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Dallas-based Kosmos Energy has informed about plans of abandoning Pontoenoe-1 offshore exploration well in Block 42, offshore Suriname due to failure in finding oil. Although Kosmos found high-quality reservoir at the Pontoenoe-1 well, primary exploration showed reservoir to be water-bearing and no commercial hydrocarbons were discovered. Kosmos is the operator of the Block 42, where Hess and Chevron are partners.
Total’s subsidiary, Total E&P Activités Pétrolières will now have 25% working interest in the Orinduik Block, after exercising its options which it has acquired from Eco Atlantic, a wholly owned subsidiary of Eco (Atlantic) Oil & Gas Ltd. The option exercise fee will be $12.5 million which Total has to pay to the company. The fee payment will provide Eco its share, enough to drill two wells on the Orinduik Block.
British Petroleum (BP) has signed a MoU with Petrobras for exploring areas of potential cooperation in areas of mutual interest in upstream, downstream, trading and across low carbon initiatives, inside and outside Brazil. It is expected that through this alliance, the transfer of technology will take place along with joint training and research.
President and CEO of Saudi Aramco, Amin H Nasser, expressed his company’s endeavors in actively pursuing and investing in innovative technologies at the annual CERAWeek conference in Houston. He also said that oil will maintain its key role in the global energy mix for the foreseeable future, despite the increasing growth of renewables. The growing world population requires the continuing development of several types of energy sources simultaneously.
Oklahoma is placing stringent norms which are to be followed for 'fracking' for there has been a study which reveals a new cluster of earthquakes in one of the hottest U.S. regions for drilling. The Oklahoma Corporation Commission has announced that all explorers must use seismic array for monitoring and detecting movement underground. It also lowered the threshold for pausing work from 3.0 magnitude to 2.5.