Brazilian miner Vale SA put its prime assets on the block on Thursday after taking the biggest loss in decades, but analysts said the target to make $10 billion in 18 months was unrealistic and expressed concern a fire sale could destroy equity value.
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)).
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.
President Mauricio Macri and visiting Italian premier Matteo Renzi vowed to “re-launch bilateral relations”, and emphasized the Italian interest in participating in energy, transport, gas and technology projects in the country which has become home to one of the largest Italian migrations.
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.
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.
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.
Rockhopper Exploration which has a joint venture agreement with Premier Oil offshore the Falkland Islands, described the oil exploration campaign now terminated as a 'huge success' and underlines the postponement of the Chatham well drilling will have no impact on the Field Development Plan for the Sea Lion oil discovery development.
The Falkland Islands government and Premier Oil have announced on Friday the ocean rig 'Eirik Raude' contract termination, which in practical terms puts an end to the current exploratory campaign and the scheduled drilling of the Chatham well. Nevertheless both sides underlined the success of the now terminated campaign with the oil discoveries at the Zebedee and Isobel Deep prospects in the North Falkland basin and look forward to continue working in the near future.
Rockhopper Exploration flagship project, offshore the Falkland Islands the Sea Lion oil field development, continues to advance despite the recent slump in crude prices.