Rockhopper Exploration has sold its 18.3% stake in Ireland-based United Oil & Gas for US$ 4m (€3.4m). The deal announced tonight concludes United’s reverse takeover earlier this year of Rockhopper’s Egyptian subsidiary and its operations in the Abu Sennan oil field for US$ 15.5m (€13m).
Argentina's Vaca Muerta shale patch will take 12-18 months to resume pre-Covid-19 activity because of lagging demand, according to Alejandro Monteiro, energy minister of Neuquen province.
By Irina Slav, Oilprice.com – It is one of the most abundant shale plays in the world, with oil reserves of up to 16 billion barrels and gas reserves of 308 trillion cubic meters—resources that could guarantee a country’s energy independence and turn it into a relevant international supplier of oil and gas. But only if the price is right.
A strip of Venezuela's western coastline boasting pristine beaches and fragile ecosystems such as mangroves and coral reefs could take more than half a century to fully recover from the environmental impacts of a recent oil spill, a researcher said.
Throughout the summer, oil’s recovery from its devastating crash has looked somewhat dubious. While the price of crude rebounded somewhat, it did not wholly regain its pre-pandemic strength. And while the nations of OPEC+ put measures in place to cut production and close the gap between supply and demand, certain nations involved hinted at the reluctance to keep cuts in place. These factors, coupled with the lingering potential of fresh “waves” of the coronavirus, have kept us from being overly optimistic about the state of oil.
Chile's gross domestic product (GDP) plunged 14.1% in the second quarter, the Central Bank said on Tuesday, after the coronavirus pandemic mauled economic activity with the exception of the vital mining sector. Among the worst-hit sectors were manufacturing, construction and the hotel and restaurant sector. In the first quarter, the Chilean GDP had increased slightly by 0.2%.
An article in World Oil by Laura Hurst refers to the term “stranded assets” and mentions the case of the Falkland Islands oil industry: the discovery a decade ago of as much as 1,7 billion barrels of crude offshore the British Overseas Territory, and rather than the next frontier, the project to extract energy risks being added to a list of what companies call “stranded assets” that could cost them huge sums to mothball.
Chinese importers have started to practice “wash out” with Argentine soy oil contracts, which is having an impact on the local industry.
France on Thursday prepared to beef up its military presence in the Mediterranean as tensions rose, prompting Turkish President Recep Tayyip Erdogan to warn of a heavy price if a Turkish ship exploring for gas in disputed waters is attacked.
The US government has for the first time seized vessels allegedly loaded with Iranian fuel in violation of sanctions imposed by the Trump administration, the Wall Street Journal reported on Thursday, citing US officials.