Gulf Oil and Gas accountACCOUNT

Equator Provides Bilabri Update

Source: www.gulfoilandgas.com 8/20/2007, Location: Africa

Share |
Equator Exploration Limited announces that, given the ongoing delays with the Bilabri project, the contract for the FPSO BW Peace with BW Endeavour Limited , held jointly with the operator and sole licence holder of OML 122, Peak Petroleum Industries Limited , has been terminated due to the financial obligations of the joint venture not being met.

According to the terms of the original contract with BW, a US$20 million performance guarantee was issued on behalf of Equator Exploration (OML 122) Limited by its bankers. BW has indicated that it might activate this. The termination follows operational issues experienced in 2007 during the drilling of the Bilabri D2 well including the forcible removal by militants of an employee of the drilling contractor from the rig.

Discussions are continuing with BW and the providers of drilling units with respect to the financial implications of the termination and the terms on which new contracts for a rig, FPSO and related supplies and equipment may be available to proceed with the development of the Bilabri field.

Financials and Investment News in Nigeria >>

Italy >>  4/22/2017 - Key Italian oil refiner Saras says it has cleared all the debt it owed Iran for oil purchased before sanctions were imposed against the country in 201...
Oman >>  4/22/2017 -  A proposal to set up a $2.3 billion-greenfield methanol project by Mingyuan Holdings Group Co. Ltd in Duqm will depend on the Sultanateís commitment ...

Iran >>  4/20/2017 - New contracts in the oil and gas sector can create thousands of jobs and resuscitate the economy which is reeling from international financial and tra...
Iran >>  4/19/2017 - Managing Director of the National Iranian Oil Company (NIOC) Ali Kardor said Iran has so far recovered 1,060 billion cubic meters of natural gas from ...

United Arab Emirates >>  4/19/2017 - Abu Dhabi National Energy Company (TAQA) might sell some of its oil and gas interests in North America to raise capital for its core business, its chi...
Peru >>  4/18/2017 - Peru is expecting to issue up to $3 billion in bonds in the international market in the first half of 2017 to finance Petroperu, Energy and Mining Min...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 |

Oil & Gas Projects in Nigeria >>

More News

 

Oil & Gas Companies in Nigeria >>


Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.