.........Rebound bei FEC Resources......oder kommen die Chinesen !?!? ( Seite 61)

Antwort auf Beitrag Nr.: 41.889.021 von hainholz am 04.08.11 04:13:23Chinese 'pressure tactics' pose risks to investors - report
By Alexis Romero (The Philippine Star) Updated August 05, 2011 12:00

MANILA, Philippines - China’s “pressure tactics” pose risks to firms having interests in the West Philippine Sea (South China Sea) and could hinder the development of the Philippines’ oil and gas reserves in the region, according to a multinational risk consultancy.

In a report released to its clients last July 28, Pacific Strategies & Assessments (PSA) said the tensions in the Spratlys indicate that investors would likely face “serious and costly risks” in their operations.

“While the possibility of a high-level military conflict in the region remains remote in the future, Chinese pressure tactics have shown that the risks faced by non-state oil and gas investors in the South China Sea (SCS) will clearly not be limited to armed conflict in the region,” it said.

PSA, whose clients include multinational firms and embassies, said a prolonged territorial dispute would be the primary hindrance to the development of oil and gas reserves in the region.

“Past and recent developments in the SCS have underscored that a protracted multilateral territorial dispute would be the foremost stumbling block in efforts to commercially develop the oil and gas reserves in the region,” it added.

The Philippines, China, Brunei, Malaysia, Vietnam and Taiwan are claiming parts of the Spratly Islands in the West Philippine Sea.

“Notwithstanding the opportunities in the oil and gas sector, the commitment of Philippine government policies and support vacillate depending on the priorities of the incumbent administration,” the report read.

“This adds to the risks for potential and current oil and gas investors in the Philippines. China, for its part, is expected to maintain its pressure on oil and gas investors in the region,” it added.



PSA, nevertheless, said the Aquino administration had indicated a serious stand to support the gas and oil potentials of the country.

It noted that the government has prodded British firm Forum Energy into exploring Service Contract 72 that includes the Recto Bank (Reed Bank) off Palawan.

PSA, which has offices in Manila, Hong Kong, Shanghai, Beijing, Bangkok, Milwaukee and Sydney, said surveys on SC 72 alone showed 96 billion cubic meters of natural gas potential and 440 million barrels of oil potential.

“The figures are greater than the natural gas reserves of the $130-billion Malampaya project, also in Palawan, as well as the oil reserves in Thailand,” it said.

PSA said the possibility of earning twice the amount from the combined Malampaya project and SC 72 is expected to be a major motivation for the Philippines to remain committed to its territorial claims.

The report noted that the Philippines is heavily dependent on oil imports from the Middle East, with about 90 percent of its oil imports coming from the region.

“The potential oil and natural gas reserves in the South China Sea could prove to be significant in reducing the country’s dependence on Middle East oil,” PSA said.

The Philippines has expressed readiness to bring the territorial dispute in accordance with international law before the United Nations. China, however, said the issue should be resolved through direct negotiations among claimant countries.

C 72 alone showed 96 billion cubic meters of natural gas potential and 440 million barrels of oil potential.

gewaltig

und dann so ein quatschkurs hier

Antwort auf Beitrag Nr.: 41.896.197 von hainholz am 04.08.11 22:17:05Der Gesamtmarkt ist ohnehin im Tauchgang. Müssen wohl noch ein paar Jahre warten. Wenn SC 72 in Betrieb geht wird sich das Warten gewaltig auszahlen. So long!

nu geht bald loooooooooooooooooooos

Forum Energy to produce gas in offshore Cebu before yearend



Published : Tuesday, August 09, 2011 00:00
Article Views : 61
Written by : EUAN PAULO C. AÑONUEVO

FORUM Energy Plc. said it would start commercial production at the Libertad gas field covered by Service Contract 40 in offshore Cebu in the fourth quarter of the year.

Forum Exploration Inc., a wholly owned unit of Forum Energy, controls two-thirds of SC 40, while Forum Pacific Inc. owns the remaining stake in the contract.

The field was discovered in the late 1950’s. Test drills conducted in the area during the 1990’s showed signs of gas. Libertad has an estimated proven reserve of a billion cubic feet of natural gas.

Forum Energy conducted a feasibility study in 2004 to determine the most commercially viable option for the development of the field.

The results recommended a development plan using three gas-to-electricity generators, with a maximum capacity of three megawatts.

Forum Energy earlier signed a gas sale and purchase agreement with Desco for the development of the Libertad gas field for power generation.

Under the agreement, Desco will install the power generating facilities that will use the gas in Bogo, northern Cebu.

Forum Energy will sell the gas to Desco at an agreed rate of $1.50 per million British thermal units for the first 0.70 billion cubic feet of gas extracted and used, and $1.60 per million BTU for any gas produced beyond 0.70 BCF.

Forum Energy said interpretation of 3,000 line-kilometer 2D seismic data started in May. The data will enable the company to generate prospects for possible drilling on the Toledo and Maya areas, also located within SC 40, by next year.
Business

Forum Energy Plc to drill oil wells in Visayan Basin by 2012 http://t.co/0T2dcpk

By: Amy R. Remo
Philippine Daily Inquirer
9:01 pm | Monday, August 8th, 2011

MANILA, Philippines—Forum Energy Plc, a UK-incorporated oil and gas exploration and production firm, plans to drill wells within two prospective petroleum areas at the Visayan Basin by 2012.
This will enable the company to tap more sites across a significant acreage as covered by Service Contract (SC) 40, which is believed to contain “numerous onshore prospects and leads and significant offshore potential.”
In a regulatory filing, Forum Energy said it has already begun last May the interpretation of 3,000 line-kilometers of 2D seismic data that would allow it to identify possible drilling targets, specifically within the Toledo and Maya areas, that were also covered by the SC 40 license.
SC 40 is likewise home to the Libertad gas field, which is expected to start commercial production within the fourth quarter this year, according to Forum Energy. Once the field starts producing gas, Forum Energy’s partner Desco Inc. will be able to begin generating power for Cebu.
The Libertad gas field lies 100 kilometers north of Cebu City.
Forum Energy, through majority-owned unit Forum Exploration Inc., and Desco, a provider of petroleum and geothermal products and services in the Philippines, signed in 2009 a gas sale and purchase agreement (GSPA) to develop the gas field for power generation. The GSPA was approved by the Department of Energy in July 2009.
Under the agreement, Desco had to install a 1- to 1.5-megawatt power-generating unit in Bogo, Cebu, using GE Jenbacher gas engines.
Forum Energy currently holds a 66.7-percent interest in SC 40 license, which covers the northern area of Cebu Island and the adjacent offshore areas in the Central Tañon Strait and Visayan Sea. Since 1994, a total of 15 wells have been drilled offshore in the Visayan Basin, 13 of these on the acreage covered by SC 40.
In a related development, Forum Energy reported in the same filing that it would complete the interpretation of seismic data from the highly prospective SC 72 within the fourth quarter of 2011.
The SC 72 joint venture has already completed earlier this year the acquisition of 564,887 square kilometers of 3D (three-dimensional) seismic data collected over the Sampaguita gas field and 2,202 line-kilometers of 2D seismic data over the remainder of the block.
The interpretation of these data will allow the SC 72 joint venture to identify drillable targets within the Recto Bank. The Sampaguita prospect alone has been estimated to contain as much as 3.4 trillion cubic feet of gas. Aside from this large discovery, the SC 72 field was reported to contain at least eight other potential leads.
Between now and mid-2013, the SC 72 joint venture plans to spend $86 million to pursue exploration activities, which will include the drilling of an appraisal well and an exploration well.
Forum Energy holds a 70-percent interest in the SC 72 license, while the remaining 30 percent is held by Monte Oro Resources and Energy Inc.

Forum Energy to start nat gas production in Q4

By Ted P. Torres (The Philippine Star) Updated August 10, 2011 12:00 AM Comments (0) View comments

MANILA, Philippines - Forum Energy Plc will start the production of natural gas in the last quarter of the year from the Libertad gas field in Cebu, with a maximum potential of up to three megawatts (MWs).

Initially, the Libertad gas field can power a one-MW power plant in the Visayas grid.

The Libertad gas field is situated in northern Cebu and lies within Service Contract 40. The field was discovered in the late 1950s but was not developed. A testing program was carried out from 1993 to 1995 involving the drilling of around seven wells, with one of the wells tested positive for gas.

“It could even be earlier than the fourth quarter,” said Jose Raymund Apostol, president of Forum Energy’s Philippine unit.

Forum Energy carried out a feasibility study in 2004 to determine the most commercially viable option for the development of the field. The results recommended a development plan using three gas-to-electricity generators, which will be developed by DESCO, a leading provider of petroleum and geothermal products and services in the Philippines.

Forum Energy had earlier signed a gas sale and purchase agreement with DESCO for the development of the Libertad gas field for power generation. Forum Energy will act as gas supplier to DESCO.

Under the agreement, DESCO will install within the power generating units in Bogo, northern Cebu using GE Jenbacher gas engines.

Forum Energy will sell the gas to DESCO at an agreed rate of $1.50 per million British Thermal Units (BTU) for the first 0.70 billion cubic feet of gas extracted and utilized, and $1.60 per million BTU for any gas produced beyond 0.70 BCF.

Apostol earlier said DESCO would supply electricity from the gas plant to Cebu Electric Cooperative Inc.

Forum Exploration Inc., a wholly-owned unit of Forum Energy, holds 66.66 percent of the Libertad project while Forum Pacific Inc. owns the remaining 33.33 percent.

evtl.noch früher

Nice article and coverage of FEP dated 11th August 2011 in PHILIPPINES.

Something tells me FEP is about to get recognised at last on the International Stage.

http://www.malaya.com.ph/aug11/edit.html

Second natural gas field

‘We should devote more attention to gas and oil prospects instead of getting bedazzled by some purported black gold at the end of the rainbow.’

WHILE the attention of some people are focused on the purportedly oil and gas-rich disputed territories in the South China Sea, it is good that a British-owned company is actually set to put into production a real, verifiable gas deposit in Cebu.

Forum Energy Plc. said the Libertad gas field will be commercially harnessed by the fourth quarter of 2012 to fuel a 1 to 1.5 megawatt power plant in Bogo, Cebu. That plant will almost double the energy supply in the Visayas, a dramatic turnaround from the shortage that had been plaguing the region as late as last year.

New plants were inaugurated in the region lately, putting an end to rotating brownouts, but the supply/demand situation remains precarious. The natural gas-fired plant will give the Visayas a comfortable buffer for years to come.

When on stream, Liberty, which is covered by Service Contract 40, will be the country’s second natural gas field to be tapped for power generation after Malampaya offshore northwest Palawan which went commercial in 2001.

(Malampaya currently powers the 500 MW San Lorenzo and 1,000 MW Sta. Rita plants of the Lopez Group and the 1,250MW Ilijan plant of Korea Power Corp.)

The puzzle is why it is only now that the Liberty gas field is being tapped. It was declared a commercial find in 2005. Why would it take seven years to tap the natural gas deposit for power generation?

It was presumably a business decision. Forum needed a buyer of the gas. It was only in 2009 that Desco, the power project proponent, signed a contract to buy the output of Libertad. Desco, for its part, presumably also needed to secure a buyer for the power produced before committing to invest in the generating plant. Every link in the chain had to fall into place before the project could be started.

Anyway, all the hurdles seemed to have been cleared. The country is another step closer to the dream of relative independence from imported fossil fuel.

What is worth noting in the Libertad gas field development is the identity of the operator. Forum Energy is also the operator of the service contract covering the Sampaguita gas finds in the Reed Bank (now Recto Bank). At the start of the year, a ship hired by Forum Energy to conduct a seismic survey in Sampaguita was harassed by alleged Chinese warships.

Forum Energy is on record as saying it will meet its commitment in Sampaguita despite the rising temperature in the area because of the territorial disputes involving the Philippines and China. Review of the seismic data is ongoing and the results will be the basis for Forum’s decision whether or not to undertake exploratory drilling.

Meanwhile, Forum is not putting all its eggs in one basket. It is planning to drill more exploration wells at the Toledo and Maya areas, both also covered by the same contract as Libertad.

The lesson that could be drawn here, we suppose, is that we should devote more attention to gas and oil prospects in territories unquestionably hours instead of getting bedazzled by some purported black gold at the end of the rainbow.

0.034 ▲ 0.011 (47.83%)

kommt wieder gut Bewegung auf in USA