Energy & OilEnergy & Oil
Venezuela's proposed 2016 government budget is based on an estimate of $40 per barrel for the OPEC nation's oil exports, Finance Minister Rodolfo Marco said in a presentation to congress on Tuesday.
Bristow has added a new hangar and modular offices at Stanley Airport in the Falkland Islands to help improve operational efficiencies for oil and gas commercial services and search and rescue (SAR) support.
The US government has announced new curbs on oil and gas exploration in Arctic waters off Alaska's northern coast. It comes after oil giant Royal Dutch Shell last month stopped its Arctic activity citing “disappointing” tests.
Exploring group Falkland Oil and Gas Ltd. said on Friday the Humpback 53/02-01 exploration well to the southeast of the Falkland Islands has found oil and gas shows, while wire-line logging indicates there are hydrocarbons bearing sandstones within the main target area.
Petrobras announced a further hydrocarbon discovery at the giant pre-salt Libra field in the Santos basin, offshore Brazil. The company said that well 3-BRSA-1310-RJS, in the central portion of the block, identified the presence of hydrocarbons in a low-porosity reservoir. This is the fourth well drilled in the Libra area since exploratory drilling began last August.
Spanish oil giant Repsol said on Thursday it plans to sell 6.2 billion Euros ($7.1 billion) in assets and slash investment in exploration and production over the next five years to help its preserve dividends and pay back debt.
Since 2009, China has been taking a much more active role in its pursuit of international oil contracts. In 2009, for the first time, Saudi Arabia exported more of its oil to China than it did to the US. China also made large investments in Saudi Arabia's oil refining industry as well. But China's oil investments didn't stop there; they also pursued oil producing Canadian assets in 2011/12.
Brazil's state-run oil firm Petroleo Brasileiro SA will raise $2 billion through a 10-year leasing contract with China's Industrial and Commercial Bank of China Leasing, the Brazilian company said in a statement on Tuesday.
The oil and gas operations being undertaken by Italy's Edison International S.p.A. on the Argentine continental shelf near the disputed Falkland Islands are illegal and clandestine, the Argentine Energy Ministry said Tuesday.
Ocean Rig, the Greek offshore drilling contractor has highlighted in its latest fleet update two rigs coming out of employment shortly with no immediate prospects. Both rigs have little or no “further prospects of employment” according to Ocean Rig and will be cold stacked while disposing of or scrapping the rigs is considered.