Canada’s Other Oil Patch: East Coast Offshore Projects
Although overshadowed by the Alberta oil sands, offshore drilling on Canada’s east coast holds some interesting prospects.
Articles Tagged "offshore"
Total is interested in entering the upstream offshore
French oil major Total is interested in entering the upstream offshore Brazil to help develop the huge resources in the Santos basin and is also eying new acreage in Venezuela, the company’s CEO Christophe de Margerie said. For full story, click here
Companies have targeted offshore developments
Companies have targeted offshore developments in more expensive, harder-to-drill deepwater environments. For full story, click here
Garware says fall in crude prices responsible for cos to hold plans
Garware Offshore Services has said the fall in international crude prices and the credit crunch has forced oil exploration and production companies to put on hold their plans for hydrocarbon discoveries. For full story, click here
Brazil’s Petrobras Discovers Another Oil Patch
Brazil’s Petrobras on Friday announced a new offshore discovery of as much as 2 billion barrels of light crude in ultra-deep deposits about a mile below the ocean floor. For full story, click here
Brazil plans to invest $400 bn to develop offshore oil fields
Brazil plans to invest some $400 bn in coming 10 years to develop new offshore fields that may contain as much as 80 billion barrels of oil. For full story, click here
Petrobras signs offshore oil exploration, output deal with Cuba
Brazil’s state-run oil firm signed an agreement to explore for oil in deep Caribbean waters north of Cuba that officials in Havana say could contain 20 billion barrels of crude. For full story, click here
Petrobras to begin oil exploration with Cubapetrol
Petrobras has formed a venture with Cuba’s Cupet oil firm to carry out oil and gas exploration and production offshore Cuba, in order to tap oil from a 1,600 sq km concession block. For full story, click here For Petrobras’s website, click here
Benchmark: August 25
Barrel prices nosed upward of $115 on Monday, largely due to a sagging US dollar. Analyzing this in reference to last week’s barrel and dollar prices shows the extent to which crude is tied to currency differentials. The relationship is not one sided, either. For us Canadians, high oil prices are keeping our dollar near parity with that of our neighbours.
Benchmark: August 18
Barrel prices were pushed gently northward in early trading on Monday, as a confluence of factors threatened supply and made it an attractive alternative investment. The dollar’s decline relative to the euro increased anti-inflation hedging activities in commodities.
