Schlumberger subsidiary Eastern Echo DMCC will acquire, market, and licence seismic data offshore Sri Lanka on a multi-client basis, under an agreement with country’s Ministry of Petroleum Resources Development. This will allow various 2D and 3D acquisition programmes to go forward in selected offshore…
Executives from oil majors gathered in Rio de Janeiro on the 7th June to compete for stakes in Brazil’s pre-salt oil play, home to some of the world’s most alluring offshore geology, as rising oil prices boost appetite for expensive offshore projects. A record 16 companies, including Chevron, BP and…
Venezuelan officials have released two Chevron employees who were arrested in April amid a national anti-corruption investigation. The US oil company said in a statement on the 6th June that its two Venezuela-based employees were “in good health” and had been reunited with their…
Partners in the Ophir field located offshore Malaysia have decided to exit the field due to economic cut-off, which will result in Petronas taking over full responsibility for the field. The Ophir field was developed by Ophir Production Sdn Bhd (OPSB) under a Risk Service…
European refiners are winding down oil purchases from Iran, closing the door on a fifth of the OPEC member’s crude exports after the United States imposed sanctions on Tehran, company and trading sources have said. The drop in crude purchases from the Islamic republic…
Vietnam’s second oil refinery will be fully operational by early August, a senior executive at the plant said on the 6th June, significantly reducing the country’s reliance on refined product imports. The 200,000-barrel-a-day (bpd) facility, owned by Nghi Son Refinery and Petrochemical LLC, is already running…
Spanish oil company Repsol has updated its 2016-2020 Strategic Plan after achieving all the goals set out in the plan two years ahead of schedule, with an aim to invest €7.9 billion (US$9.3 billion) in its Upstream unit by 2020. Namely, between 2018 and…
Europa Oil & Gas has almost doubled its estimate of prospective resources on its FEL 3/13 licence in the South Porcupine basin offshore western Ireland to 2.9 Bboe. This follows Down Under Geosolutions (DUG)’s completion of pre-stack depth migration (PSDM) reprocessing of 3D seismic…
The transition to a more sustainable energy system is too slow. A sustainable development path, consistent with the two-degree target, does not allow for further delays in policy, industry and consumer action to reduce emissions. There is an agreement that a growing population and…
The United States government has unofficially asked Saudi Arabia and some other OPEC producers to raise oil output, but it has not requested a specific figure, three OPEC and industry sources said on the 5th June. The US request to raise output has been…
