Chevron solidifies deal for Argentinian shale

.

Space Industry and Business News

.

Chevron solidifies deal for Argentinian shale
by Daniel J. Graeber
San Ramon, Calif. (UPI) Apr 11, 2013

Statoil makes North Sea oil, gas discovery
Stavanger, Norway (UPI) Apr 11, 2013 - Norwegian energy company Statoil said Friday it made an oil and natural gas discovery in the Valemon North prospect in the North Sea.

The company said Friday it made discoveries at two wells in the prospect located in Norwegian waters. It estimates the total volume of the new discoveries at between 20 million and 75 million barrels of recoverable oil equivalent.

Discovered in 1985, Statoil said the prospect is one of its most important assets on the Norwegian continental shelf. In total, the field holds an estimated 206 million barrels of oil equivalents.

"Production start-up is expected fourth quarter 2014," Tor Madsen, vice president for regional development, said in a statement. "We are very pleased with the results of the Valemon Nord wells, and will initiate feasibility studies to identify the best development solution for the discovery."

The Norwegian Petroleum Directorate confirmed the discovery in a northern part of the Valemon field in an area not previously known to contain oil and natural gas reserves.

The Vaca Muerta shale reserve area in Argentina could become one of the strongest contributors to Chevron's production growth, its vice chairman said.

Chevron said it secured an agreement with Argentine oil company YPF to develop the Vaca Muerta formation in Neuquen province in Argentina.

The U.S. Energy Department's Energy Information Administration estimates Argentina has 774 trillion cubic feet of technically recoverable shale gas resources, the third most in the world. Oil reserves are estimated at 2.5 billion barrels. Its Vaca Muerta region is considered one of the best shale reserve areas in the world.

Chevron Vice Chairman George Kirkland said the YPF deal is a unique opportunity for the company.

"Vaca Muerta could become an important contributor to Chevron's long term production growth," he said in a statement Thursday.

Chevron said it would explore shale resources over a 49,400-acre site in the Vaca Muerta play.

Chevron's existing assets in Argentina have produced, on average, 21,000 barrels of crude oil and 4 million cubic feet of natural gas.

.

Related Links
Powering The World in the 21st Century at Energy-Daily.com

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks

Memory Foam Mattress Review

SPACE MEDIA NETWORK PROMOTIONS
Solar Energy Solutions
Tempur-Pedic Mattress Comparison

Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

British economy still tied to oil
London (UPI) Apr 9, 2013
Though the British economy is striving to focus more on renewable resources, oil will continue to play a crucial role, a government report said Wednesday. The British Department of Energy and Climate Change published its assessment of the downstream, or refining, sector of the industry. British Energy Minister Michael Fallon said the British economy will need more than 360 million barre ... read more

Dropbox out to be a home in the Internet 'cloud'

Vanguard Space Technologies Antenna Reflectors on Amazonas Satellite Launch

Headwall Extends Global Reach in Asia/Pac and Israel

Hyperspectral Software Announced for Airborne Applications

Intelsat and L-3 Test Protected Air Force Tactical Technology on Ku-band

Spectrum Challenge Paves Way For More Reliable Radio Communications

Testing Begins on Third AEHF Satellite

Northrop Grumman Flies First Production Smart Node Pod

On-board camera provides a unique perspective on Arianespace Flight VS07

The DZZ-HR satellite is fueled for Arianespace's upcoming Vega launch

EUTELSAT 3B Mission Status Update

Soyuz ready for Sentinel-1A satellite launch

USAF Awards Lockheed Martin Full Production Contracts For Next Two GPS 3 Satellites

PSLV-C24 Launches India's Second Dedicated Navigation Satellite IRNSS-1B

Indian navigation satellite soars into orbit, step closer to own GPS-like system

India to have own satellite navigation system by 2015

Elusive 'pings' keep MH370 search in limbo

Hunt for black box signals zeroes in on 'final resting place'

Lockheed Martin delivers F-16 to Oman

Malaysia Airlines has 'work to do' fixing image: CEO

To bridge LEDs' green gap, scientists think really small

Intel lays off of 1,500 employees in Costa Rica

Groundbreaking optical device could enhance optical information processing, computers

Raytheon hits another major milestone with GaN

NASA Radar Watches Over California's Aging Levees

Sentinel-1 performs opening dance routine

A satellite view of volcanoes finds the link between ground deformation and eruption

Europe lofts first Copernicus environmental satellite

Strong winds won't solve British pollution, advocacy says

China detains 18 over 'violent' chemical protests in Maoming

England issues health warnings over air pollution

Chinese chemical plant protest turns violent

The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.