Offshore Guyana oil and gas potential is "massive"

as mentioned in Hess and Exxon Mobil on Monday revised the estimate of recoverable reserves at the Stabroek block off the coast of Guyana from 3.2 billion barrels of oil equivalent to more than 4 billion barrels of oil equivalent. "The Stabroek block is a massive world class resource that keeps getting bigger and better," Hess Corp. CEO John Hess said in a statement. Hess said the revision followed the inclusion of data from new discoveries offshore Guyana and the completion of the fifth appraisal well at the Liza oil field. The company estimates it would cost at least $3.2 billion to fully develop the broader offshore Liza field. Consultant group Wood Mackenzie said offshore Guyana is a competitive prospect with a break-even price at about $35 per barrel.

Terengganu must ensure revenue from oil and gas royalties not wasted, says state PKR chief - Nation

KUALA TERENGGANU: The Terengganu state government needs to draw up a strategic management plan to ensure revenue from oil and gas royalties is not wasted, said state PKR chief Azan Ismail. The former Bandar assemblyman said the state government also needs to be transparent and announce its plans to utilise state revenue obtained through oil and gas or other revenue streams. He said this will help the people better understand how the state government is managing incoming revenue for the betterment of Terengganu. "The previous government, for example, set aside more than RM2bil for state development, but why is Terengganu still considered among three of the poorest states in the country? He said the state government should look into drafting strategic plans to manage state revenue while waiting for the Federal Government to iron out issues in delivering 20% royalties to oil and gas producing states, as stated in Pakatan Harapan's manifesto in the 14th General Election.

British groundwater monitors review oil and gas risks

according to July 23 (UPI) -- British authorities said Monday they were working to examine the potential vulnerability to groundwater supplies from onshore oil and gas activity. "The U.K. oil and gas industry is one of the most regulated in the world and so risks to groundwater are already covered in U.K. law," they said in a joint statement. U.K. Oil & Gas Investments is targeting oil reserves in the Kimmeridge limestone formation, about three miles away from Gatwick Airport, earning it the nickname Gatwick Gusher. Similar technology has led to exponential increases in U.S. oil and natural gas production. Cuadrilla said there is no benchmark yet for drilling into British shale basins.

Arvin council passes oil and gas restrictions; will others follow?

When the Arvin City Council began working on an ordinance that would place restrictions on new oil and gas operations near neighborhoods in Arvin, the local oil industry began to get a little nervous. Indeed, attitudes in Arvin may have begun to change when residents were directly affected by oil operations in the small farm town. In February 2016, the California Department of Conservation, Division of Oil, Gas and Geothermal Resources, imposed a $75,000 fine on the owner and operator of the pipeline and several oil and gas wells in Arvin. Even California Attorney General Xavier Becerra weighed in on Tuesday night's action by the Arvin City Council. Thanks to the important ordinance passed by the City Council, that unfortunate reality will begin to change," Becerra said in a statement Wednesday.

hpcl: Stock market update: HPCL, IOC keep oil & gas index up

Gains in heavyweights, including Larsen & Toubro, Infosys, Maruti and Asian Paints, were keeping the equity benchmarks up. NEW DELHI: Shares of Petronet LNG (up 1.99 per cent), HPCL (up 1.96 per cent), Indian Oil Corporation (IOC) (up 1.11 per cent) and BPCL (up 1.04 per cent) were trading with gains, keeping the oil & gas index up in Tuesday's session.Shares of oil marketing companies rose amid a fresh fall in global crude oil prices on concerns of a glut in supply.The BSE Oil & Gas index was trading 0.52 per cent up at 14,476 around 12:40 pm.Shares of Indraprastha Gas (up 0.96 per cent), GAIL (India) (up 0.35 per cent) and ONGC (up 0.19 per cent) too were in the green.However, shares of Reliance Industries (down 0.52 per cent) were under pressure around that time.Gains in heavyweights, including Larsen & Toubro, Infosys, Maruti and Asian Paints, were keeping the equity benchmarks up.However, losses in Kotak Mahindra Bank, Reliance Industries and Tata Consultancy Services were weighing on the indices.

collected by :Frank Ithan