Geologist finds massive Alaskan oil well on a hunch

  A geologist risked his own money to set up a rig after spotting what he believed to be a large pool of oil in Alaska. Bill Armstrong, the CEO of Armstrong Oil & Gas, told FOX Business he risked a big chunk of his own money on a hunch that he spotted a large pool of oil in Alaska. “The North Slope of Alaska has been kind of left behind, everybody believed that all the big fields had been found,” he told Stuart Varney on “Varney & Co.” on Friday.  “And so my band of brothers and I kind of tore everything apart … and we went up there and said I think they left something behind that may be really, really big.” […] Read Full Article Here:

Bahrain is betting on 80 billion barrels of oil to help clear its budget deficit

A new, massive oil discovery in Bahrain could help the island kingdom dramatically improve its economic and fiscal strength, according to analysts at Moody’s credit ratings agency. In early April, Bahrain’s Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa announced its biggest discovery of hydrocarbon deposits in decades, estimated to be at least 80 billion barrels of tight oil and between 10 and 20 trillion cubic feet of deep natural gas. Found off Bahrain’s west coast, if it is verified by an international oil consortium as being technically and economically recoverable it could be a boon for the nation’s economy. Bahrain’s budget deficit was as high as 17.8 percent of gross domestic product (GDP) in 2016 and the International Monetary Fund (IMF) predicted there would be a defici...

Royal Dutch Shell to resume deep-water exploration off Egypt

Royal Dutch Shell said it will resume deep-water exploration for oil and gas off Egypt’s Mediterranean coast, Executive Vice President Sami Iskander told a news conference on Tuesday. Egypt is looking to production from recently discovered fields to halt energy imports by 2019. A petroleum ministry official said last month that new production at Shell’s West Nile Delta field 9B is expected to reach 350-400 million cubic feet per day by 2019. Separately, production from the first 3 wells in the field is set to begin in the 2018-2019 fiscal year. The field is owned by Egypt’s General Petroleum Corporation (EGPC), Malaysia’s Petronas and Shell. […] Read Full Article Here:

Bahrain’s Biggest Oil Find Since 1932 Dwarfs Reserves

Bahrain, the smallest energy producer in the Persian Gulf, discovered its biggest oil field since it started producing crude in 1932, according to the country’s official news agency. The shale oil and natural gas discovered in a deposit off the island state’s west coast “is understood to dwarf Bahrain’s current reserves,” Bahrain News Agency reported, without giving figures. U.S. consultants DeGolyer & MacNaughton Corp. evaluated the field, and Bahrain plans to provide additional details on Wednesday about the reservoir’s “size and extraction viability,” BNA reported. […] Read Full Article Here:

Saudi Arabia among lowest oil field emissions on planet, Venezuela highest, study shows

A new study published in Nature found oil fields in Saudi Arabia had among the lowest greenhouse gas emissions on the planet, a feather in the cap of the Middle Eastern kingdom as governments worldwide combat climate change. Read Full Article Here:

How Shell hid a Whale before placing Mexican oil bet

Reuters is reporting that Royal Dutch Shell knew something that no one else did and were able to hold their cards close to their chests. It’s rumored that the gasps in the audience were clearly audible at the auction of Mexico’s oil blocks a month ago as Royal Dutch Shell’s hefty bids were announced one by one. Shell’s cash payments of $343 million, out of the total of $525 million that Mexico earned in the sale, guaranteed that the company swept up nine of the 19 offshore blocks. Six months earlier, its drilling rig had struck a giant oil reservoir, the Whale well, in the U.S. side of the Gulf of Mexico – just across the border from many of the Mexican blocks, which share a similar Paleogene-age geology. “Post the Whale discovery we had some geological insights. It is not by acc...

ExxonMobile announces high-quality, hydrocarbon-bearing reservoirs from P’nyang South-2 well

ExxonMobil Corp. late Monday, January 15, announced that it encountered hydrocarbons after drilling the onshore P’nyang South-2 well, located in the Western Province of Papua New Guinea. “We are currently evaluating the well results and together with our co-venture partners will assess the P’nyang field resource potential and development pathway,” Liam Mallon, president of ExxonMobil Develop Co., said in a written statement. “We will work with the government of Papua New Guinea as we undertake this work.” According to ExxonMobil, Oil Search began drilling the P’nyang South-2 well on Oct. 22, 2017. The well is located in petroleum retention license 3, which covers 105,000 acres (425 square kilometers). The well was safely drilled to 8,940 feet (2,725 meters), reaching high-quality, hydrocar...

BP Says Two New Oil Discoveries Could Spark Major Uptick In North Sea Production

Energy major BP has raised the possibility of a major uptick in its North Sea oil and gas production after it revealed two new hydrocarbon source discoveries in the region. The new finds were made in the North Sea’s Capercaillie and Achmelvich fields, situated in the central zone of the offshore prospect, west of the Shetland Islands. BP began preliminary prospection last year and recent tests have been encouraging. Data analysis and further tests are currently underway. Read Full Article Here:

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