• 2 hours WTI At 7-Month High On Supply Optimism, Kurdistan Referendum
  • 9 hours Permian Still Holds 60-70 Billion Barrels Of Recoverable Oil
  • 14 hours Petrobras Creditors Agree To $6.22 Billion Debt Swap
  • 18 hours Cracks Emerge In OPEC-Russia Oil Output Cut Pact
  • 22 hours Iran Calls On OPEC To Sway Libya, Nigeria To Join Cut
  • 23 hours Chevron To Invest $4B In Permian Production
  • 1 day U.S.-Backed Forces Retake Syrian Conoco Gas Plant From ISIS
  • 1 day Iraq Says Shell May Not Quit Majnoon Oilfield
  • 4 days Nigerian Oil Output Below 1.8 Million BPD Quota
  • 4 days Colorado Landfills Contain Radioactive Substances From Oil Sector
  • 4 days Phillips 66 Partners To Buy Phillips 66 Assets In $2.4B Deal
  • 4 days Japan Court Slams Tepco With Fukushima Damages Bill
  • 4 days Oil Spills From Pipeline After Syria Army Retakes Oil Field From ISIS
  • 4 days Total Joins Chevron In Gulf Of Mexico Development
  • 4 days Goldman Chief Urges Riyadh To Get Vision 2030 Going
  • 4 days OPEC Talks End Without Recommendation On Output Cut Extension
  • 4 days Jamaican Refinery Expansion Stalls Due To Venezuela’s Financial Woes
  • 5 days India In Talks to Acquire 20 Percent Of UAE Oilfield
  • 5 days The Real Cause Of Peak Gasoline Demand
  • 5 days Hundreds Of Vertical Oil Wells Damaged By Horizontal Fracking
  • 5 days Oil Exempt In Fresh Sanctions On North Korea
  • 5 days Sudan, South Sudan Sign Deal To Boost Oil Output
  • 5 days Peruvian Villagers Shut Down 50 Oil Wells In Protest
  • 5 days Bay Area Sues Big Oil For Billions
  • 5 days Lukoil Looks To Sell Italian Refinery As Crimea Sanctions Intensify
  • 6 days Kurdistan’s Biggest Source Of Oil Funds
  • 6 days Oil Prices On Track For Largest Q3 Gain Since 2004
  • 6 days Reliance Plans To Boost Capacity Of World’s Biggest Oil Refinery
  • 6 days Saudi Aramco May Unveil Financials In Early 2018
  • 6 days Has The EIA Been Overestimating Oil Production?
  • 6 days Taiwan Cuts Off Fossil Fuels To North Korea
  • 6 days Clash In Oil-Rich South Sudan Region Kills At Least 25
  • 6 days Lebanon Passes Oil Taxation Law Ahead Of First Licensing Auction
  • 7 days India’s Oil Majors To Lift Borrowing To Cover Dividends, Capex
  • 7 days Gulf Keystone Plans Further Oil Output Increase In Kurdistan
  • 7 days Venezuela’s Crisis Deepens As Hurricane Approaches
  • 7 days Tension Rises In Oil-Rich Kurdistan
  • 7 days Petrobras To Issue $2B New Bonds, Exchange Shorter-Term Debt
  • 8 days Kuwait Faces New Oil Leak Near Ras al-Zour
  • 8 days Sonatrach Aims To Reform Algiers Energy Laws
Failed OPEC Meeting Could Drive Oil Prices Lower

Failed OPEC Meeting Could Drive Oil Prices Lower

Oil prices have rallied above…

Expect A Major Leap In U.S. Oil Exports

Expect A Major Leap In U.S. Oil Exports

The hurricanes that struck the…

International Energy Companies Move Into Mozambique

A joint consortium between Italian oil company Ente Nazionale Idrocarburi (ENI) and Portugal’s Galp-Energia expects to start exploring for oil and natural gas in Mocambique offshore Rovuma Basin off Cabo Delgado province’s coast within the next three months.

ENI holds 70 percent of the consortium and Galp-Energia the remaining 30 percent of shares. The Mozambican government’s consortium contract allows an exploration period of eight years to be followed by 30 years of the production if hydrocarbons are discovered, Agencia de Informacao de Mocambique reported.

Galp-Energia general manager Carlos Ferreira said that the consortium’s schedule had postulated that drilling was to begin in May but has subsequently been postponed to September to allow for the arrival of the necessary offshore drilling equipment.

The ENI- Galp-Energia consortium will be drilling in waters more than one and one-half miles deep, a more extensive effort than the wells drilled further north by the Houston-based company Anadarko in their Mozambican government’s offshore concessions, whose six offshore wells penetrate less than a mile into the seabed.

The ENI- Galp-Energia consortium is optimistic about its opportunities, as four of Anadarko’s offshore wells made significant natural gas discoveries of sufficient size that Anadarko is considering investing in constructing in a Liquefied Natural Gas (LNG) facility to transport its output to foreign markets.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News