Tag

Oil Exploration

All articles tagged with #oil exploration

international-relations2 years ago•2 min saved

Venezuela's Maduro Explores Disputed Territory for Oil, Guyanese President Responds

Venezuelan President Nicolas Maduro plans to authorize oil exploration in the disputed territory around the Esequibo river, despite the ongoing territorial dispute with Guyana. This comes after a referendum where voters rejected the International Court of Justice's jurisdiction over the disagreement and supported the creation of a new state in the potential oil-rich region. The ICJ has barred Venezuela from taking any action that changes the status quo in the area. State oil company PDVSA and state iron and steel maker CVG will establish divisions for the disputed region and grant operating licenses for oil, gas, and mining exploration.

via Reuters Canada|

#disputed-territory #guyana #international-relations

energy2 years ago•1 min saved

Lebanon's Block 9: Ready for Oil and Gas Drilling Following Israel Maritime Agreement

Lebanon's Block 9 is set for oil and gas drilling as a drilling rig arrived on Wednesday, marking the start of exploration by a consortium led by France's TotalEnergies. This follows a US-brokered agreement that established a maritime border between Lebanon and Israel, allowing for drilling beyond the border. Lebanon hopes that gas and oil discoveries will help alleviate its severe economic crisis, which has led to a significant devaluation of its currency and rolling blackouts across the country.

via The Jerusalem Post|

#economic-crisis #energy #gas-exploration

energy2 years ago•1 min saved

Frontera's cautious approach to Guyana oil discovery assessment

Frontera Energy and its subsidiary CGX Energy will evaluate the Wei-1 oil well in Guyana over the next two to three months before deciding whether to upgrade their exploration license to the development phase. The companies are analyzing the data obtained from the well to determine the potential of the block. Frontera's previous well in Guyana, Kawa-1, discovered light oil and gas condensate. The joint venture expressed excitement over the presence of oil in the Maastrichtian and Campanian areas of its exploration territory. Frontera posted a net income of $80.2 million in the second quarter, with capital expenditures of $154.9 million, including investments in Guyana.

via Reuters|

#cgx-energy #development-phase #energy

environment2 years ago•1 min saved

"Protesters, Governments, and Indigenous Activists Unite to Protect Amazon's Future"

Environmental protesters gathered outside a convention center in Brazil to oppose plans by state-run oil company Petrobras to drill for oil at the mouth of the Amazon river. Petrobras has appealed against a decision by Brazil's environmental protection agency, Ibama, to deny permission for drilling, citing a lack of environmental assessment. The company holds exploration rights in a deepwater area south of where Suriname and foreign companies have discovered significant oil reserves. Brazil's Environment Minister stated that Ibama will impartially study Petrobras' new request, while President Luiz Inacio Lula da Silva said a decision on exploration in the area would be made soon.

via Reuters|

#amazon #environment #environmental-protest

business2 years ago•2 min saved

Ovintiv Closes in on $4 Billion Permian Oil Acquisition.

Ovintiv is close to acquiring oil exploration and production assets in the Permian Basin from EnCap Investments for about $4 billion, including debt. The deal will boost the percentage of Ovintiv's production coming from oil, at a time of low natural gas prices. The assets being bought are located in the Midland portion of the Permian in Texas and are currently owned by three companies controlled by EnCap: Black Swan Oil & Gas, Piedra Resources, and PetroLegacy II.

via Reuters.com|

#acquisition #business #encap-investments