Falkland Islands Desire Petroleum reported Monday that it had completed the drilling of its Ninky prospect (2.620 metres) which showed the reservoir quality “is generally poor” and therefore the well will be plugged and abandoned, according to an official report released Monday.
Norway’s biggest oil and gas producer Statoil ASA, said the “significant” oil discovery made adjacent to the Peregrino field in the Campos basin off Brazil may warrant a separate installation to speed up development.
Oil prices are likely to remain high for the foreseeable future and IMF economists say that governments should be looking to back sustainable alternative sources of energy.
Venezuela will send Argentina 12 million barrels of diesel and fuel oil starting in May, an official from Venezuela's state oil company PDVSA said.
Shares in Falkland Islands Rockhopper Exploration soared 16% on Monday, after it raised its lowest case estimate of crude reserves at its Sea Lion well.
Uruguay state-run oil and gas company ANCAP announced the discovery of source rock which might contain underground shale oil or natural gas deposits.
Paraguay’s government oil company Petropar is trying to find a foreign associate for oil exploration in the country’s vast Chaco region. Apparently companies from Russia and Bahrain have shown certain interest but Paraguayans admit the difficulties.
President Hugo Chavez confirmed he would run for re-election in 2012 and made a strong call for regional unity warning that “if capitalism returns to Venezuela” it would mark the end of oil cooperation.
Rockhopper Exploration announced Monday that its Sea Lion discovery in the North Falkland basin is likely to be commercially viable and anticipated drilling for further appraisal wells (a minimum of three).
For the Foreign Office the bill approved this week by the Argentine congress that proscribes fines and sanctions for companies or persons involved in support of the oil industry in the Falkland Islands is a ‘boomerang’’ that will only harm Argentine companies, reports Buenos Aires daily La Nacion in its Friday edition.