Extension of the 4.5 billion barrel Franco field is confirmed by the latest discovery from Petrobras. The company is also looking to drive production growth with its prolific pre-salt prospects.
Although Chevron was fined $28 million and had its drilling rights in Brazil suspended for the recent offshore oil spill at their Frade field, some industry experts suggest the company will be able to avoid a long-term ban.
A brief look at 3 oil exploration hotspots, all of which have already produced multi-billion barrel finds of recoverable crude in the last few years, and that may still hold much more.
Canacol Energy Ltd. (CVE:CNE) announces a US$ 106 million capital budget in 2011 for exploration and development activities in Colombia, Guyana, and Brazil.
Brazilian state-controlled energy giant Petrobras declared that it has begun refining the first oil extracted from the ultra-deep Tupi field, one of the massive, “pre-salt” discoveries in the Santos Basin. For full story, click here
Inpex Corp. and Sojitz Corporation have declared that Frade Japão Petróleo Limitada, together with its partners Chevron and Brazil’s national oil company Petrobras, has started crude oil output from the Frade Field in Brazil on June 20, 2009. For full story, click here
U.S. oil major Chevron Corp. commenced crude oil output at its Frade prospect in Brazil, marking a significant milestone as foreign companies start to ramp up output in Latin America’s most-promising oil frontier. For full story, click here
Galp Energia SGPS SA, Portugal’s biggest oil company, surged as much as 8.8 percent in Lisbon trading to the highest in seven months after production tests began at the Tupi field offshore Brazil and crude oil traded near a five-week high. For full story, click here
Recent dismal economic data and growing U.S. inventories kept oil prices below $50 a barrel Friday despite hopes of a possible second-half recovery in crude demand. Benchmark crude for May delivery fell 40 cents to $49.58 a barrel by Noon in European electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.
Petroleo Brasileiro SA, Brazil’s state-controlled oil company, reported that its plan to invest $95 million a day isn’t easy after oil dipped more than $100 a barrel since July. For full story, click here
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