A well drilled by Rockhopper Exploration off the Falkland Islands struck a good quality reservoir that bodes well for further development in the area announced the UK explorer in a release.
Based on market capitalization Brazilian government managed oil and gas company Petrobras ranked third worldwide according to the prestigious PFC Energy 50 list of the world's biggest energy companies.
Venezuela holds 297 billion barrels of proven oil reserves, most of it in tar sands but sufficient to be ahead of Saudi Arabia considered by world experts the number one country in reserves.
Brazil’s production of oil and natural gas in December 2010 surpassed the previous one-month record, according to a release from the ANP regulatory agency. December 2010 oil output of 2.18 million barrels per day represents a 4.4% increase over November and was 9.1% higher than in December 2009.
Representatives from Rockhopper Exploration are visiting the Falkland Islands this week. The company took over the rig Ocean Guardian from Desire on completion of their well, and Rockhopper’s well 14/10-3 (Sea Lion North) was spudded on January 13.
Argentine daily newspaper El Cronista on Monday reported that YPF will begin oil exploration in the Malvinas basin in February. The newspaper reports that exploration will begin 289 kilometres off the coast of Tierra del Fuego and cost U$ 150 million.
Figures released by the Venezuelan Ministry of Energy and Petroleum said the average price of crude oil sold by Petroleras de Venezuela (PDVSA) rose this week to U$ 86.79 up from U$ 85.987 last week.
FOGL, the oil and gas exploration company is pleased to announce an exploration update with respect to its licence interests offshore the Falkland Islands and in particular to its 100% owned and operated southern licences. FOGL also holds a 49% interest in licences collectively referred to as the northern licences in which BHP Billiton holds 51% and is operator.
A spokesperson for the Argentine oil firm YPF informed that exploration work is scheduled to begin this quarter on the coast of Tierra del Fuego, a province located off the southernmost tip of the South American mainland.
FALKLAND Oil and Gas Limited has the potential to offer investors returns of 130 per cent in the medium term, according to the Jefferies brokerage.