw from the Russian energy market.
The company was involved in nearly an eighth of Russia’s shipborne gas exports in 2022, according to analysis from campaign group Global Witness.
Oleg Ustenko, an adviser to Ukrainian President Vladimir Zelensky, accused Shell of accepting “blood money”.
Shell said the trades were the result of “long-term contractual commitments” and do not violate laws or sanctions.
As recently as 9 May, a vast tanker capable of carrying more than 160,000 cubic metres of gas compressed into liquid form – liquefied natural gas or LNG – pulled out of the port of Sabetta, on the Yamal peninsula in Russia’s far north.
That cargo was purchased by Shell before heading onwards to its ultimate destination, Hong Kong.
It is one of eight LNG cargoes that Shell has bought from Yamal this year, according to data from the Kpler database analysed by Global Witness.
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88 Energy Invests, Iran Drilling and how to BBQ a Whole Hog