Oil companies have eyed the Arctic for years. With an estimated 90 billion barrels of oil lying north of the Arctic Circle, the circumpolar north is arguably the last corner of the globe that is still almost entirely unexplored.
Spains’s Repsol SA said on Thursday its first-quarter profit jumped 38% on the year, mainly due to higher production and refining margins.
Some of the world’s leading oil companies turned up at the Uruguay Round II informative session for operators interested in participating in the biding process for offshore exploration in Uruguay’s South Atlantic.
Royal Dutch Shell Brazil discovered oil in the Campos Basin's pre-salt region, the company said Tuesday. In a statement, Shell Brazil said it had discovered oil in the 3-SHEL-22-ESS well at the Nautilus field, part of the Parque das Conchas development that went on-stream in July 2009.