Brazil’s oil industry regulator announced Friday that a recent ultra-deep offshore find is estimated to hold between 3.7 billion and 15 billion barrels of oil equivalent, which could make it the largest crude accumulation in the country’s pre-salt region and the biggest discovery in the Western Hemisphere in more than three decades.
Brazilian state-controlled energy giant Petrobras said Friday that the drilling of a new exploratory well at the offshore Tupi field confirms potential recoverable reserves of between 5-8 billion barrels of oil equivalent.
An ambitious new multi-million pound port development – specifically for the burgeoning oil industry in the Islands – has been proposed for the western coast of East Falkland Islands.
FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, announces certain changes to its licence arrangements with the Falkland Islands Government.
Rockhopper Exploration (RKH.L) said it believed its oil discovery offshore the Falklands Islands will be commercially viable. A test at the Sea Lion 1 well in the North Falkland basin produced sustained rates of over 2,000 barrels of oil per day, in line with its hopes, Rockhopper said in a statement on Friday.
Latin American oil and gas firm GeoPark Holdings Ltd said on Thursday it successfully drilled and tested a new well in the Guanaco oil field on the Fell Block in the extreme south of Chile.
CNOOC, Ltd, China’s biggest offshore oil explorer, may bid 10.2 billion USD for BPs 60% stake in Argentina’s Pan American Energy LLC and will probably seek a partner in the acquisition, Citigroup Inc. said.
Alan Huckle retires this month as Governor of the Falkland Island. In an interview with Mercopress Mr. Huckle recalls some of the outstanding events of his mandate: a solemn, dignified 25th anniversary of the 1982 conflict; constitutional reform which transferred even greater responsibility to the Falklands elected Councilors and oil, “an issue not yet played out”.
The Organization of Petroleum Exporting Countries turns 50 years old Tuesday having survived a tumultuous history of wars, embargoes and in-fighting. The world’s oldest and largest energy producer group is now enjoying prices close to the 75 USD a barrel level that its largest member Saudi Arabia considers “ideal.”
In the first six months of 2010 Falkland Islands based Argos Resources has made significant progress in developing its PL001 Licence in the North Falkland Basin, to anticipate it will begin an exploratory hydrocarbons drilling campaign in the second half of 2011.