Brazilian state-controlled energy giant Petrobras said Friday that the drilling of a new exploratory well at the offshore Tupi field confirms potential recoverable reserves of between 5-8 billion barrels of oil equivalent.
According to a recent audit commissioned by the Bolivian government and conducted by US-based consulting firm Ryder Scott allegedly shows that the country has only 8.3 trillion cubic feet of proven gas reserves, sharply lower than the range of 12.8 trillion to 26.7 trillion that has appeared in contradictory official versions.
Russian energy company Gazprom has plans to take a 20% stake in natural gas projects in Bolivia, the gas monopoly said. Gazprom said it could take the stake under the terms of a September deal with French energy company Total for the Ipati and Aquio gas blocks in Bolivia.
Two Falkland Islands hydrocarbons exploration companies have signed contracts for marine seismic acquisition services with Polarcus Limited. The contracts were announced Thursday and should be operational by early January 2011.
Rockhopper Petroleum Plc, an oil explorer focused on the Falkland Islands, plans to raise about £200 million (318 million USD) through a share placement to pursue additional appraisal of its Sea Lion prospect.
UK oil company Rockhopper Exploration said that the recent successful flow test at Sea Lion has confirmed the potential for commercial oil in the North Falkland basin.
China has become the world's largest energy consumer having overtaken the United States, the head of the International Energy Agency said on Tuesday.
Chinese oil company CNOOC has agreed to pay just over one billion US dollars for a 33% stake in a South Texas shale oil and gas field. CNOOC announced the deal with Chesapeake Energy Corporation, which will also see it fund 75% of Chesapeake's share of the costs until an additional 1.08 billion has been paid.
An ambitious new multi-million pound port development – specifically for the burgeoning oil industry in the Islands – has been proposed for the western coast of East Falkland Islands.
Spanish oil and gas company Repsol-YPF praised its Argentine YPF associates and said he was hopeful that “soon” the company “would discover hydrocarbons in the Islas Malvinas waters”, as has happened in Brazil.