Energy & OilEnergy & Oil
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.
George Soros’s 28 billion family office boosted its stake in YPF SA, making Argentina’s largest oil company its biggest U.S.-traded stock holding in the second quarter. Soros Fund Management LLC added 8.47 million shares of YPF, according to a regulatory filing Thursday, bringing its total position to 3.5% of the company’s American depositary receipts.
Argentine state-controlled energy company YPF on Thursday announced a shale oil find in the southwestern province of Neuquen in Patagonia. The discovery was made at the Agrio formation, according to CEO Miguel Galuccio, who said at a press conference that production operations will be carried from the neighboring province of Mendoza.
Brazil's Petrobras sold its stake in a Bolivian natural gas pipeline operator, continuing a string of asset sales aimed at generating cash for development of offshore oil fields at home. The Brazilian giant said it sold its 44.5% stake in Transierra to Bolivian state-owned YPFB for 106.7 million dollars.
Finland-based Arctech Helsinki Shipyard has been contracted to build three icebreaking stand-by vessels for Russian shipping company Sovcomflot, for a total cost of 380 million dollars.
Second quarter profits for Brazil's Petrobras dropped 20% compared to the same period one year earlier, the state-run oil giant said. Petrobras recorded profits of 4.96 billion Reais (about 2.22 billion dollars) in the quarter, compared to 6.2 billion Reais (nearly 3 billion) for the same period in 2013.