Petrofac eyes Nova Scotia oil locked 3 miles under sea surface

Petrofac eyes Nova Scotia oil locked 3 miles under sea surface
by Daniel J. Graeber
London (UPI) Oct 28, 2014

ONEOK spends $800 million in move into Permian shale
Oklahoma City (UPI) Oct 28, 2014 - Oklahoma-based shale company ONEOK Partners said it gained a solid footprint in the Permian shale basin after buying pipeline and other assets from Chevron.

ONEOK Partners paid around $800 million to acquire roughly 2,600 miles of gas pipelines extending from the Permian basin in southeastern New Mexico and East Texas from Chevron Corp. affiliates.

ONEOK President and Chief Executive Officer Terry Spencer said the acquisition establishes his company as one of the prime players in the Permian shale.

"We are adding another rapidly growing producing region to our operating footprint," he said in a Monday statement.

ONEOK describes the Permian basin as the largest shale oil and natural gas basin of its kind in the United States, three times larger than the Bakken formation in North Dakota.

British energy services company Petrofac said Tuesday it would help the provincial government in Nova Scotia tap into potential oil prospects offshore.

The provincial government awarded Petrofac with a contract to examine the prospects of oil trapped in the deep waters off the eastern Canadian coast.

Nova Scotia's government estimates there may be as much as 120 trillion cubic feet of natural gas and 8 billion barrels of oil offshore. Petrofac said the region is geologically similar to oil basins off the northwest coast of Africa, though reserves offshore Nova Scotia are thought to lie nearly 2 miles below the sea bed in mile-deep waters.

Craig Muir, a engineering consultant for Petrofac, said the contract could provide significant returns for the provincial government.

"The potential outcomes of this study are of strategic importance for the Nova Scotia government and a great step forward for Petrofac in the ultra-deepwater market," he said in a statement.

Petrofac said the scope of the study will be completed by early next year. Drilling could begin in 2015 and first oil could be produced from the region within the next 10 years.

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