Mexico has released the bidding terms for the auction of 37 onshore blocks in September and the awarding of seven joint ventures with Pemex in October. Minimum additional royalty payments will range from 2.5% to 5% in the Sept. 27 auction, and six of the seven ventures to be offered in October will require an additional 15% royalty payment, while the seventh will require a 6% payment.
Occidental Petroleum is assessing the feasibility of a carbon capture project that would involve capturing carbon dioxide from White Energy's ethanol plants in Plainview and Hereford, Texas, and using it to boost oil production. The project could become operational in 2021 if the two companies decide it can be done.
A hybrid power system that uses battery technology to improve electrical power use has been installed on Seacor Marine's Seacor Maya platform supply vessel in the Gulf of Mexico. "We have long believed that cutting-edge hybrid power technology has the potential to improve vessel efficiency, while reducing fuel consumption and emissions by as much as 20%," said John Gellert, CEO of Seacor Marine.
Major oil companies that have succeeded with hydraulic fracturing in the US are using the technology in other countries such as Oman, Argentina and Russia. Companies are moving ahead with projects they can start and stop quickly depending on market conditions.
High costs and the lack of financing and infrastructure are discouraging small companies from developing shale deposits in Argentina, sources say. Retama Argentina and Vista Oil & Gas are the only small producers in western Argentina's Vaca Muerta, considered the second-largest shale gas development in the world.
Norway's oil production dropped to approximately 1.3 million barrels per day in May, the lowest level since September 2012. The Norwegian Petroleum Directorate attributed the decline to technical problems and maintenance requirements at oilfields.
New Mexico's latest oil and natural gas lease sale has generated nearly $5 million, pushing earnings for the fiscal year to date to almost $107 million, higher than the record $102 million in fiscal year 2012, according to the New Mexico State Land Office.
Explosive volcanic activity on Mars more than 3 billion years ago formed the Medusae Fossae Formation near the planet's equator, a study says. Researchers used data collected by spacecraft to measure the porous formation's density.
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