Bloomberg reported that western Europe’s largest petroleum producer, Norway, may have found an oil future with an ice-free expanse of the Arctic in the Norwegian Barents. It has been reported that oil companies will drill a minimum of 12 wells in the Barents Sea this year in a bid to unlock an estimated 6 billion barrels of oil equivalent the area is thought to have.
Bloomberg reported that Norwegian Energy Company, Statoil ASA, which is currently making plans to develop Barents Sea’s largest oil finds, intends to bring crude oil ashore by means of a pipeline according to Petoro AS.
Bloomberg reported that the Royal Dutch Shell Plc’s oil production in Brazil dropped 35% in December at 48,499 barrels per day, compared to the previous year.
East Africa is proving to be an enticing market opportunity for natural gas explorers hoping to take advantage of future market upswings.
Two more significant discoveries have reaffirmed the potential of offshore East Africa gas prospects, and have lured in the biggest name in LNG.
Sandwiched between a recent discovery to the East, the world’s largest reserves of crude oil to the West and with their maritime border dispute resolved - Guyana and Suriname have started to attract a lot of exploration interest.
Recent finds by Eni and Anadarko confirm Mozambique as an up and coming offshore gas hotspot
A significant find by home-grown Statoil could provide a spark for the flagging Norwegian oil industry.
Although overshadowed by the Alberta oil sands, offshore drilling on Canada’s east coast holds some interesting prospects.
China has an enormous gas market to be filled, both in the short term and long term, where natural gas will account for as much as 12 percent of the primary energy needs over the next decade from the current 3.8 percent. Shell's Chief Financial Officer Simon Henry indicated that the company may invest $1 billion each year in China if PetroChina's two wells in Sichuan province prove they have the potential for commercial gas production.
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