US to Lead Oil Supply Growth to 2024
The United States is set to drive the global oil supply growth over the next 5 years, thanks to the strength of its shale industry, triggering a rapid transformation of world oil markets, according to the International Energy Agency (IEA).IEA said that oil exports from the United States will overtake Russia and close in on Saudi Arabia, bringing greater diversity of supply, by the end of the forecast.While global oil demand growth is set to ease…
CGG Begins Deepwater Survey Offshore Brazil
CGG said it has commenced acquisition of a large broadband 3D multi-client survey in the pre-salt area of the deepwater Santos Basin. Santos VIII is the most recent survey in CGG’s vast ongoing pre-salt program that delivers ultramodern seismic data, enabling exploration companies to better evaluate pre-salt opportunities in advance of Brazil’s pre-salt licensing rounds. Santos VIII covers an area of over 8,000 km2 adjacent to the Peroba, Pau Brasil and Boumerangue fields.
CGG Starts Santos Basin Survey for Next Pre-salt Licensing
CGG said it has begun a large broadband 3D multi-client survey in the pre-salt area of the deepwater Santos Basin. Santos VII (Saturno) is the third phase in CGG’s pre-salt project collectively known as the Santos Basin Trilogy, designed to make ultramodern seismic datasets available as quickly as possible to support each phase in the pre-salt evaluation process in anticipation of Brazil’s next pre-salt licensing round. Santos VII (Saturno) will cover an area of over 13…
Gazprom, CNPC Ink Power of Siberia Gas Pipeline Deal
Alexey Miller, Chairman of the Gazprom Management Committee and Wang Yilin, Chairman of the Board of Directors of CNPC signed today in Beijing an Agreement to design and construct the cross-border section of the Power of Siberia gas pipeline, including its submerged crossing under the Amur River. Besides, a Memorandum of Understanding in the oil sector was entered into by Gazprom Neft and CNPC. The documents were signed in the presence of Russian Prime Minister Dmitry Medvedev and Li Keqiang, Premier of the State Council of China.
Falling Oil Prices Pull India's Budget Out of the Fire
Falling oil prices have been a major windfall for India: Just weeks ago it faced failing to meet fiscal deficit targets, but can now expect a budget that not only hits its targets, but also provides extra cash to support reform. The coming budget for fiscal 2015/16 (April-March), which will be unveiled on Feb. 28, is widely seen as a test of Prime Minister Narendra Modi's ability to lead economic reform. Fortunately for Modi, the economic climate…
Saudi Arabia is Not Declaring a Volume War (yet)
Saudi Aramco cut the price of December crude deliveries to U.S. refiners on Monday in order to protect its competitiveness amid an erosion of its U.S. market share by rival exporters such as Canada and Iraq. In August, U.S. crude imports from Saudi Arabia slipped below 900,000 barrels per day, according to the U.S. Energy Information Administration. With the exception of a brief period in 2009 and early 2010, Saudi exports to the United States fell to the lowest level since 1988 (http://link.reuters.com/jez33w). U.S.
