Energy & OilEnergy & Oil
Chile's petroleum corporation, ENAP, is planning to drill 55 non conventional new wells in Tierra del Fuego beginning September until the end of 2015, with the purpose of increasing the current production from 450.000 cubic meters per day to a million cubic meters of 'tight' gas.
Venezuela’s shipments of crude oil and fuel to its allies have fallen to a five-year low as a weak economy hits its ability to uphold accords that former president Hugo Chávez struck to lower energy costs for friends and expand his diplomatic clout.
Falkland Islands Argos Resources Ltd posted Friday a narrowed pre-tax loss for the first half, saying it is more confident on the outlook for its farm-out efforts following the recent contracting of the Eirik Raude deep water rig by Noble Energy Inc and Premier Oil PLC.
Argentine government controlled energy company YPF said on Thursday it signed a 550 million dollars agreement with Malaysia's Petronas to develop shale-oil reserves in the massive Vaca Muerta formation.
Who could have ever imagined that North America would surpass Saudi Arabia as the world’s largest producer of oil and natural gas liquids? A decade ago, that would have seemed laughable. Yet that’s exactly what has happened; and it’s not just Saudi Arabia that has been left in North America’s dust -- Russia has, too.
Premier Oil has updated progress on the Sea Lion project, the first field development offshore the Falkland Islands. Latest subsurface studies suggest recoverable reserves for the Phase 1 development at 308 MMbbl, with further upside of 60 MMbbl if next year’s well on the Chatham prospect confirms that there is no gas cap in the western side of the field.
Argentina's petroleum company YPF announced the discovery of new gas and oil reserves in the province of Santa Cruz, with the potential to produce more than 200,000 cubic meters of gas and 370 barrels of oil per day at a depth of 2.770 meters.
Mining companies are often seen as dinosaurs when it comes to making changes that will benefit the environment, but that perception may be shifting as some companies turn to renewable energy to cut costs and lighten their carbon footprint.
Falkland Islands involved oil and gas explorer Premier Oil may upgrade its 2014 production forecast after stronger-than-expected output in the first half of the year, pending the outcome of summer maintenance work, its Chief Executive said. The company reported a 7% rise in first-half profit after tax on Thursday, helped by strong oil production from its British fields.
The Falkland Islands has an oil legislation regime that is robust and encourages investment, believes Financial Secretary Nicola Granger. Details of a law firm’s report to the Falkland Islands Government (FIG) on tax legislation in relation to the oil and gas industry, and recommendations to Government by Ms Granger, were released to the public this week in a paper that outlines the report from Freshfields Bruckhaus Deringer LLP.