Exploring Hydrocarbon Depletion
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BP Plc and Exxon Mobil Corp. were among companies awarded rights to explore offshore pre-salt blocks in Angola that may contain deposits to rival the biggest discoveries in decades.
Sonangol SA, the African nation’s state-run oil company, awarded 11 concessions to 13 explorers, also including Chevron Corp. and ConocoPhillips, the company said today at a press conference. It was the first Angolan bidding round since 2007.
Angola and the explorers will be looking in geological formations similar to the pre-salt structures in Brazil that scientists say may hold at least 124 billion barrels of oil. Petroleo Brasileiro SA’s Lula field, discovered in 2006 and formerly known as Tupi, was the biggest find in the Americas since Mexico’s Cantarell in 1976.
“Exploration of pre-salt oil requires a greater technology complexity, it involves financial and human resources of a dimension that we have never done in Angola,” said Carlos Saturnino, Sonangol’s director of negotiations. “The comparison term should be the Tupi pre-salt in Brazil. In Angola, we’re heading in more or less same dimension.”
The explorers will negotiate with Sonangol until March to work out details for the blocks, the company said.
Other producers awarded licenses include Norway’s Statoil ASA, Total SA and Eni Spa.
Brazil’s Amazon may hold “super giant” fields of light oil in an area the country is starting to explore, HRT Participacoes em Petroleo SA Chief Executive Officer Marcio Mello said. The shares gained.
The Rio de Janeiro-based oil-exploration company will start producing from its wells in the Amazon’s Solimoes river basin as early as June, Mello said today in a Bloomberg Television interview in New York. HRT will begin drilling in February and expects to reach an oil reservoir in May, he said.
HRT raised about $1.5 billion in an initial share sale in October to help fund exploration in the Amazon and off the coast of Namibia. It has majority stakes in 21 exploration blocks in the Solimoes Basin and five offshore blocks in the African nation. HRT will drill 12 wells at the Amazon this year.
AirlinePilot wrote:I do not recall anyone here talking about Katrina "killing" GOM production.
Airlinepilot wrote: I think the present situation does nothing but cloud the future with respect to what we can do in the GOM . I also believe that future projects will have higher risks and we will see more "problems" associated with deep water production as we look to lower EROEI sources to maintain the plateau.
Double bombing in Iraq kills 27, injures dozens
Most of those slain in the northern oil-rich city of Kirkuk are police officers. A roadside bomb injures eight policemen rushing to the blast scene.
By Asso Ahmed and Ned Parker / Los Angeles Times / May 19, 2011
A double bombing killed at least 27 people, almost all of them police officers, and wounded dozens in a parking lot outside the main police offices in the oil-rich city of Kirkuk in northern Iraq on Thursday, according to security officials.
... Kirkuk is rife with ethnic and sectarian tensions among Arabs, Kurds and Turkmens, all of whom view themselves as the rightful owners of the province with immense oil reserves. The Kurds wish to annex the area to their semiautonomous Kurdistan region, while Arabs insist it should be under Baghdad's control. Despite eight years of U.S.-backed efforts to mediate a solution, the sides remain at loggerheads. ...
Two North Iraq’s Oil Company injured in Kirkuk IED blast
Aswat Al Iraq / May 19, 2011
“An IED blew off under a vehicle of two employees of the North Oil Company in Kirkuk in Riyadh Township, 45 km to the southwest of Kirkuk, seriously wounding both men and causing serious damage to their vehicle,” Brigadier Sarhad Qader told Aswat al-Iraq news agency.
Police chief escapes car bomb attack in Iraq's Kirkuk, 4 bodyguards killed
People's Daily Online / May 20, 2011
Colonel Aras Mohammed, head of counter-terrorism department of Kirkuk province, survived unharmed the blast that targeted his convoy in central Kirkuk, the capital city of Kirkuk province, the source said on condition of anonymity.
Bomb attacks in Iraq kill 32, months before U.S. pullout
by Jamal Hashim / People's Daily Online / May 20, 2011
"Obviously, the attackers used old tactic which depends on creating a secondary blast to attract people, then they carry out a massive blast to get heavier casualties," the source said.
Kirkuk bombs threaten Iraq's oil security
UPI / May 19, 2011
Oil supremo Hussein al-Shahristani says Iraq's oil reserves have risen to 200 billion barrels, making it the country with the third highest oil reserves; but bombings in the oil city of Kirkuk underline how security in Iraq remains precarious.
The bombings Thursday came as Britain's military operation shut down its deployment in Iraq, once second only to the Americans.
The Royal Navy team that has trained Iraqi sailors to protect offshore oil platforms in the Persian Gulf was withdrawn amid a continuing pullout by U.S. forces.
Three bombs aimed at Iraqi security forces in Kirkuk, divided between Kurds and rival Arabs, killed 25 people and wounded scores more.
The city is the hub of the Kirkuk oilfields in northern Iraq that contain about one-third of the country's oil reserves.
The Kurds claim Kirkuk and the oil fields, which export oil via pipelines to neighboring Turkey, as part of their semi-autonomous enclave across three northern provinces.
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The government of Prime Minister Nouri al-Maliki has undertaken a massive $50 billion infrastructure upgrade of its energy industry that's vital to its plans to raise oil production from the current 2.6 million barrels per day to 6 million bpd by 2014 and 12 million bpd by 2017.
“Today, for the third time in the history of the International Energy Agency, our member countries have decided to release stocks.” Mr. Tanaka (Executive Director, IEA) said. “I expect this action will contribute to well-supplied markets and to ensuring a soft landing for the world economy.”
AirlinePilot wrote:The reasons are apparent, but dont make sense other than short term political expediency. Thats a bullsh1t reason for tapping the SPR, here or anywhere.
What happened to everybody being "well supplied"
Hughj wrote:The beauty of being an incumbent president. Release the SPR into a falling oil market
and the voters think you are really doing something.
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