Seismic testing is first needed to see what energy resources can be explored off the coast of Florida, says David Mica, executive director of the Florida Petroleum Council. "We've got to look at this long-term, and exploring offshore is a part of that for the United States' energy and security interests," he says.
In the US, 10.9 million barrels of oil per day were generated for the week ending Aug. 10, comparable to Saudi Arabia's output, according to the Energy Information Administration. "With total US liquid fuels production, up by more than 2.0 million bpd year-over-year, the United States has been the world's only substantive source of oil production growth so far in 2018 and more than compensated for production losses in some OPEC nations," American Petroleum Institute Chief Economist Dean Foreman said.
Total will not work in Iran any longer after deciding not to develop the South Pars offshore natural gas field, according to Bijan Zanganeh, Iran's oil minister. Iranian officials previously said China National Petroleum Corp. had taken an 80% stake in the project.
Hess' natural gas fields off the coasts of Malaysia and Thailand are attracting interest from potential buyers, including the Thai company PTTEP and Austria's OMV. Hess sold its assets in Indonesia in 2014, when it also sold its assets in Thailand for $1 billion to PTTEP.
Amid elevated domestic oil demand, Saudi Aramco will increase its natural gas output so raw materials can be supplied to the petrochemical industry, according to Saudi Arabia Energy Minister Khalid al-Falih. "Significant new investments are required in additional capacity and expended and upgraded infrastructure, as well as the development of pioneering technology to make petroleum energy more sustainable and accessible," he said.
The US rig count last week, though higher than the 763 active rigs at the same time last year, held at 869 as crude prices fell. The total number of active oil and gas rigs, averaging 1,013 this year, is still expected to be the largest number since 2014.
Some oil and natural gas operators in the Permian Basin are reducing operating costs and using advanced drilling and completion technologies. Sliding sleeves for liner systems, liner hangers and hydraulic toe sleeves are among the tools touted as leading to production improvements and efficient operations.
Three earthquakes shook the Fiji and Tonga region and two others rattled the Indonesian island of Lombok on Sunday. The largest quake in the Fiji-Tonga area registered at magnitude 8.2, while the bigger of the two Indonesian quakes had a magnitude of 6.9, the US Geological Survey reports.
Vedanta, which has oil and natural gas operations in India, plans to spend $2.3 billion to increase production from about 200,000 barrels of oil equivalent per day to 300,000 within several years. The company recently bid for 55 blocks at an oil and gas auction in India and could gain up to 40 exploration blocks in India's open-acreage auction.
Chevron and Iraqi state-owned Basra Oil have started to develop some southern Iraq oilfields under an agreement announced in June, the Iraqi Ministry of Oil reports. Chevron will survey and study reservoirs and oil installations and pinpoint ways to improve operations.
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