CaribX Ups Stake in Cape Licence Off Honduras
The Central American and Caribbean specialist exploration company CaribX said that it is increasing its share of the Main Cape Operating contract in Honduras.Following government approval CaribX will hold a 55% interest in the highly prospective licence area.CEO Rory Scott Russell said: "We are pleased to have closed this latest round of funding and delighted to have such a highly qualified and experienced group of explorers and entrepreneurs joining the company. Attracting the team behind Sierra and the giant Zama discovery demonstrates the enormous potential offshore Honduras…
Oil Companies Swap Stakes in Mexico
With Mexico's government insisting that energy companies increase oil and gas output before it auctions off more of the country's vast reserves or offers more partnerships with state-run Pemex, firms ranging from foreign majors to local players are scrambling to buy and sell blocks they already own.The negotiations are creating a dynamic secondary market for oil acreage, which could be the only investment opportunity left for firms until leftist President Andres Manuel Lopez Obrador unblocks his predecessor's flagship energy reform that…
Talos Comes Up Big Offshore Mexico
An appraisal well in the Zama project offshore Mexico showed more potential for oil, raising hopes of a large discovery, operator Talos Energy said on Thursday.The Zama project in Block 7 offshore Mexico is operated by Talos, whose partners include Sierra Oil and Gas and Premier Oil.The Zama-2 appraisal well was drilled 2.1 kilometers to the north of the Zama-1 discovery well in a down dip location with a key objective to confirm the oil water contact (OWC). The well encountered the top Zama reservoir at 3,279 meters (true vertical depth (TVD)) on prognosis and the OWC at 3,430 meters TVD, consistent with the flat-spot observed on seismic.
Pemex Makes Mexico's Biggest Onshore Oil Find in 15 Years
Mexico's national oil company Pemex has made its biggest onshore oil discovery in fifteen years with a find in the eastern state of Veracruz, President Enrique Pena Nieto said on Friday. Pena Nieto said Pemex made the discovery by drilling its onshore Ixachi well, in the municipality of Cosamaloapan, and that the overall field is believed to hold some 350 million barrels of proven, probable and possible reserves. Pena Nieto, who pushed through Congress a sweeping energy reform in 2013 that ended Pemex' decades-long monopoly, made the announcement at the company's Tula refinery.
Premier Oil Discovers Oil off Mexico Coast
Premier Oil Plc said it had discovered oil off the coast of Mexico at its Zama-1 exploration well in Block 7. Premier, which holds a 25 percent interest in the block, said estimates for the Zama-1 well were in excess of 1 billion barrels, which could extend into a neighbouring block. The project is jointly owned by Talos Energy, which acts as operator and has a 35 percent stake, and Sierra Oil and Gas which holds the remaining 40 percent. Reporting by Arathy S Nair
Demand for Conceptual Engineering Services Climbs
Press release - Independent energy consultancy ADIL says it has recorded a 100 percent increase in demand for its Accelerated Conceptual Engineering (ACE) services as acquisition, merger and divestment activity by UKCS operators ramps up in the lower oil price environment. The Aberdeen and London-based organization, which works with exploration and production companies to progress projects to sanction and final delivery, said it has doubled the amount of early stage evaluation work year on year and delivered campaigns totalling in excess of $2.3 million since the start of the year.
