Cuba hopes to counter US worries over its plans to start its first full-scale offshore oil exploration in a rare presentation this week to an energy audience outside the island.
Brazil’s government controlled energy giant Petrobras began commercial crude production Thursday from a deepwater deposit in the pre-salt region, which the government anticipates will turn the country into a global leader in oil production.
Brazil’s oil regulator ANP said it concluded its first test at the Franco offshore field, which holds the oil reserves that the government may sell state-controlled Petroleo Brasileiro SA, Petrobras, in exchange for new stock.
Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) has revealed that the 2-ANP-1-RJS well, dubbed Franco, is estimated to hold 4.5 billion barrels of recoverable light oil.
Farmers in Brazil have teamed up to drill an area the size of New York for phosphate-based fertilizers, seeking to cut dependency on producers including Vale S.A. (NYSE:VALE) and Mosaic Co. (NYSE:MOS) after prices surged.
Argentine based GeoPark Holdings (LON:GPK) has reported the successful testing of two new wells on the Fell Block in southern Chile.
In a press release from Rockhopper Exploration (LON:RKH), the company says the North Falkland Basin oil and gas exploration company, is pleased to announce that well 14/10-2 on the Sea Lion prospect has reached a depth of 2,744 metres.
Rockhopper Exploration (LON:RKH), the North Falkland Islands Basin oil and gas exploration company, is pleased to announce that well 14/10-2 on the Sea Lion prospect has reached a depth of 2,744 metres. Initial data collected indicate that this well is an oil discovery, which would be the first in the North Falkland Basin.
DESIRE Petroleum, the oil exploration company in which many Falkland Islanders are shareholders, has said it is hopeful of making a discovery, despite posting a £2.5 million pre-tax loss for the year ending December 31 2009.
An oil rig in the Gulf of Mexico that caught fire after an explosion on Tuesday night has now sunk, the US Coast Guard has said. A search is continuing for 11 missing workers after the blast at the Deepwater Horizon rig. The other workers on the rig, off Louisiana, were evacuated to the US.