Argentina plans to build natural gas pipelines and hopes to attract more oil and gas investment for the Vaca Muerta shale play in the Neuquen basin, according to Argentina Energy Minister Gustavo Lopetegui. Analysts estimate Vaca Muerta needs investments of $5-10 billion/year to boost production compared with current investments of about $4.3 billion/year. Source: […]
MARKET WATCH: NYMEX crude oil price reaches 4-month high
Light, sweet crude oil prices settled above $58/bbl on Mar. 13 after the US Energy Information Administration reported crude oil supplies fell by 3.9 million bbl to 449.1 million bbl for the week ended Mar. 8. The drop was unexpected. Analysts surveyed by the Wall Street Journal in advance of the EIA weekly inventory report […]
Qatar Petroleum due interest off Morocco
Qatar Petroleum has agreed to acquire a 30% participating interest from Eni in the Tarfaya Shallow Exploration Permit along Morocco’s Atlantic coast. Source: News
Eni reports oil discovery off Angola
Eni says an oil discovery on Block 15/06 offshore Angola opens a new play concept. Source: News
Gran Tierra Energy obtains three Ecuador blocks
Gran Tierra Energy Inc., Calgary, announced it obtained three blocks in Ecuador’s Orientie basin, marking the firm’s entry into Ecuador, pending regulatory approvals and finalization of participation contracts. Source: News
CERAWeek: Technology expected to counter productivity declines of low permeability formations
Shale and other low permeability formations have reversed a 40-year decline in North American oil and gas production and survived a severe price downturn. However, play maturation and exhaustion have led to productivity declines. Technology will determine how the shale revolution progresses, panelists said at CERAWeek by IHS Markit Mar. 12 in Houston. Source: […]
MARKET WATCH: Oil benchmarks rise slightly pending US inventory
Benchmark crude oil prices edged up on both London and New York markets Mar. 12 pending release of the weekly US government report on oil and product inventory levels. The US Energy Information Administration was scheduled Mar. 13 to release its weekly data. Source: News
EPC contract let for Algeria’s Ain Tsila gas field development
Groupement Isarene—a joint venture of Sonatrach, Petroceltic International PLC, and Enel Trade SPA—has let a contract to Petrofac Ltd. for engineering, procurement, and construction (EPC) services for the Ain Tsila gas field development in Algeria. Source: News
EIA: US crude inventories down 3.9 million bbl
US crude oil inventories for the week ended Mar. 8, excluding the Strategic Petroleum Reserve, decreased 3.9 million bbl from the previous week, data from the US Energy Information Administration showed. Source: News
Wellesley hits dry well north of Vilje field in North Sea
Wellesley Petroleum AS has plugged exploration well 25/1-13 in PL871, 20 km north of Vilje field in the North Sea. The well encountered only traces of gas in the Frigg formation, and is classified as dry. Source: News