Conoco to Submit 2D Seismic Data - Analyst Blog
March 12 2013 - 2:55PM
Zacks
U.S. oil major ConocoPhillips (COP) is likely
to hand over the outcome of its 2D seismic survey, relating to two
offshore blocks in Bangladesh's Bay of Bengal, to the state-owned
hydrocarbon corporation Petrobangla in June 2013.
Currently, the international oil company is evaluating the data
acquired through the survey. However, the data collected so far,
seems insufficient to make an accurate calculation. Thus,
ConocoPhillips has procured further data from Petrobangla. In Feb
2012, Petrobangla approved ConocoPhillips’ plan for seismic survey
in the offshore blocks.
In Jun 2011, a production sharing contract (PSC) was inked between
ConocoPhillips and Petrobangla for oil and gas exploration in two
offshore blocks – DS-08-10 and DS-08-11. ConocoPhillips had
contracted Chinese contractor BGP to perform the survey.
As per the PSC, the U.S major has nine years to carry out the
exploration. The initial five years would serve as a primary
exploration period and the remainder would be divided equally among
the first and second extended exploration periods.
During the initial period, the company needs to achieve at least a
973 line kilometer seismic survey as well as drilling one
(optional) well. In course of the first extended exploration
period, ConocoPhillips will have to perform a 500 square kilometer
(193 square mile) 3D seismic survey and drill one exploration well
at a minimum of 2,200 meter (7,218 feet) below the seabed.
The Energy Ministry sources revealed that ConocoPhillips had
recently completed its 2D survey and data acquisition activities
for the two blocks located in a water depth of 1,000-1,500 meter
(3,281-4,921 feet), 280 kilometer (174 mile) off Chittagong.
ConocoPhillips carries a Zacks Rank #3 (Hold). However, there are
other stocks in the oil and gas sector – Range Resources
Corporation (RRC), Enerplus Corporation
(ERF) and EPL Oil & Gas, Inc. (EPL) – which
hold a Zacks Rank #1 (Strong Buy) and are expected to perform
better.
CONOCOPHILLIPS (COP): Free Stock Analysis Report
EPL OIL&GAS INC (EPL): Free Stock Analysis Report
ENERPLUS CORP (ERF): Free Stock Analysis Report
RANGE RESOURCES (RRC): Free Stock Analysis Report
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