Oil firms and trade unions in Norway made a joint call on Monday for the opening of a pristine Arctic archipelago to oil exploration as soon as possible to counter an expected decline in offshore production. Oil exploration off the Lofoten islands has been suspended for the life of the current minority government since it… Continue Reading »
Hurricane Energy has found a new investor in private equity fund manager Kerogen Capital which is injecting 44.1 million pounds ($62 million) into the company for a nearly 30 percent stake, showing some rare appetite in oil deals amid weak prices. The share placement is also raising another 8 million pounds from existing shareholders Crystal… Continue Reading »
Egypt plans to launch a new oil exploration round next week, offering 11 blocks in the Western desert and the Gulf of Suez, Petroleum Minister Tarek al-Molla said on Tuesday. He said that Egypt also plans to launch two gas exploration rounds this year. Egypt, which used to be a net energy exporter, has become… Continue Reading »
Mexico’s oil regulator voted on Thursday to improve the terms for its first-ever deepwater auction in December, giving energy companies and investors more flexibility to structure their bids as oil prices have slumped over the past two years. In a meeting that was webcast, commissioners of the regulator known as the CNH voted unanimously to… Continue Reading »
Energy company Pertamina plans to explore for oil and gas in areas close to Indonesia’s maritime border in the South China Sea to assert the country’s territorial rights, the upstream director of the state-owned company said. “The government needs to have activities around the borders and one of Pertamina’s strategies is to support this,” Syamsu… Continue Reading »
China’s Foreign Ministry on Friday rebuffed Vietnam’s second demand this year to move a controversial oil rig and drop plans to drill in South China Sea waters where jurisdiction is unclear, saying it was engaging in normal exploration activity. The $1-billion rig, which was at the centre of a fierce diplomatic stand-off between the countries in 2014,… Continue Reading »
Denmark on Wednesday issued 16 oil and gas exploration licenses in the North Sea, just days after A.P. Moller-Maersk threatened to shut down the country’s main gas field. The licenses were awarded to Danish and international players including Dong Energy, Hess Denmark, Wintershall Noordzee, Nordsofonden and Edisson International, Denmark’s Ministry of Energy, Utilities and Climate… Continue Reading »
Oil major Royal Dutch Shell has pulled its application from Norway’s Arctic-focused oil licensing round, the firm said on Monday, in a blow to the Nordic country’s ambitions to explore for oil and gas in its northern offshore areas. “The decision is part of an optimisation of Shell’s global portfolio following the acquisition of BG… Continue Reading »
Amidst a flurry of farm-in activity, several drilling and data acquisition operations are scheduled to take place in Kenya this year in an effort to turn the East-African nation into a significant oil and gas producer. Tullow Oil plc is on the verge of testing a basin bounding structural closure in Kenya’s previously undrilled Kerio… Continue Reading »
BP plc and China National Petroleum Corporation (CNPC) have signed the first production sharing contract (PSC) for shale gas exploration, development and production in the Neijiang-Dazu block in the Sichuan Basin, China. The contract will cover an area of approximately 1,500 square kilometers and positions CNPC as the operator of the project. This PSC is… Continue Reading »
