A gas and condensate discovery west of Istanbul in the Thrace basin of European Turkey is believed capable of rates far higher than the stabilized 12.4 MMcfd tested through small tubing, said the operator, Amity Oil NL, Perth.
The government has extended Repsol-YPF SA's concession on giant Loma de la Lata field to 2027 from the original expiry in 2017 in exchange for $300 million in cash in three payments over the next 2 years, Treasury Secretary Mario Vicens said.
The first-ever, US-built, deepwater semisubmersible, ENSCO International Inc.'s ENSCO 7500, is scheduled to spud its first well this month in East Breaks Block 599, Gulf of Mexico (GOM) under a 3-year contract with Burlington Resources Inc.
Low inventories, memories of last January's cold snap, tight supplies of natural gas, and renewed threats to stability in the Middle East have all contributed to new worries about US heating oil supplies for the coming winter.
Growing US demand for natural gas will cause supply shortages and high prices, but it may finally focus public and political attention on producers' problems in finding and developing those resources, industry leaders said at the annual meeting of the Independent Petroleum Association of America in San Antonio late last month.
In the wake of the recently announced merger between US oil companies Texaco Inc. and Chevron Corp. and the announced $3.5 billion takeover of UK independent Lasmo PLC by another American major, Amerada Hess Corp., debate as to the implications of the continuing trend of consolidation within the international oil business has been reawakened.