Live Currency Rates
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Norwest Energy: Bharat Petroleum to progress investment in Arrowsmith  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 22/11/2012

No. of Ratings : 0
Add to Mixx!


Pipeline infrastructure and gas exports to India are some of the key areas that Norwest Energy’s Indian partner, Fortune Global Fortune 500 company, Bharat Petroleum Corporation will investigate after committing to furthering its investment in the Arrowsmith project.
(MENAFN - ProactiveInvestors - Australia) Norwest Energy's (ASX: NWE) Arrowsmith unconventional oil and gas project in the Perth Basin has received a vote of confidence from Indian partner Bharat Petroleum Corporation (BPCL).

BPCL is a Global Fortune 500 company, retailing petroleum products through 11,000 outlets.

BPCL committed to furthering its investment in the key Arrowsmith-2 well and will also carry out investigations into the provision of pipeline infrastructure and the marketing of gas to the domestic market and potentially India.

Norwest chief executive officer Peter Munachen told Proactive Investors that discussions were held into options for liquefied natural gas exports to India.

The commitment comes after BPCL chairman R.K. Singh visited the Arrowsmith-2 site earlier this week with senior Western Australia Government officials responsible for managing the State's energy resources.

BPCL " one of India's largest petroleum, marketing and refining companies " and Norwest also reviewed the Western Australia gas market and pricing as well as the process to build a pipeline from the well to the nearby existing pipeline infrastructure.

"I was extremely pleased that Mr. Singh, the Chairman of one of India's largest companies, could come to Western Australia to visit the project and meet with the project team," Munachen added.

"Norwest has developed a strong relationship with BPCL over a number of years and this visit indicated the strength of their interest in the Arrowsmith project, which augers well for the future."

Partners in EP 413 are operator Norwest with 27.945%, AWE Limited (ASX: AWE) with 44.252% and BPCL (27.803%).

Arrowsmith-2 clean up

Norwest added that clean-up and flow back activities are continuing on the shallowest interval in the well, the Kockatea Shale.

"In recent days the flow back rate of injected water has increased, as well as the flow of hydrocarbons to surface. However a large quantity of the injected fluids remains to be recovered before indicative rates for oil and gas flows may be calculated," Munachen said.

"Norwest has recently implemented a mechanical intervention process that has contributed to improvement of the daily flow back. Approval has also now been granted by the DMP (Department of Mines and Petroleum) to operate a 24 hour shift operation that will further contribute to improvement in the flow back."

Once the testing program is completed, the Kockatea Shale interval will be sealed off and flow back will then recommence on the lower intervals, the Carynginia Formation and the Irwin River Coal Measures, with the ultimate objective being to establish gas rates for contingent resource calculations from each of the individual formations.

While a gas rate was not confirmed initially due to limited flow back time, the Lower and Middle Carynginia and the Irwin River Coal Measures all remain highly prospective as potential shale gas producers.

The Irwin River Coal Measures was slower to deliver gas compared to the other zones though this is believed to be a product of the flow back strategy used on this zone rather than an indication of its ability to produce gas.

The High Cliff Sandstone, a tight sandstone target, is expected to deliver a significantly higher rate than the reported rate of 777,000 cubic feet of gas per day once the zone is fully cleaned up.

An extended well test will then be required to determine the areal extent of the HCSS target. It is expected that this program of work will run for 3-4 months, depending upon results.

Perth Basin

The U.S. Energy Information Administration had in 2011 estimated the Perth Basin could hold 59 trillion cubic feet of gas within the Kockatea Shale and Carynginia Formation.

This estimate is likely to rise higher if the Irwin River Coal Measures, which was not included in the estimate, proves to be commercial.

Bharat Petroleum Corporation

BPCL is quoted on the Bombay Stock Exchange and is listed at number 225 in the 2012 Global Fortune 500.

It owns and operates four refineries throughout India and retails petroleum products through about 11,000 outlets.

BPCL is also a shareholder in Indian LNG importer Petronet LNG, which has a contract to purchase LNG from ExxonMobil's share of offtake from the giant Gorgon gas project that is under development in Western Australia.

It also has an exploration arm Bharat PetroResources that has experience and success in both Indian and worldwide exploration projects. This includes discoveries in Brazil, Indonesia and Mozambique.


BPCL's decision to progress its investment in the Arrowsmith development is a major vote of confidence for the project.

Although terms have not been disclosed, the involvement of BPCL has potential to change the valuation dynamics of Northwest.

Even a starting investment will effectively underwrite Norwest by de-risking development of the project along the way.

It also highlights the project's potential to deliver gas to the Western Australia domestic market and now potentially exports to India.

In addition, oil production from the Kockatea Shale will provide Norwest with early cash flows.


  MENA News Headlines
Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

Apr 24 2014Israeli Army Storms Deir Samit Village West of Hebron ,Qatar News Agency
(MENAFN - Qatar News Agency) bron April 24 - Israeli army forces stormed at dawn Thursday Deir Samit village southwest of Hebron city in the West Bank. The Israeli forces conducted raid and search ...

Apr 24 2014Qatar Airways to add more seats on Doha-Vienna route ,MENAFN
(MENAFN) Qatar Airways plans to offer more 1.700 seats on its Doha-Vienna route beginning from September 2014, according to Gulf News. The company aims to expand the growing passenger demand from ...

Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Georgian Justice Minister Leaves Doha ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - HE Minister of Justice of Georgia Tia Tsulukiana left Doha on Thursday morning wrapping up a two-day official visit to the country. An agreement on ...

Apr 24 2014Egyptian Premier Off to Chad ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egyptian Prime Minister Ibrahim Mehlib left cairo on Thursday for Chad the first leg of a three-day two-state trip that will also take him to Tanzania ...

Apr 24 2014Australian Federal Parliament Deputy Speaker Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Canberra April 24 - Australian Federal Parliament Deputy Speaker Bruce Scott met here Thursday with HE Qatar's Ambassador to Australia Yousef bin Ali Al ...

Apr 24 20143 GCC countries among top 30 on network readiness index ,MENAFN
(MENAFN) According to an annual global technology survey for network readiness index for 2014, three GCC countries have made it to the top 30 list for the third year in a row, Gulf Daily News ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Israeli Tanks Enter Gaza Border area ,Qatar News Agency
(MENAFN - Qatar News Agency) Gaza April 24 - Six Israeli military tanks on Thursday entered a border area in the southern Gaza Strip witnesses said. The tanks crossed into Gaza in an area called ...

Apr 24 2014President Salva Kiir Relieves his Chief of the General Staff ,Qatar News Agency
(MENAFN - Qatar News Agency) Juba April 24 -South Sudanese President Salva Kiir relieved Chief of the General Staff of south sudan army James Hoth Mai. This came in a presidential decree aired ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014Omani non-oil exports to enter African markets ,MENAFN
(MENAFN) A senior official at the Oman Chamber of Commerce and Industry (OCCI) said that the Sultanate is seeking expansion in new African markets, in a time it is looking forward to reduce its ...

Apr 24 2014US Secretary of State Meets Egyptian Intelligence Chief ,Qatar News Agency
(MENAFN - Qatar News Agency) shington April 24 - US Secretary of State John Kerry has met with the Egyptian Intelligence Chief Major General Mohammed Ahmed Fareed al-Tohami who is currently ...

Apr 24 2014Morocco Admitted As Observer Member to SICA ,Qatar News Agency
(MENAFN - Qatar News Agency) La Romana Dominican April 24 - Morocco has been admitted as an observer member in the Central American Integration System (SICA) which also includes each of Belize ...

Apr 24 2014Uruguay Public Health Minister Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Montevideo April 24 -Minister of Public Health in Uruguay Maria Susana Mu?iz met here on Thursday with HE qatari ambassador to the republic of Uruguay mohamed hassan ...

Apr 24 2014King bids to reassure Saudis as MERS deaths hit 85 ,AFP
(MENAFN - AFP) King Abdullah was in the Saudi commercial hub of Jeddah on Thursday in a bid to reassure a worried public as the death toll from the MERS virus hit 85. The Red Sea city has seen a ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help