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Oil Discovery

All articles tagged with #oil discovery

Petrobras Confirms Hydrocarbons in Amazon Offshore, Igniting Political and Environmental Debate
world2 months ago

Petrobras Confirms Hydrocarbons in Amazon Offshore, Igniting Political and Environmental Debate

Petrobras has confirmed the presence of hydrocarbons in a deepwater well offshore Amapá, Brazil, near the Amazon River. President Lula da Silva hailed the find as vital for national sovereignty and energy security, while environmentalists warn of catastrophic ecological risks. The discovery adds a new dimension to the upcoming October presidential election, where Lula must balance economic development promises with his commitment to renewable energy.

via bbc.com|
#amazon#brazil#lula-da-silva
Chevron Announces Major Offshore Angola Discovery in Block 0
energy2 months ago

Chevron Announces Major Offshore Angola Discovery in Block 0

Chevron has reported a significant oil and gas condensate discovery in its Block 0 concession offshore Angola, finding over 2,000 feet of hydrocarbons. The find, located in the Pinda reservoir, could be tied into existing infrastructure to reduce costs and accelerate production. This discovery supports Angola’s efforts to reverse a long-term decline in oil output, which has stabilized at approximately 1.1 million barrels per day after falling below 1 million last year. Chevron is currently evaluating whether the new well can connect to its South N’dola Platform, which began production in December 2025.

via Crude Oil Prices Today | OilPrice.com|
#angola#block-0#cabinda-gulf-oil
BP Announces Largest Oil and Gas Discovery in 25 Years Off Brazil
business1 year ago

BP Announces Largest Oil and Gas Discovery in 25 Years Off Brazil

BP has made its largest oil and gas discovery in 25 years off the coast of Brazil, signaling a renewed focus on fossil fuels after setbacks in its green energy plans. The Santos basin discovery, BP's 10th of the year, could significantly boost its production targets and establish a key hub in Brazil, amid a broader industry trend of increasing oil output following OPEC+ production hikes. This shift comes despite BP's earlier commitments to net-zero emissions and its recent leadership upheaval.

via The Guardian|
#bp#brazil#business
CNOOC's Massive 100M Ton Oilfield Discovery in South China Sea
energy2 years ago

CNOOC's Massive 100M Ton Oilfield Discovery in South China Sea

Chinese state-owned oil and gas company CNOOC has announced the discovery of a new oil reserve in the South China Sea, containing over 100 million tons of oil equivalent proved in-place at its deepwater Kaiping South oilfield near Guangdong province. The reserve, which contains light crude, is part of CNOOC's efforts to develop China's offshore oil and gas reserves and offset declining output from aging onshore fields, with the company raising its 2024 production target by about 8% to a record 700 million to 720 million barrels of oil equivalent.

via Reuters.com|
#cnooc#energy#guangdong-province
"Unveiling Guyana's Oil Boom: Triumphs and Challenges"
international-politicseconomy2 years ago

"Unveiling Guyana's Oil Boom: Triumphs and Challenges"

Guyana's rapid economic growth, driven by a 2015 oil discovery, has made it the world's fastest-growing economy, but it now faces a territorial dispute with neighboring Venezuela over the annexation of Essequibo. Despite Venezuela's large oil reserves, its economy has collapsed under Maduro's rule. Guyana's newfound confidence is supported by international law and alliances, but concerns remain about the country's weak democratic institutions and potential for the "resource curse."

via CNBC|
#economic-growth#guyana#international-politicseconomy