Colombia sees reserves riseTHE FALKLANDS:
Colombia could add as much as 6 billion barrels of oil to its reserves over the next decade if exploration holds at the current pace and state-controlled Ecopetrol boosts recovery rates, a top energy official said today.
Colombia's National Hydrocarbons Agency will auction nearly 200 oil and gas exploration blocks in June as part of a programme that began in 2004.
The sales are likely to boost proven oil and gas reserves from a current 1.5 billion barrels of oil equivalent as investment picks up into one of Latin America's fastest growing energy sectors.
"The optimistic scenario would be that we'd go to in excess of 6 billion barrels of oil between now and 2020 and that would bring us to a very comfortable position," agency director Armando Zamora said in Toronto during the first leg of a road trip to present the auction to Canadian investors.
He said the official goal was to add 4 billion barrels in the decade.
Drilling set to get under way off Falklands
Desire Petroleum, the Aim-listed oil and gas explorer focused on the North Falkland Basin, said yesterday that two drilling slots using the Ocean Guardian rig had been assigned to Rockhopper Exploration.
The rig will be used on an upcoming exploration programme in the Falklands, and is expected to be in position mid-February after a two-month journey from the Cromarty Firth to drill the first well of the campaign on Desire’s Liz prospect, which has been mooted to contain up to 660million barrels of oil equivalent.
Following the Liz well the Ocean Guardian – a unit of Aberdeen-based Diamond Offshore Drilling (UK) – will go to Rockhopper to drill its Sea Lion and Ernest oil prospects.
Desire said advanced discussions continued with BHP Billiton which may lead to the group taking an early drilling slot, and so it was likely that Desire's second well would be the fourth or fifth well in the drilling campaign.
The timing of later Desire wells will depend upon results from Liz, Sea Lion and Ernest.
The Ocean Guardian is to drill a minimum of four wells for Desire.
Desire has said that independent analysis had concluded that it had more than 3billion barrels of oil equivalent of recoverable resources in its top 10 prospects.
The British Geological Survey has estimated more than 60billion barrels of oil may be in the Falklands area.
BP is eying a new oil and gas exploration area in Indonesia's West Papua province near Tangguh to boost reserves, an official at the Indonesia energy ministry said on Wednesday.THE EARTH HAS NO SHORTAGE OF OIL - OR GAS.
"BP has an intention to explore oil and gas in a new area in Western Papua and it has submitted its request. We welcome their intention and we are now studying their proposal," Edy Hermantoro, a director at the ministry, told Reuters.
An official of BP's Indonesia unit confirmed the company intended to expand its area in West Papua but gave no further details.
BP Indonesia is the operator of the Wiriagar, Muturi and Berau blocks in West Papua, which together have combined reserves of 14.4 trillion cubic feet (tcf) of gas.
Another Indonesian energy ministry official, who declined to be identified, said proven plus probable and possible reserves in West Papua's Tangguh were estimated at around 23 trillion cubic feet of gas.
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OIL SHOULD BE $54/BARREL AND IT WILL BE SOONER THAN YOU THINK.