A production sharing contract for offshore Block EG-06 was ratified by the government of Equatorial Guinea. An ExxonMobil subsidiary and GEPetrol are also involved in the PSC.
Lease sale 193’s environmental and impact statement was published in 2007, but the sale was remanded for further analysis back to BOEM after federal court decisions and other legal challenges.
Analysts say the lifting of sanctions won’t spell an immediate ramp-up in Iranian production during the next six months but Iran’s Oil Minister said it could produce 3.8 MMbbl/d.
Houston-based Harvest has tried twice to sell its Venezuelan assets. The company holds a 20% stake in Petrodelta, a joint venture with state-owned Petroleos de Venezuela SA, Reuters said.
The Maritime province's government requires five conditions be met before the one-year moratorium is reconsidered or lifted. Regulations cover environment and health, wastewater, aboriginal relations and social license, Reuters said.
Special meetings determined the shareholders’ votes. The merger of Halliburton and Baker Hughes is scheduled to close in the second half of 2015, subject to regulatory approvals.
Africa’s largest oil producer continues to endure tough market conditions and instability, which some fear could escalate as the postponed February elections arrive.
Unite and GMB members voted strongly for an official strike action ballot over shift and pay grievances, Reuters said. A GMB spokesman said an electoral register will be compiled.
The U.S. Justice Department said on March 25 that a subsidiary of Schlumberger Oilfield Holdings had pleaded guilty to violating U.S. sanctions related to Iran and Sudan and would pay a $237.2 million fine.
An existing law stipulates that only state energy majors Rosneft and Gazprom can explore offshore fields, but Lukoil, Russia's No.2 oil producer, calls for allowing private firms, Reuters said.
Mexico’s initial production sharing contracts will contain extended exploration periods for 14 shallow-water projects, Reuters said. Companies can meet test well requirements, said the head of Mexico’s national hydrocarbons commission.
Royal Dutch Shell is cutting about 250 UK North Sea operations staff and agency contractors, Reuters said. In August, 250 were cut. Other large E&Ps cut their North Sea staff.