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 >>

Norway >>  9/20/2017 - The shares purchased by DNB on behalf of Statoil ASA on 15 September 2017 for use in the group's Share Saving Plan have on 20 September 2017 been dist...
Austria >>  9/18/2017 - Based on the current global oil supply/demand balance, OPEC crude in 2017 was revised up by 0.2 mb/d from the previous report driven mainly by the upw...

United States >>  9/15/2017 - The Company refers its shareholders to the announcement published earlier today relating to resumption of share trading on ASX. The Company remains co...
Canada >>  9/14/2017 - Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership), has declared a cash distribution of $0.5625 per unit o...

Bahamas >>  9/13/2017 - Bahamas Petroleum Company, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas p...
United States >>  9/13/2017 - Chevron U.S.A. Inc. announced a contribution of $1 million from Chevron and the Chevron Global Community Fund to assist with efforts to recover from t...

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 GW 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.