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The acquisition is expected to increase Total’s output to 3 MMboe/d by 2019.
The agreement gives Total stakes in the Iara and Lapa fields and gives Petrobras an option to acquire interest in the Perdido Belt area in the Gulf of Mexico.
News of a deepwater Gulf of Mexico discovery is made as the company reports falling profits and growth priorities.
The total oil in place in the Upper Portland pay has increased from 7.7 MMbbl per square mile to 22.9 MMbbl per square mile.
The import-dependent nation is in the aftermath of its most successful licensing round, with attention on its Atlantic Margin emerging frontier area.
At least one European company has shown interest in the undeveloped Gaza Marine Field but Shell's discussions over the field have ground to a halt due to worsening political tensions in the region.
The deal will leave Aker BP with 90% stakes in both the Valhall and Hod fields, and will help pay for projects such as the Valhall Flank West, estimated to come onstream in 2020.
Britain plans to introduce tax changes to oil and gas companies operating in the North Sea, finance minister Philip Hammond said on Nov. 22, in a bid to spur investment in the aging basin.
BP said Nov. 21 it had agreed to sell stakes in three fields in its Bruce assets in the North Sea to Serica Energy for up to 300 million pounds (US$398 million).
The Anglo-Dutch company said in another statement that "following strong demand from institutional investors," it upsized its sale to 111.8 million shares worth a total of $2.7 billion before tax proceeds.
The Horse Hill-1 (HH-1) well has flowed light, sweet crude at an average rate of 168 barrels per day (bbl/d), Solo Oil said in a news release.
Roxi Petroleum’s Well 143 at its flagship asset BNG in Kazakhstan has flowed oil strongly since the start of 2016 and continues to flow well, the company said in a news release Jan. 13.
Exploration well 7130/4-1 is the first well drilled in PL708. It was drilled to 3,160 m total depth in 288 m of water by the Transocean Arctic semisubmersible drilling unit.
Gas flowed from the well at a rate of 4.32 MMcf/d on a 16/64-in. choke from a 41.3 meter interval in the Rotliegend sandstone, FX Energy said in a news release.
The well encountered a combined oil column of almost 50 m (164 ft) in two different limestone formations and flowed oil to surface during drillstem tests.
Well 6507/11-11 will be first well drilled in production license 591 near Heidrun and Njord fields in Norwegian North Sea. The license 591 was awarded on Feb. 4, 2011.
Madrid, Spain-based Repsol produces 18 Mcm of gas in Bolivia. The new gas discovery is in the Margarita-Huacaya Block in southern Bolivia, in the Caipipendi area.
This is production license 589’s first exploration well, drilled to 4,655 m vertical depth. It was terminated in Middle to Upper Triassic red sandstone layers in 262 m of water.
UK Oil & Gas Investments Plc found more than 8 Bbbl of shale oil in Horse Hill Field in Weald Basin. The basin is near London’s second-busiest airport, Bloomberg said.
Statoil ASA made another natural gas discovery in Block 2 offshore Tanzania, Reuters said. The company will now appraise one of its previous seven discoveries, and then evaluate several projects.