Energy & Oil

Energy & Oil
Monday, February 29th 2016 - 09:16 UTC

Esso to intensify oil exploration in Guyana's Maritime Zone

Minister Trotman told the National Assembly that there is growing interest in Guyana’s hydrocarbons and Exxon-Mobil will drill another exploratory well.

Oil exploration efforts have intensified following the discovery of commercial quantities of oil in Guyana’s Maritime Zone. Esso Exploration and Production Guyana Ltd. (EEPGL) has commenced a meteorological and oceanographic survey in the Stabroek Block, scheduled to be completed during May 2018.

Friday, February 26th 2016 - 10:19 UTC

Total starts production at Argentine Tierra del Fuego offshore gas field

”It's Total's second start up this year and will contribute to our production growth in 2016 and for the years to come,” said Arnaud Breuillac from Total

French oil company Total has started up production at the offshore Vega Pleyade gas and condensate field in the Tierra del Fuego region of Argentina. Operated by Total, the project will have a production capacity of 10 million cubic meters of gas per day (70,000 barrels of oil equivalent per day (boe/d)).

Wednesday, February 24th 2016 - 07:43 UTC

Argentina's YPF submits copy of contract with Chevron but warns about 'confidential information'

”Confidentiality of terms had the objective of protecting geological, commercial and financial information, which have strategic value for both companies” says YPF

Argentina's oil and gas company YPF submitted a copy of the contract signed with Chevron back in 2013 for joint works at the Loma Campana field in the province of Neuquén. Still, Argentina’s state-run energy giant demanded “confidential information” not to be revealed.

Saturday, February 20th 2016 - 10:32 UTC

Shell suggests Petrobras should cede some drilling rights to foreign firms

 ”I think it makes sense to call on other companies who have the technology, who have the money,” said Shell CEO van Beurden

Brazil’s government-owned oil giant Petrobras should cede some of its drilling rights to foreign firms, Royal Dutch Shell Oil CEO Ben van Beurden was quoted saying in Estado de Sao Paulo newspaper.

Friday, February 19th 2016 - 04:24 UTC

Brazil biggest environmental disaster: compensation agreement could be signed this week

Brazil’s attorney general Luís Inácio Adams said that if the deal is signed Samarco  could resume mining operations later this year.

The Brazilian government expects to reach an agreement by Friday with Samarco Mineração to settle a 20 billion-real (US$4.9 billion) lawsuit for damages in the deadly dam disaster which burst in inland Minas Gerais creating a tsunami of mud and waste that killed 17 people and reached the Atlantic ocean.

Thursday, February 18th 2016 - 06:19 UTC

Falklands' oil industry continues to advance, despite current low prices

“The development strategy presented for Sea Lion is through use of a FPSO vessel,  which adds flexibility and for which leasing costs have halved”.

Despite current low oil prices, the oil and gas industry in the Falkland Islands is continuing to go from strength to strength as its first project, Premier Oil’s Sea Lion, moves closer to commercialization, according to an analyst with research and consulting firm GlobalData.

Thursday, February 18th 2016 - 06:07 UTC

Norway's Statoil joins Tullow Oil and expands share in Uruguay's Pelotas basin

“With this transaction, we are increasing our exposure to the upside potential of this untested geological setting”, said Statoil’s Nicholas Alan Maden

Norway’s Statoil said that it has signed an agreement with Tullow Oil to secure a 35% working interest in a Uruguay’s Pelotas basin exploration block 15, about 200 kilometers off the coast of Uruguay.

Wednesday, February 17th 2016 - 11:04 UTC

Main oil exporters agree to freeze production, ...if all leading producers join

The quartet said they would freeze output at January levels, which Saudi oil minister Ali al-Naimi called “adequate.”

Four of the world's biggest oil-producing nations moved to freeze their production on Tuesday to try to halt the 70 percent drop in the price of crude because of a glut of oil on world markets. The agreement was reached by the oil ministers of Russia and three members of the Organization of the Petroleum Exporting Countries, Saudi Arabia, Venezuela and Qatar, during a closed-door meeting in Doha, the Qatar capital.

Tuesday, February 16th 2016 - 08:42 UTC

Ocean Rig determined to collect 'termination fee' from Falklands' Premier Oil

CEO Economou says the industry's prospects remain bleak and with limited possibilities of a recovery before 2018, at the least

Ocean Rig UDW Inc. has officially announced that two of its drilling contracts have been terminated, one of them in the Falkland Islands where its “Eirik Raude” was working for Premier Oil as the main operator. Ocean Rig is demanding a termination fee of several million dollars and in case Premier Oil contests the payment, “we intend to commence arbitration proceedings”.

Tuesday, February 16th 2016 - 07:37 UTC

Noble Energy cancels drilling in Falklands, following termination of rig contract

Due to operational issues with the drilling rig, Noble has cancelled the rig contract, leading, in turn, to the notification to Argos of Force Majeure, the company said.

Falkland Islands based company, Argos Resources Ltd. said it has received notification from Noble Energy, the operator of license PL001 in which Argos holds a 5% overriding royalty interest, that it is exercising its rights to declare Force Majeure on the well.

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