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 >>

Ghana >>  1/16/2017 - UK Export Finance (UKEF) has announced that it will provide US$400 million in support for a GE Oil & Gas contract with Ghana's Offshore Cape Three Poi...
Oman >>  1/16/2017 - Omanís Special Economic Zone Authority in Duqm (Sezad) and China-based Asian Infrastructure Investment Bank (AIIB) have signed a $265 million loan agr...

Saudi Arabia >>  1/15/2017 - Saudi Arabia Fertilizers Co (SAFCO) beat analyst forecasts but extended its earnings slump, reporting a 25 percent decline in fourth-quarter net profi...
France >>  1/13/2017 - Technip S.A. (Technip) and FMC Technologies, Inc. (FTI) announce that TechnipFMC plc (TechnipFMC) secured visa no. 2017-015 from the French stock mark...

Azerbaijan >>  1/11/2017 - SOCAR paid AZN 129 million 56 thousand to the State Budget in December 2016 which is AZN 53 million 736 thousand (171,3%) more than the same period of...
Brazil >>  1/9/2017 - Petroleo Brasileiro SA has launched a program to buy back up to $2 billion of existing bonds in cash and the offering of new debt, as the world's most...

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 |

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.