Total says has exercised option to buy a 25 pct interest in Orinduik exploration block offshore Guyana.* Orinduik operated by Tullow Oil off Guyana contains an estimated 3 billion barrels of oil and gas, its partner Eco Atlantic said on Tuesday…
Italian oil major expects to invest $1.795 billion in three offshore Mexican oil fields by 2040, according to a development plan approved by Mexico's oil regulator on Tuesday.The plan covering the Amoca, Mizton and Tecoalli shallow water fields is the second one approved by the regulator…
U.S. net petroleum imports have fallen to the lowest level in more than half a century as a result of the shale revolution, which is profoundly changing the impact higher oil prices have on the economy.Since the 1860s, the United States has been the world’s largest producer and consumer of oil…
Poland's imports of Russian oil last year fell to their lowest level since 2005, a central bank report published on Tuesday showed, though Warsaw's bid to diversify its energy imports also meant paying higher prices.Russian oil accounted for 76 percent of all oil purchases…
Production has started from the Hail oil field offshore Abu Dhabi in the United Arab Emirates, says Abu Dhabi Oil Co., a subsidiary of Japan's Cosmo Energy Exploration & Production Co. The production from the Hail oil field is the first…
French major Total has appointed Maersk Oil leaders to their new management positions, following current Maersk Oil CEO Gretchen Watkins’s decision to leave the company. The changes will coincide with the US$7.45 billion takeover expected to become effective in Q1 2018…
Talos Energy's Zama-1 exploration well, which made the 'world class' Zama discovery, has failed to find further volumes in a deeper target. Zama-1 is being drilled in 166m water depth, in Block 7 in the Sureste Basin, about 37mi (60km) off Tabasco…
The Steam Oil Production Company has entered into a cooperation agreement with FluidOil, an independent heavy oil technology company, to explore the potential of integrating FluidOil’s Viscositor Heavy-to-Light (VHTL) oil upgrading technology into an offshore steam flooding project…
Japan's Inpex Corp. has formed an agreement with Abu Dhabi National Oil Co. (ADNOC) to extend the joint development of the Satah and Umm Al Dalkh oil fields offshore Abu Dhabi in the United Arab Emirates. Inpex subsidiary Japan Oil Development…
UK independent Premier Oil is resigning as operator on the UK North Sea Bagpuss joint venture effective at the end of this year. Premier will also sell its 40.1% interest to newly formed firm, Aberdeen-based Reach Halibut, subject to approval by the joint venture partners…
Initial results from the Skipper appraisal well in the UK North Sea have shown oil 'significantly' heavier than expected, but in sands with higher permeability than thought. Operator and 100% owner Independent Oil and Gas says it will now review its development strategy for the field…
Premier Oil's Bagpuss heavy oil exploration well on the Halibut Horst in the Outer Moray Firth, in the North Sea, has made a discovery, potentially opening a new play in the area. The 13/25-1 well, drilling using the Ocean Valiant semisubmersible drilling rig…
A new independent estimate of world oil reserves has been released by Rystad Energy, showing that the US now holds more recoverable oil reserves than both Saudi Arabia and Russia. For US, more than 50% of remaining oil reserves is unconventional shale oil…
It is 20 years since the start of oil production from the Troll field. The 20 year-old can look back on enormous wealth, with 1.56 billion bbl produced so far and US$53.76 billion (NOK 460 billion) in income. Image from Statoil…
The recent rise in domestic crude oil production from 5.6 MMb/d in 2009 to 8.7 MMb/d in 2014 and the prospect of continued supply growth have sparked interest in the question of how the relaxation or removal of current policies, which restrict…
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