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Breaking News:

IEA: OPEC Can’t Save The Oil Market

Global Energy Advisory – 30th May 2014

Discovery/Development

•    The US federal government’s Energy Information Administration estimates that the amount of oil potentially recoverable from California’s Monterey Shale using existing fracking technology is much less than previously thought. The EIA estimates that around 600 million barrels of oil can be extracted from the formation, down from the earlier estimate of 13.7 billion barrels of recoverable oil.

•    Italy’s Eni has confirmed gas discoveries in the Area 4 block in northern Mozambique’s Rovuma Basin. Eni started drilling the Agulha-2 test welI in February this year, estimating reserves at 85 trillion cubic feet. Eni has a 50% interest in Area 4, along with China National Petroleum Corp. (20%), Portugal’s Galp Energia (10%), Mozambique state-run Empresa Nacional de Hidrocarbonetos (10%) and Korea Gas (10%). Norway’s Statoil and US-based Anadarko are also operating in Rovuma, where some 180 trillion cubic feet of gas in total has been discovered so far.

•    Brazil’s state-run Petrobras has confirmed an ultra-deepwater presalt discovery made a year ago in the Santos basin, testing carbonate reservoirs with good permeability. The confirmation is for the discovery in Block BM-S-50 (Sagitario) offshore Brazil, some 194 kilometers from Sao Paulo, in 1,871 meters of water. Petrobras said it had reached a total depth of 7,110 meters. Petrobras…




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