Energy & OilEnergy & Oil
The future of oil exploration lies in new technology--from massive data-processing supercomputers to 4D seismic to early-phase airborne spy technology that can pinpoint prospective reservoirs.
Argentina's YPF increased oil and gas production by around 9% in January, continuing a trend that began in mid-last year in which the state-controlled firm reversed long-standing production declines. And while the rest of the sector continued to lag behind, oil production at least did experience a monthly increase, suggesting that YPF’s increases in output are starting to have a positive effect on the sector as a whole.
Australia's Petrel Energy has confirmed the conventional oil reservoir potential of the San Gregorio and Cerrezuelo sandstones in Uruguay following detailed analysis of the Cardozo Chico core-hole samples. Petrel said that laboratory testing undertaken by Weatherford in Houston returned excellent permeability and porosity measurements.
Britain's oil and gas industry faces 'biggest challenge in 50 years' because of low level of exploration
Britain's oil and gas industry has warned it faces its biggest challenge in 50 years due to the low levels of exploration. Industry body Oil and Gas UK said only 15 wells were drilled last year. That was despite strong levels of investment, reaching a record last year and sustained this year.
Spanish oil major Repsol's board approved on Tuesday in Madrid a definitive 5 billion dollars settlement from Argentina over assets seized in 2012, drawing a line under a two-year battle for compensation.
Falkland Oil and Gas Ltd, FOGL, announced on Monday the completion of its 3D seismic survey offshore the Falkland Islands. This is the third and final 3D survey prior to the next drilling program, which is expected to commence in early 2015, said the company in a release.
Chile's state-owned oil and gas company ENAP successfully put into production the well Paraguaya 2 at Intracampos Block (100% ENAP) in Tierra del Fuego, with an initial flow rate of 160 cubic meters per day of oil, equivalent to 1,006 barrels.
Spanish oil major Repsol said Friday that, as part of a preliminary compensation deal struck last year with the Argentine government for the seizure of its former unit, YPF, it will take a charge of 1.28 billion Euros (1.76 billion dollars) on its 2013 earnings.
Argentina's state oil company YPF announced this week that it had signed a memorandum of understanding (MOU) with a subsidiary of Malaysia's national oil company Petronas for unconventional oil and gas resources development in Argentine Patagonia.
Uruguay will renew the contract for the purchase of Venezuela oil and accept the stake increase of that country in a local bio-fuels corporation during the scheduled visit of President Nicolas Maduro to Montevideo next month; it was announced by the Uruguayan Foreign affairs ministry.