Gazprom to start drilling for gas in Venezuela

A Russian floating platform will start to drill exploratory test wells for natural gas in the Gulf of Venezuela.

Alexander Medvedev, deputy chairman of the Russian energy giant’s management committee, said the opening ceremony will be attended by Venezuelan President Hugo Chavez and Russian Deputy Prime Minister Igor Sechin as well as representatives of Russian companies. In 2005, Gazprom won a tender to prospect and develop natural gas blocks Urumaco 1 and Urumaco 2 in the Gulf of Venezuela as part of the Rafael Urdaneta project. Chavez earlier said that the Gulf of Venezuela boasted natural gas reserves of 100 billion cubic meters. The Venezuelan leader urged other countries to take part in exploration drilling in the territorial waters of Venezuela. Venezuela’s proven natural gas reserves amount to 4.1 trillion cubic meters. The Latin American country holds the second-largest natural gas reserves in the Western Hemisphere after the United States.

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APEC port service network founded

Shanghai: The Asia-Pacific Economic Cooperation officially inaugurated its APEC Port Service Network this week in Ningbo city, with the aim of enhancing trade and cooperation in port and related industries.

The network, which boasts 14 members at present, is the first comprehensive open alliance in the transportation field in the Asia-Pacific region. As a cooperation platform, the alliance hopes to eliminate the negative impact of the differences that exist at current ports. The proposal to found the network was first raised by Chinese President Hu Jintao at the 14th APEC non-official summit meeting held in December 2006. APEC’s trade volume is estimated to account for almost half of the world’s volume. The Asia-Pacific region has seen the fastest growth rate of container throughput in the world, developing into one of the most energetic regions in the global economy.

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Atwood’s Richmond rig in extended gig

Contango Operations has exercised its option to award another well to Atwood Oceanics’ Richmond rig currently in the US Gulf, with a dayrate of $85,000.

Atwood said current contract commitment included the drilling of the current well at a day rate of $75,000, estimated to be completed around mid November followed by the drilling of another well at a day rate of $78,000. Contango has assigned the $78,000 day rate well to Newfield Exploration. The Newfield well has an estimated duration of three months. Immediately upon completion of the drilling of the well for Newfield, the Richmond will begin drilling the $85,000 day rate well for Contango, which is estimated to take around 60 days to complete. Contango has also been given an option to drill one additional at a day rate to be negotiated.

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