By Nick Cunningham of Oilprice.com <br />
Shale companies continue to drill at a frenzied pace, adding rigs and breaking U.S. oil production levels with each passing week. Yet, the oil production is becoming increasingly geographically concentrated. Not only is the Permian basin accounting for much of the new oil production in the U.S., but a relatively small number of counties within the Permian are home to most of that action.
A total of 55 planned and announced floating production, storage, and offloading units (FPSOs) are expected to begin operations by 2022 worldwide, according to a report by GlobalData. In the South American list Brazil figures with 24 FPSOs, plus the Falkland Islands and Guyana with one each.
As Mercopress reported, Premier Oil are currently consulting on the Environmental Impact Statement (EIS) for their Sealion Oil Field development sitting 220km to the North of the Falkland Islands in 450 metres of water depth. The formal minimum 42 day consultation period began earlier in the week and only after the Falkland Islands Government agreed via its Executive Council that it could do so.
By Nick Cunningham of Oilprice.com
Echoing the criticism of too much hype surrounding U.S. shale from the Saudi oil minister, a new report finds that shale drilling is still largely not profitable. Not only that, but costs are on the rise and drillers are pursuing irrational production.
An Environmental Impact Statement (EIS) has been submitted to the Falkland Islands Government by Premier Oil Exploration and Production Limited. The EIS covers the proposed development activity for Phase 1 of the offshore Sea Lion oilfield, located in the North Falklands Basin approximately 120 miles to the north of the Falkland Islands.
The Oil and Gas Climate Initiative (OGCI) and Petrobras announced that the Brazilian company will join the initiative. This commitment is subject to the approval of the OGCI Climate Investments Members’ Agreement by the Petrobras board of directors.
Magallanes Region in the extreme south of Chile is taking advantage of its weather conditions and will convert its wind gusts into energy. With some six million dollars from the National Fund for Regional Development and in coordination with Chilean government owned oil company Enap, a wind farm will be installed in Cabo Negro during the second half of the year.
Chile's Enap Sipetrol has acquired an offshore block, Octans Pegaso, on the Argentine continental shelf off the coast of Patagonia province of Santa Cruz. The block covers 886 square kilometers and is 20kms off Santa Cruz coast at its closest point to land. It was purchased from the consortium made up of Total Austral (35%), Wintershall (35%) and ENI (30%).
European Union ambassadors agreed on Thursday to withdraw an appeal to the European Court of Justice meaning the bloc will have to accept its verdict annulling anti-dumping duties imposed on imports of biodiesel from Argentina and Indonesia.
Brazil is studying the removal of a 20% tariff on ethanol imports from the United States, Agriculture Minister Blairo Maggi said on Wednesday, in a decision that could depend on Washington lifting a ban on fresh beef exports from Brazil. Last year, Brazil imposed a 20% tax on ethanol imported from the U.S. that exceeds a 600 million liter annual quota to protect local producers as imports spiked.