NO TA ON THIS THREAD PLEASE - (edit) and no pointless speculations either!
I've created this thread just to park stuff in that is only tangentially-related to SOCO's interests and doesn't relate to any of the specific assets.
A spot of idle Googling has revealed a live location record for the PV Drilling 2 rig. No doubt someone much cleverer than me could overlay that location on the blocks...... ;-)
More info on the rig here
Hi all,
Interesting (and perhaps timely ?) developments with ENI/VietNam ?
Eni Signs MoU with PetroVietnam on Business Development in Vietnam
Today : Monday 21 January 2013
.By Giovanni Legorano
MILAN--Energy company Eni SpA (E) said Monday it signed an agreement with Vietnamese national oil company PetroVietnam to develop business opportunities in Vietnam and abroad.
Eni added that under the agreement it will allow PetroVietnam to acquire shares in international areas and blocks where it owns the rights to exploration and development.
In a statement, the Italian company said the agreement was signed by Eni Chief Executive Paolo Scaroni and PetroVietnam President and Chief Executive Do Van Hau in Rome, after a meeting between Italian Prime Minister, Mario Monti, and the General Secretary of the Communist Party of Vietnam, Nguyen Phu Trong.
Eni has been present in Vietnam since June 2012 through a 50% participation and the operatorship of three exploration blocks located in the Hong Son basin in the Gulf of Tonkin that is estimated to contain 10% of the hydrocarbon resources of Vietnam.
Interesting (and perhaps timely ?) developments with ENI/VietNam ?
ENI have a strategy presentation tomorrow afternoon.
I'll be otherwise engaged, but there may be matters of interest...?
Can't find where I parked the comment about the recent increase in Chemsa's position but they have just announced a decrease that is 850,000 shares larger than the original increase. As usual, it isn't clear why this was done, but I'd guess it was a $3.4mn payment to a Maugein beneficiary - which may well have been just a transfer of shares since there is no evidence of a sale across the LSE (just as there was no evidence of a purchase 10 days ago).
Shuffling stakes around ahead of the capital distribution seems to be a popular activity......
Haoma on TMF has spotted that Soco has applied for pre-bid accreditation in Lebanon
see www.lebanon-exploration.com/DownLoads/Press/PQ_Application_Registry_3Apr2013.pdf
Yes - good spot Haoma :-)
I've no doubt that they take a close look at all new opportunities - the problem is that the hit rate is often low, due to terms (or withdrawal of blocks, in some cases). Still, as they say about lotteries - you've got to be in it to win it...
It is obviously a consortium big situation, incidentally, perhaps with Cairn India, Inpex or ENI as the intended operator?
Wall Street Journal interview with the CEO of Petrovietnam:
WSJ: Are China’s territorial claims affecting foreign companies’ investments in Vietnam?
Do Van Hau: Our petroleum activities over the past years have completely been conducted in the continental shelf and the exclusive economic zone of Vietnam, under the sovereignty and territory of Vietnam, in compliance with international laws, particularly the United Nations Convention on the Law of the Sea.
Recently, although there have been some Chinese claims about the sovereignty of Vietnam’s territorial waters in the East Sea (also known as the South China Sea), there have still been many investors–domestic and foreign petroleum companies–continuing their research and cooperation and signing contracts to conduct petroleum activities in Vietnam’s waters.
This clearly demonstrates international recognition of the sovereignty of Vietnam’s territorial waters and reaffirms the strong support of the international community to the legitimacy of Vietnam in conducting petroleum activities within our national territorial waters.
So far we have not made commercial discoveries (in disputed areas), but if there are commercial discoveries–and I am optimistic that we will have them–then we will start developing them if they are within our continental shelf.
WSJ:. What are the expectations for future oil and gas output?
Mr. Hau: PetroVietnam’s domestic crude-oil and gas output has always been higher than planned, with crude-oil production reaching a peak of 15.5 million tons, and gas production reaching about 9.5 billion cubic meters. However, most of the major fields have passed their peak, while new ones that have just been put into production are mostly small and unable to make up for this reduction.
Combined crude output from domestic and international fields this year will be around 16 million tons, or 321,000 barrels a day, with most of the expected foreign output–totaling between 25,000 and 28,000 barrels a day–coming from a joint venture in Russia
PetroVietnam has been…prepared for this issue. We have worked out some solutions to maintain the current output through new exploration and production and by increasing oil and gas recovery from operating fields. We will accelerate the development of new fields and increase investment in overseas oil and gas activities.
....perhaps finally PV is on the same page as SOCO International (LON:SIA) re production from TGT and we can expect some swift action once the FPSO test results are in (and H5 is drilled)?
Recently, although there have been some Chinese claims about the sovereignty of Vietnam’s territorial waters in the East Sea (also known as the South China Sea), there have still been many investors–domestic and foreign petroleum companies–continuing their research and cooperation and signing contracts to conduct petroleum activities in Vietnam’s waters.
So put some off then
This clearly demonstrates international recognition of the sovereignty of Vietnam’s territorial waters and reaffirms the strong support of the international community to the legitimacy of Vietnam in conducting petroleum activities within our national territorial waters.
So there is a problem there as they would not be making a point about the requirement for support,
So far we have not made commercial discoveries (in disputed areas), but if there are commercial discoveries–and I am optimistic that we will have them–then we will start developing them if they are within our continental shelf.
Really. Because someone here conveniently left out the fact that Premier Oil has not made any commercial discoveries in the disputed areas
4) reported capex plans to drill 3 wells in Vietnam this year, including a 40% paying stake in the Ca Voi well in May....which is in block 121 off Eastern Vietnam. Roughly 40% of block 121 is claimed by China and lies within their "9-dash map" line !
Now that could leave the reader with the impression that Premier's Vietnamese operations are within the 9-dashed line. Which of course they are not.
Pretty clear that oil companies are treating the disputed zone with an extra dollop of risk. Quite right too.
Broken record, and still spouting inaccuracies......
Now that could leave the reader with the impression that Premier's Vietnamese operations are within the 9-dashed line. Which of course they are not.
....err yes they certainly are. Around a third of £PMO's block 121 (which they co-own with Origin) lies within the Chinese 9-dash line area. I don't know where the planned Ca Voi well is to be drilled in block 121 - and it could easily be in the undisputed VN part - but the eastern end of the block is certainly at risk based on the logic previously offered by Adam.....
Because Block 121 extends some 125km from the coast of VN, but the Chinese 9 dash map at that point comes to within about 75km.
Of course the Chinese 9 dash map has no basis in international law and is nothing more than an Aunt Sally negotiating position, that has no chance of getting close to being agreed under international law. But it is simply wrong to say that £PMO's block 121 isn't partly within it.
ee
Around a third of £PMO's block 121 (which they co-own with Origin) lies within the Chinese 9-dash line area.
The point I was making they have no operations there. No commercial discoveries within the nine-dashed-line.
You were trumpeting their production - remember? - and how they have a block that crosses 40% into disputed territory, but you failed to point out they are not producing from the dipsuted zone area.
They might in the future, but I think it is very apparent (apart from to you and your groupies) the oil companies are applying an additional risk weighting before kicking sand in the dragon's eyes.
The tenor of the interview you posted yourself proves that. (including the fact that it is being discussed at all as opposed to slammed down as a non-issue as you seem to do)
QED
"QED"
Exactly what have you demonstrated, or have been trying to demonstrate? We are still in the dark as to what your point is with respect to investing or not in SOCO.
Are we to believe that you're a shareholder or do we suspect you're a troll?
I'd genuinely be happy to read what you're actual point is with this relentless focus on China.
The point I was making they have no operations there. No commercial discoveries within the nine-dashed-line.
You were trumpeting their production - remember? - and how they have a block that crosses 40% into disputed territory, but you failed to point out they are not producing from the dipsuted zone area.
Actually that is probably not true either. If you eyeball £PMO's map here that shows block 12W (where their Chim Sao field produces 30,000 bopd) then it looks likely to be within the 9 dash line area claimed by the Chinese - compare it with the CIA/UNCLOS map here, with reference to the Indonesian border which appears on both maps.
Of course it is off-topic to debate the details for Premier Oil (LON:PMO) here - but most of their production from VN appears to be within the 9 dash area. As I say, that has no bearing on the international legal position - but you were the one who claimed the relevance of the 9 dash map, not me, and it is very clear indeed that Premier Oil (LON:PMO) are operating in more contentious areas than SOCO International (LON:SIA) are.
I would argue that both companies are perfectly within their rights to operate where they are ....end of story. But if you want to argue that they aren't then I'm certainly correct in pointing out that Premier Oil (LON:PMO) 's assets are more at risk than SOCO's if the 9 dash map ever has any relevance!
Please find somewhere else to troll.
I see that it isn't just SOCO who have to put up with lies and disinformation being spread to discredit them in DRC: This is an ENI press release:
Eni announces that it has come into possession, through the newsroom of the TV program “Report‘, of a false letter that was attributed to a manager of the company in July 2010 to Father Franco Decaminada, President of IDI, in relation to a fictitious development project in the Democratic Republic of Congo.
Eni filed a complaint to the Court this morning to protect the reputation of the company and its management, highlighting the material falsity of the document and the total groundlessness of its content.
http://allafrica.com/stories/201305100684.html
Congo-Kinshasa: Oil Law Before Congo Parliament Fails to Safeguard Against Corruption or Environmental Damage - Global Witness
Haven't read it all, mentions soco as one of the companies involved in congo, not sure it would be good for soco, to have a fair and transparent system for getting licences, (in places where they have licences that is), much better to have a system where who you know matters I would have thought. Although seeing it from the congo's peoples point of view , obviously things are different. Not sure this really adds much, what we really need is a stable situation where we can get some exploration done and see if there is any oil under the lake,
cheers K
funny shares in bt were down yesterday on news that they plan to give the sports channel away free to people taking bt broadband, ( interesting loss leader), so part of the bounce back needs to be measured against a loss yesterday.
K
are we expecting any interims next week?
We haven't reached the half year yet! Last year they were 22nd Aug, so likely to be around late Aug again. You'll have to be a bit patient :-)
