Saturn Minerals Inc. received permit, license to drill first Bannock Creek conventional light oil well. Well’s location was found during 2-D seismic program in Red River, Winnipeg and Deadwood formations.

According to Financial Times, the U.K. government opposes any takeover of BP Plc by foreign companies, Bloomberg said. The government cannot block any acquisition. Speculation about industry consolidation has grown. 

Tullow said the project is more than 55% complete with all 10 of the wells expected to be online at first oil already drilled. 

China’s oil and gas E&P activity grows. The South China Sea alone could hold between 700 MMbbl and 125 Bbbl of oil. Exploiting these reserves would require skilled, competent workers.  

Bloomberg said Middle East and North African countries are keen for sea transport of LNG—cargoes carrying LNG increased 31% last year. Geopolitical strife makes cheaper pipelines targets for sabotage.

U.S. Interior Secretary Sally Jewell said Arctic drilling mishaps taught Shell better management of companies handling its critical offshore aspects, Bloomberg said. Interior Department recently confirmed Shell’s Alaska exploration lease.

Participating companies must have made discoveries in the Barents Sea and/or have two or more operated licenses north of 73 degrees north. The project will begin immediately.

shale oil, export, Alaska, Sen. Lisa Murkowski, Senate Energy and Natural Resources Committee, Iran, sanctions, OPEC, production

With current oil export exemptions for Canada that may also be granted to Mexico, Murkowski asks why allies such as Italy and Poland cannot benefit from the U.S. oil boom.

CEO Eldar Saetre signed an initiative to end flaring in Washington, D.C. Eight other oil companies and eight other countries endorsed the initiative. Statoil’s operations in Norway don’t use flaring. 

As reported March 2, Petrobras approved a US$13.7 billion 2015 to 2016 divestment plan. It is part of financial plan to reduce leverage, preserve cash flow and prioritize investments.

Valemon is a new Norwegian Continental Shelf project, said Arne Sigve Nylund, executive vice president--Development & Production Norway. There is a high-pressure/high-temperature reservoir. Expected recoverable reserves are 192 MMboe.

Protesters fill the main lobby of BP's Houston office ahead of the five-year mark of the Deepwater Horizon oil spill. Protest is also planned in London ahead of shareholders' meeting.