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Australia-based BHP outbid Britain's BP, the only other company that participated, with a $624 million offer to complement its 4% additional royalty bid, said Mexico's oil regulator, the national hydrocarbons commission (CNH).
Plans include a new floating production platform that will be moored about six miles southwest of the existing Mad Dog Platform.
U.S. oil demand in September rose by 2.3%, or 446,000 barrels per day, from a year ago to 19.86 million barrels per day, according to the EIA.
The companies also agreed BP could purchase another 5% of the field before the end of next year, when the Zohr field is slated to start production, under the same terms and that BP would reimburse Eni around $150 million in past expenditure.
Mozambique’s National Hydrocarbons Co. (ENH) said on Nov. 23 it had approved its investment plan for the Coral South gas project, offshore Mozambique, being led by Italian energy company Eni.
The agreement establishes contractual and commercial terms for a first phase of production for the field. The development will involve the drilling of one well, Total said.
The Scolty and Crathes fields are estimated to hold up to 15 million barrels of oil reserves.
Continental Resources president and COO Jack Stark highlighted the Stack/Scoop plays’ repeatability and mighty production at Hart Energy’s DUG Midcontinent conference.
Company chairman and CEO said early results indicate that more proppant in more props, and more connected props in larger laterals, lead to encouraging performance.
Statoil, Eni, Royal Dutch Shell and ExxonMobil are bringing financial clout into East Africa in its bid to get to market before more U.S. Gulf of Mexico LNG producers.
Ophir said it would have a 33.8% stake in the joint operating company, while OneLNG—a JV between units of Golar LNG and Schlumberger—would own the rest.
Trump has called last year’s deal ending a diplomatic standoff between Iran and six world powers over the country’s nuclear policy and opening the way for western investment “the worst deal ever negotiated,” although he has also conceded it would be hard to rip up a deal enshrined in a U.N. resolution.