Armour Energy and American Energy Partners will explore and develop Armour’s extensive oil and gas prone McArthur Basin Project.
Only five companies submitted 33 bids for 33 of the more than 4,000 unleased blocks that were offered, according to the U.S. Bureau of Ocean Energy Management. Bids totaled about $22.7 million.
Operators Centrica and EnQuest are acting as technology champions for this “small pool” push, with workshops to be held in Aberdeen, Newcastle and London to pursue such projects.
Venezuela’s oil industry consumes most of the country’s gas, low prices offer little incentive, and technical obstacles are belowground.
Commodity price uncertainty aside, issues raised after Mexico’s Round 1 Phase 1 can be addressed to move the country toward its goal of growing production and strengthening its economy.