Energy & OilEnergy & Oil
The US will remain the world’s biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs US economic recovery, Bank of America Corp. said in a report.
President Cristina Fernandez confirmed Russia’s interest in investing in Argentina's Vaca Muerta shale formation in Patagonia and announced that a Russian delegation will travel soon to the area, which holds one of the largest shale gas and oil reserves of the world.
Russian President Vladimir Putin signed on Saturday a nuclear energy cooperation deal with Argentina on the third stop (Cuba, Nicaragua) of a tour to bolster trade ties and strengthen Russia’s influence in Latin America.
Premier Oil Plc newly appointed Chief Executive Officer Tony Durrant said that one of his priorities is to find a partner to share the 5bn dollar investment to develop the Sea Lion project off the Falkland Islands, because it does not want to become a 'pure Falkland Islands company in five years time'.
With increased exploratory drilling activity anticipated in the Falkland Islands next year, and Stanley airport expected to play a leading role, the Falklands government is investing in additional fire-fighting equipment to meet the needs of the helicopters servicing the rigs.
Violence in Mexico could thwart hopes of a budding shale boom, as oil and gas companies operating in Texas may think twice about moving south of the border.
Mexico holds an estimated 545 trillion cubic feet of technically recoverable shale gas and 13 billion barrels of shale oil, but progress in developing those resources has been slow.
Argentina's government said Wednesday that in five weeks it will restart operations at an enriched uranium plant as part of a peaceful pursuit of nuclear energy.
Uruguay has released a draft map of four ultra-deepwater and seven shallow-water blocks in the Punta del Este-Atlantic basin that will be on offer in the country’s third oil and gas bid round next year, officials said in Moscow this week, according to the oil and gas site Upstream.
Borders & Southern Petroleum PLC said on Tuesday that new data on the Darwin gas condensate discovery in the Falkland Islands show the potential for wider hydrocarbon distribution.
London AIM listed President Energy PLC, has spudded what it calls the first deep exploration well in the Paraguayan part of the Chaco basin in almost 30 years.