Exploration

Wintershall has discovered 60 – 160 million bbls of recoverable oil in the Skarfjell prospect in the northeastern North Sea.

At a recent meeting, Vladimir Putin, unveiled a new set of rules for offshore development in Russian territory as well as long awaited tax breaks that look set to make formally economically unviable projects possible.

China National Offshore Oil Corp. has signed a production sharing agreement (PSC) with the Italian company Eni China B.V.

Kosmos Energy has signed three Production Sharing Contracts (PSCs) with the Government of Mauritania for Blocks C8, C12, and C13 offshore Mauritania.

Karoon Gas Australia Ltd. has begun its Phase-2 Browse drilling campaign by spudding the Boreas-1 well. Five more wells will be drilled as part of the programme.

Anadarko has discovered 525 feet of natural gas pay at the Barquentine-4 well, further expanding the resources available for a potential LNG export hub in the area.

Spectrum, in partnership with the National Petroleum Corporation of Namibia (NAMCOR), has commenced a new project in the Luderitz basin following the successful completion of an extended 2D Multi-Client seismic survey covering the deep water Orange Basin, offshore Namibia.

There significant risks for companies operating in the Middle East including terrorism, road accidents and civil unrest but by investing in local communities and employing local nationals companies can partially insulate themselves from such risks.

Like a phoenix from the ashes, the Gulf of Mexico is entering a new chapter in its oil and gas history. Gordon Cope reports.

Faroe Petroleum has reported a healthy profit for 2011, a significant improvement upon losses reported a year earlier.

Eni has announced a new discovery of 10 trillion ft3 of natural gas offshore Mozambique.

The American Petroleum Institute have announced a campaign on gasoline prices.

The American Petroleum Institute has said that more domestic oil and natural gas is needed for jobs and revenue.

Halliburton Co, and Petronas have teamed up to explore possible shale resources in the Asia Pacific region.

Abu Dhabi National Energy Co. (TAQA) has announced plans to boost Capex for 2012 to US$ 2 – 2.2 billion.