dirk pitt wrote:yes and no because the price is also a function of demand which is quite low for the moment.
Quality oil off Guyana
Serge Zobéide July 04, 2016
Exxon Mobil said it had made a major oil discovery in a well located about 200 kilometers off the coast of Guyana. The announcement was made on Thursday, June 30. The deposit could deliver from 800 million to 1,4 billion barrels of oil.
The drilling of the second well that the company has been exploring for several months, in the Stabroek block, confirms "a world-class discovery". The deposit could deliver 800 million to 1,4 billion barrels of oil.
Exxon Mobil officials are excited by the results of drilling the "Liza-2" well, confirming the presence of high quality crude oil in Guyanese waters. The characteristics of this well would be the same as those of "Liza-1" drilled successfully in 2015, according to Steve Greenlee, the president of the company. The latter said he was impatient to work with his partners and especially the government of Guyana to go further in assessing the commercial potential of this discovery.
Called “Liza-1” and “Liza-2”, the two oil-filled wells are separated by just over 3 kilometers. They are located in the Stabroek block which covers nearly 27 km ². The drilling of the “Liza-000” well started at 2 meters at the bottom of the sea and went down to 1 km deep.
Exxon Mobil of course boasts of this exploration success. For its president, this new discovery crowns its long-term investment choices, as well as its technological advance in very deep water.
Washington to resume drilling for shale oil (White House)
AFP published on Jan. 20. 2017
The United States will abandon its policy of reducing polluting energies and resume drilling for shale oil and gas to create jobs and pay for the renovation of public infrastructure, the White House announced Friday.
On the climate, President Trump "undertakes to eliminate unnecessary and harmful policies such as the climate and water action plan", put in place by Barack Obama, Donald Trump's predecessor, indicates a text posted on the White House site as soon as the new Republican president is invested.
This plan, called the "Climate Action Plan", adopted during Barack Obama's second term, made it possible to adopt federal standards to eliminate the most polluting sources, such as the oldest thermal power stations, to modernize electricity production, all of this. under the aegis of the Environmental Protection Agency (EPA) to which broad powers had been granted.
Supposed to put the United States on the path of energy transition, it also encouraged efforts in the area of renewable energy.
"Lifting all these restrictions will help American workers enormously, increase wages by more than $ 30 billion over the next seven years," argues the White House, which however says nothing about the Paris Agreement to fight against global warming or the controversial giant Keystone XL pipeline project.
During the election campaign, Donald Trump called global warming a "hoax".
The White House also said Friday that drilling for shale gas and oil will resume in the United States, whose reserves are estimated at $ 50.000 trillion in value, according to the White House.
"The Trump administration will embrace the shale oil and gas revolution to create jobs and bring prosperity to millions of Americans," the text says.
The income from the exploitation of these hydrocarbons, extracted by the controversial technique of hydraulic fracturing, will be used for the reconstruction of public infrastructure (roads, schools, bridges ...), details the White House.
Oil: Total increases its Angolan production by 30 barrels per day
Ecofin Agency 21 Feb 2017
Total E&P Angola, the Angolan subsidiary of Total, has just added an additional 30 barrels to its daily oil production in the country. This is what the Portuguese-language news site Macauhub reports, which quotes a press release from Sonangol, the state-owned petroleum company.
This increase was made thanks to the launch of the Dália Phase 2A project which includes four wells connected to the Dália FPSO. The Dália field is located deep offshore on block 17, 135 kilometers off the Angolan coast, in the Congo Basin. The exploratory activity carried out there led to the discovery of 17 commercial wells and two dry wells.
It should be noted that this block also includes the Girassol field, the group's largest oil discovery in the country.
Total E&P Angola is the operator of Block 17 with a 40% stake and its partners are Statoil, Esso Exploration Angola Limited, BP Exploration Angola Ltd and Sonangol.
Rosneft launches the first ever drilling in the Laptev Sea
Published 07 / 04 / 2017 lemarin.fr
Rosneft launched on April 3 the most northerly drilling ever carried out on the Russian Arctic plateau, in video link with Russian President Vladimir Putin. This well is also the first to be constructed in the Laptev Sea. An area that the oil group believes can become a new oil and gas province.
In order to reduce costs, the first drilling ever carried out in the Laptev sea is carried out from the coast. (Photo Rosneft)
Rosneft launches the first ever drilling in the Laptev Sea
ENERC wrote:Rosneft launches the first ever drilling in the Laptev Sea
Pathetic this extraction to the last drop of oil. The petroleum industry is like the pepper that siphons its bottle to the last drop.
What prospects for American oil policy?
Olivier Appert, Former President and CEO of IFP Énergies nouvelles
Olivier Appert
President of the French Energy Council
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Total charters "Deepsea Stavanger" to drill in South Africa
Published 05 / 07 / 2017 lemarin.fr
Total E&P South Africa has entered into an agreement with the Norwegian Odfjell Drilling to use the Deepsea Stavanger off the South African coast.
Sixth generation semi-submersible, the Deepwater Stavanger can operate in water depths of up to 3 meters. (Photo: Petroleum Safety Authority)
Oil: two major discoveries off Mexico
Anne Feitz 13/07/2017 Les Echos
Mexican oil reform is starting to pay off.
Two offshore discoveries of at least 1 billion barrels each were announced on Wednesday.
Less than three years after its major energy reform, the Mexican government can rejoice. On Wednesday, one after the other, two major oil discoveries were announced in the country.
A consortium of companies led by the American Talos Energy (with the Mexican Sierra Oil & Gas, and the British Premier Oil) announced that its Zama exploration wells, in Block 7, had resulted in the discovery of "au minus 1 billion barrels of oil in place, "according to Premier Oil, and even" from 1,4 to 2 billion, "according to Sierra. The same day, the Italian ENI indicated that the drilling of a third exploration well on the Amoca deposit, in the bay of Campeche (south of the country) allowed it to estimate the resources in place at 1 billion barrels of oil, and up to 1,3 billion in a larger area.
Opening to foreigners
"These two significant discoveries, both made in shallow waters, allow us to be optimistic about the continuation of operations in Mexico. You could say that this is the beginning of the exploration of a new area, comments Francis Perrin, research director at Iris. In addition, these announcements will allow Mexico to reap the first dividends from its reform. In September 2014, Mexican President Enrique Peña Nieto passed a historic law allowing private companies to operate in the country in the energy sector. A real revolution, difficult to gain acceptance, when the national oil company Pemex (Petroleos Mexicanos) held the monopoly of oil and gas in Mexico since the nationalization of the sector in 1938. The country wanted in particular to attract foreign companies, which have the technologies and (huge) financial means necessary to develop the country's resources.
"The discovery of Zama, the first made by a private company in Mexico in eighty years (Amoca had been discovered in 2003 by Pemex, but not developed), is the most important success to date of the reform of the Mexican energy, "says Pablo Medina of Wood Mackenzie. The government had started to allocate blocks (including Zama and Amoca) to private companies in 2015. Since then, it has launched four other auction rounds, which have already enabled it to sign 39 contracts representing, according to it, 49 billion investment dollars (43 billion euros). Total has won several, as operator or consortium. But also ExxonMobil, Shell, Chevron, CNOOC ...
Reverse the decline
"Given the abundance of known reserves in the Gulf of Mexico on the American side, it would have been surprising not to make discoveries on the Mexican side the day the country opened up," notes Francis Perrin. Wednesday's announcements will, however, help consolidate international companies in their choice of investment in Mexico, while they are more selective in times of low oil prices. And, hopes the government, to reverse the trend of declining oil production in the country, which fell to 2 million barrels per day, compared to 3,7 million in 2005. ENI hopes to start production on Amoca in early 2019.
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