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Tag: drilling

Cuba gives one of the permits needed for oil drilling

Cuba gives one of the permits needed for oil drilling

Business
April 30 (UPI) -- The Cuban government has signed off on an environment license that could pave the way to drilling for oil onshore, an Australian energy company said.Melbana Energy Ltd., which changed its name last year from MEO Australia to broadcast a Caribbean flair, said the Cuban Ministry of Science and Technology gave it the environmental license for planned activities at its Alameda-1 exploration well on the north shore of Cuba."Our Cuba and Melbourne-based drilling team is continuing to progress the necessary permits through the well-defined Cuban regulatory process," Melbana CEO Robert Zammit said in a statement. "We are pleased to reach this milestone and look forward to finalizing all regulatory approvals for the Alameda-1 well."Melbana's is targeting a reservoir with more than...
The Latest: Bureau defends Trump's oil and gas drilling plan

The Latest: Bureau defends Trump's oil and gas drilling plan

Technology
The Latest on complaints about offshore oil and gas drilling hearings (all times local): 4:50 p.m. A federal government bureau holding hearings over President Donald Trump's plan to open most of the nation's coastline to oil and natural gas drilling has defended the plan despite boisterous protests. Drilling opponents held their own meeting in Hamilton, New Jersey, on Wednesday before a Bureau of Ocean Energy Management meeting began. They're upset the bureau won't allow them to speak at a microphone. The bureau's chief environmental officer says everyone knows renewable energy is something that should be developed more but "renewables are not going to take the place of fossil fuels immediately." Democratic Gov. Phil Murphy addressed the environmental rally by video link before the bureau...
New drilling begins in Barents Sea

New drilling begins in Barents Sea

Business
Oct. 9 (UPI) -- New drilling has started in a prospect in the Norwegian waters of the Barents Sea near one of the region's larger discoveries, Lundin Petroleum said.Lundin's subsidiary in Norway said Monday it started drilling an exploration in the Hufsa prospect in the southern waters of the Barents Sea. The well is located just south of the Filicudi and Johan Castberg proven discoveries in Norwegian waters."The Hufsa prospect is estimated to contain gross unrisked prospective resources of 285 million barrels of oil equivalent," the company said in a statement.Johan Castberg was one of the more significant finds in the region in recent years. The field has estimated proven reserves of between 400 million and 600 million barrels of oil, and the Norwegian government said the most recent rev...
Multimillion dollar drilling campaign envisioned for Guinea-Bissau

Multimillion dollar drilling campaign envisioned for Guinea-Bissau

Business
Aug. 25 (UPI) -- West Africa-focused energy company FAR Ltd. said it increased its leverage over a multi-million barrel prospect offshore Guinea-Bissau.The company, which has headquarters in Australia, said the government of Guinea-Bissau signed off on an April agreement with the country's national oil company, Petroguin, to improve its interest from 15 percent to 21.42 percent. In addition, FAR said it was awarded a reduction in royal payments owed to the government and a three-year extension of its licenses to 2020.FAR Managing Director Cath Norman said the prospects offshore Guinea-Bissau are similar to those at its flagship holdings off the coast of Senegal."FAR has previously mapped a 470 million barrel prospect called Atum on the Guinea-Bissau shelf edge in a play similar to the larg...