Monday, January 30, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home Market

Block Energy Plc moves to protect business and future production

8 months ago
in Market
Block Energy Plc moves to protect business and future production
Share on FacebookShare on Twitter


“With the implementation of the measures announced today, we have made our business significantly more sustainable, as well as conserving our hydrocarbon assets for the future”

Latest Oil News

Shell launches shake-up under new chief Wael Sawan

Shell launches shake-up under new chief Wael Sawan

January 30, 2023
Big Oil’s profits juggernaut on pace to slow but not stop

Big Oil’s profits juggernaut on pace to slow but not stop

January 29, 2023
Tullow Oil: the end of an era for exploration and production

Tullow Oil: the end of an era for exploration and production

January 28, 2023
Chevron profits slip as oil and gas prices fall

Chevron profits slip as oil and gas prices fall

January 27, 2023

() has detailed a number of measures designed to protect the company amidst the coronavirus (COVID-19) pandemic, including cost-cutting to reduce cash spending by 40%.

The company has also decided to suspend the West Rustavi field operations, to conserve its gas reserves until a pipeline project completes later this year. Early production facilities are presently in transit to the field, in the Republic of Georgia.

In a statement, the group said it had US$3.4mln of cash and its crude inventory was worth around US$470,000. Prior to shut-in, West Rustavi was yielding some 325 barrels oil equivalent per day.

READ: Block Energy acquires Schlumberger assets in Georgia

“These are unprecedented times for the global economy, in general, and the oil and gas sector, in particular,” said Paul Haywood, Block chief executive.

“We have to navigate our business through a new environment of low oil prices, a slowing wider economy and countrywide lock-downs. With the implementation of the measures announced today, we have made our business significantly more sustainable, as well as conserving our hydrocarbon assets for the future,” he added.

Haywood continued by saying “your company continues to work tirelessly on completing the purchase from Schlumberger. With a determination to achieve first gas sales and the preparation of a comprehensive exploitation plan, leaving it well-positioned as the COVID-19 crisis subsides and oil prices recover”.

Block also informed investors that its programme to re-enter and sidetrack the WR-51Z had been abandoned because of the poor condition of the original well.

“While the abandonment of WR-51Z is clearly a disappointment, the decision taken by management is the right one. There are inherent risks when re-entering old wellbores which demand a disciplined approach to cash management,” the group said.

Finally, with an eye towards some desktop work, it noted that the preliminary results of 3D seismic data processing exhibit good subsurface imaging and boosts the company’s ability to identify and high-grade the optimal wells for new horizontal completions.

It pointed out that follow the acquisition of Blocks XI and IX the company is now assessing opportunities to rework existing well stock – as it has at West Rustavi – and it may decide to re-enter the recent deep Pat E-1 gas well in order to sidetrack and complete a horizontal section in one of the Lower Eocene gas zones appraised and tested during 2018/2019.

The Pat E-1 well is estimated to have initial-gas-in-place of around 600bn cubic feet.



www.proactiveinvestors.co.uk

Tags: blockBUSINESSEnergyFuturemovesPlcproductionprotect
Previous Post

Trading strategies for crude oil and zinc by Tradebulls Securities

Next Post

Business News | Stock and Share Market News | Finance News

Related Posts

Shell launches shake-up under new chief Wael Sawan

Shell launches shake-up under new chief Wael Sawan

by Oil Market News
January 30, 2023
0

Shell plans to restructure the way it runs its hydrocarbons and renewables businesses as part of changes being made under...

Big Oil’s profits juggernaut on pace to slow but not stop

Big Oil’s profits juggernaut on pace to slow but not stop

by Oil Market News
January 29, 2023
0

Oil companies will defy the gloom overshadowing many other industries when they start to report earnings this week, with analysts...

Tullow Oil: the end of an era for exploration and production

Tullow Oil: the end of an era for exploration and production

by Oil Market News
January 28, 2023
0

Those who built the oil industry had to be good at two things: finding the black stuff and getting it...

Chevron profits slip as oil and gas prices fall

Chevron profits slip as oil and gas prices fall

by Oil Market News
January 27, 2023
0

Chevron announced record earnings for 2022 but its fourth-quarter profits slipped from previous months in a sign that Big Oil’s...

Big Oil’s cash bonanza | Financial Times

Big Oil’s cash bonanza | Financial Times

by Oil Market News
January 26, 2023
0

This article is an on-site version of our Energy Source newsletter. Sign up here to get the newsletter sent straight to...

NYC pension schemes test support for climate action at bank meetings

NYC pension schemes test support for climate action at bank meetings

by Oil Market News
January 25, 2023
0

New York City has filed demands for tougher climate change action from US banks on behalf of retirement schemes worth...

Next Post
Business News | Stock and Share Market News | Finance News

Business News | Stock and Share Market News | Finance News

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

The Seductive Dividends (Up To 10%) You Should Never Buy

The Seductive Dividends (Up To 10%) You Should Never Buy

9 months ago
OPEC+ Cuts And Covid Has India Eying Spot to Feed Lighter Diet

OPEC+ Cuts And Covid Has India Eying Spot to Feed Lighter Diet

9 months ago
Russia-Ukraine War News: Live Updates

Russia-Ukraine War News: Live Updates

6 months ago
Venezuela’s Vast Oil Wealth Could Become The World’s Largest Stranded Asset

Venezuela’s Vast Oil Wealth Could Become The World’s Largest Stranded Asset

2 weeks ago
Is Occidental Petroleum Corporation (OXY) a Leader in the Oil & Gas E&P Industry?

Is Occidental Petroleum Corporation (OXY) a Leader in the Oil & Gas E&P Industry?

4 months ago
ADVERTISEMENT
Shell launches shake-up under new chief Wael Sawan

Shell launches shake-up under new chief Wael Sawan

January 30, 2023

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

January 29, 2023

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

January 29, 2023

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market Highlights: FDA backtracks on cannabis oil, and 5 ASX small caps to watch

January 29, 2023

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023

Crude Oil

Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023
Oil-Exporting Colombia Says No to Oil Exploration

Oil-Exporting Colombia Says No to Oil Exploration

January 28, 2023
German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

January 27, 2023
Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

January 26, 2023

Investing

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023
Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

January 28, 2023
U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

January 27, 2023
ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

January 26, 2023

Market

Shell launches shake-up under new chief Wael Sawan

Shell launches shake-up under new chief Wael Sawan

January 30, 2023
Big Oil’s profits juggernaut on pace to slow but not stop

Big Oil’s profits juggernaut on pace to slow but not stop

January 29, 2023
Tullow Oil: the end of an era for exploration and production

Tullow Oil: the end of an era for exploration and production

January 28, 2023
Chevron profits slip as oil and gas prices fall

Chevron profits slip as oil and gas prices fall

January 27, 2023

OPEC

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
Top 20 Oil Exporting Countries in 2023

Top 20 Oil Exporting Countries in 2023

January 28, 2023
OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

January 27, 2023
Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

January 26, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.