Energy & OilEnergy & Oil
Argentina's Planning minister Julio De Vido guaranteed publicly on Monday that there will be no gas cuts next winter (21 June), while Energy Secretary Daniel Cameron described the situation as the best in the last four years.
The great hype surrounding the advent of a shale gas bonanza in California may turn out to be just that: hype. The U.S. Energy Information Administration (EIA) – the statistical arm of the Department of Energy – has downgraded its estimate of the total amount of recoverable oil in the Monterey Shale by a whopping 96%. Its previous estimate pegged the recoverable resource in California’s shale formation at 13.7 billion barrels but it now only thinks that there are 600 million barrels available.
Argentina has won the geological lottery with its 305 meters-thick Vaca Muerta shale oil and gas field in Patagonia, a spokesman for Chevron said on Thursday, as the U.S. energy giant increases its investments in the country. The company and state-owned oil firm YPF announced plans last month to invest an additional 1.6 billion to develop Vaca Muerta.
Spanish oil company Repsol has ended its operations in Argentina, two years after the government seized its assets. Last month the Argentine congress gave final approval to pay 5bn dollars in compensation for Repsol's stake in Argentine oil firm YPF.
At least 15 more shale oil and gas wells will be drilled in Argentina's Patagonia Chubut province over the next three years, a provincial official said on Thursday, a day after its first shale discovery was made public.
Ocean Rig has reportedly received a contract for its Eirik Raude semi-submersible rig for a drilling campaign in the Falkland Islands. According to Offshore.no, a Norwegian energy news website, the rig will be used by Noble Energy and Premier oil for their respective drilling campaigns in the Falkland Islands waters in 2015
A major gas deal between Russia and China was finally sealed this week when Russian President Vladimir Putin was on a two day visit to China on May 20-21 and met with President Xi Jinping. In the lead up to Putin's arrival, the two sides have been working on putting the finishing touches on a 30-year contract for a gas deal a decade in the making, and Russian officials have suggested that the deal will be completed by Putin's arrival.
A group of managers representing Punta Arenas port facilities, logistic companies and shipping companies visited the Falkland Islands last week with an ultimate aim to offer solutions to the current and future commercial needs of the Islands.
Argentina's YPF CEO Miguel Galuccio proposed on Thursday in Bolivia a G10 of Latin American state owned oil corporations to strengthen their bargaining power based on their resources and development synergy.
Argentine state-controlled oil company YPF on Thursday defended the partnership deal it reached with one of the world's largest energy corporations, Chevron Corp., two days after a court ordered a probe into alleged irregularities associated with the pact.