Exploration

As Burma and China improve their resources development partnership, concerns have arisen over the impact such the joint ventures will have on conflict and stability in the region.

Simba Energy Inc. has been granted a Production Sharing Contract (PSC) by the Ministry of Energy, Republic of Kenya for Block 2A, comprising 7801.72 square kilometres in northeast Kenya.

TGS has commenced a new multi-client 3D survey in the Faroe-Shetland Basin. The survey covers 2500 km2 west of the British Isles over quads 6004, 204 and 205 and is acquired in partnership with PGS.

API CEO releases a statement in support of budget negotiators of the bipartisan debt ceiling bill, which passed through Congress on August 2nd.

Penn Virginia Corp. is to sell all of its Arkoma Basin properties, together with certain other Mid-Continent properties, to an undisclosed buyer for US$ 30.5 million in cash.

A quick round up of recent downstream news from the Americas.

Hess Corp. in partnership with Petroceltic International PLC, has signed production sharing contracts (PSCs) with the Kurdistan Regional Government of Iraq for its Dinarta and Shakrok exploration blocks.

Baker Hughes announced it has completed its first unconventional hydrocarbon shale hydraulic fracturing and stimulation project in Argentina for Repsol YPF in the Neuquén basin.

BP has been awarded two deepwater exploration and production blocks by the Government of the Republic of Trinidad and Tobago.

BP has made a second quarter profit of US$ 5.3 billion, compared with a loss of US$ 17 billion a year ago.

API argues that the industry’s vast earnings should be viewed in the context of its power to create jobs and stimulate economic growth in the US.

Nancy Yamaguchi, Contributing Editor, provides an overview of the Latin American energy markets. The full version of this article can be found in the August 2011 issue of Hydrocarbon Engineering

The Baker Institute has released a report entitled ‘Shale Gas and U.S. National Security’, which outlines the positive geopolitical consequences that shale gas could bring for the US.

The American Petroleum Institute has announced that petroleum demand was up in June and the first half of 2011.

The company follows the current trend of reducing exposure to refining with the aim of concentrating on upstream projects.