Alaya Legal presents its Third Issue of Petroleum: Information and Updates. In previous editions, medium concentration petroleum reserve countries were covered. This issue focuses on low concentration petroleum reserve countries, global petroleum developments, Indian market updates, new oil discoveries and significant legal developments.
Low Concentration Areas include Angola, Ecuador, Norway, Azerbaijan, Sudan, Oman, Australia, Malaysia, Egypt, Gabon, United Kingdom, Indonesia, Yemen, Argentina, Syria, Thailand, Congo, Colombia, Japan, Turkey, South Africa and Uzbekistan.
GLOBAL SCENARIO
Low Concentration Petroleum Reserve Countries
- Angola: Approximately 9.5 billion barrels of proven crude oil reserves.
- Ecuador: One of South America’s leading oil producers with production of approximately 500,000 barrels per day.
- Azerbaijan: Approximately 7 billion barrels of proven crude oil reserves, primarily in the Caspian Sea.
- Norway: Western Europe’s largest oil producer with approximately 5.32 billion barrels of reserves.
- Sudan & South Sudan: Combined proven reserves of approximately 5 billion barrels.
- Malaysia: Approximately 4 billion barrels of proven reserves, largely offshore.
- Oman: Approximately 5.5 billion barrels of proven oil reserves.
- Egypt: Approximately 4.4 billion barrels of proven crude oil reserves.
- Australia: More than 1.4 billion barrels of proven oil reserves.
- Indonesia: Long-established petroleum producer and former OPEC member.
- Gabon: Approximately 2 billion barrels of proven oil reserves.
- United Kingdom: Approximately 3.1 billion barrels of proven crude oil reserves.
- Yemen: Approximately 3 billion barrels of proven oil reserves.
- Argentina: Largely self-sufficient in crude oil production.
- Syria: Approximately 2.5 billion barrels of proven oil reserves.
- Colombia: Approximately 2 billion barrels of proven crude oil reserves.
- Congo: Approximately 1.6 billion barrels of proven reserves.
- Thailand: Approximately 453 million barrels of proven oil reserves.
- Turkey: Approximately 270 million barrels of proven oil reserves.
- Japan: Approximately 44 million barrels of domestic oil reserves.
- South Africa: Approximately 15 million barrels of proven reserves.
- Uzbekistan: Approximately 594 million barrels of proven oil reserves.
MARKET UPDATES – GLOBAL
Egypt Organizes Timetable for Energy Debt Repayment
September 1, 2013
Egypt initiated plans to repay outstanding debts owed to foreign oil companies in order to encourage continued investment in its energy sector.
Libya Imports Fuel to Address Power Shortages
September 2, 2013
Libya planned imports of diesel and fuel oil to combat electricity shortages caused by disruptions in domestic energy infrastructure.
Oman Nears Award of Six Oil and Gas Blocks
June 3, 2013
Oman entered final negotiations with international energy companies for exploration and production agreements covering six oil and gas blocks.
Tap Oil Farms Out Australian Exploration Interests
June 3, 2013
Tap Oil entered into an agreement with JX Nippon Oil & Gas Exploration for partial transfer of interests in offshore Australian exploration permits.
Inpex Receives Offshore Western Australia Permit
June 9, 2013
Inpex was granted exploration permit WA-494-P offshore Western Australia and assumed operatorship of the permit area.
Seychelles Opens New Oil and Gas Exploration Areas
June 12, 2013
Seychelles invited international companies to bid for offshore exploration acreage within its Exclusive Economic Zone.
Roc Oil Pursues Myanmar Oil and Gas Opportunities
June 12, 2013
Roc Oil explored partnerships and investment opportunities in Myanmar’s emerging oil and gas sector.
MARKET UPDATES – REPUBLIC OF INDIA
Tenth Round of Oil and Gas Block Auction
September 25, 2013
India planned to launch the tenth round of New Exploration Licensing Policy (NELP) auctions, offering numerous exploration blocks to attract investment and boost domestic production.
Cabinet Approves Shale Oil and Gas Exploration Policy
September 25, 2013
The Cabinet approved a policy enabling ONGC and Oil India Limited to undertake shale oil and gas exploration in nominated blocks.
ONGC and Partners Invest in Cambay Block Development
July 24, 2013
ONGC, Tata Petrodyne and Hindustan Oil Exploration Company committed significant investment toward development of an offshore block in the Gulf of Cambay.
Essar Oil Plans Vadinar Refinery Expansion
June 3, 2013
Essar Oil announced plans to double refining capacity at its Vadinar refinery and establish an integrated petrochemical complex.
Iraq Offers Oil Blocks to Indian Companies
July 11, 2013
Iraq offered discovered oil blocks to Indian national oil companies and resumed discussions on exploration opportunities.
Kazakhstan Pre-empts ONGC Videsh Kashagan Acquisition
July 3, 2013
Kazakhstan exercised its priority rights and pre-empted ONGC Videsh’s proposed acquisition of ConocoPhillips’ interest in the North Caspian Sea Production Sharing Agreement.
ONGC Sets New Ultra-Deepwater Drilling Record
July 4, 2013
ONGC established a new world record for drilling operations in ultra-deepwater conditions off India’s east coast.
ONGC and RIL Sign Infrastructure Sharing MoU
July 28, 2013
ONGC and Reliance Industries agreed to explore infrastructure-sharing opportunities for eastern offshore developments.
India Considers Increased Iranian Oil Imports
September 1, 2013
The Government evaluated opportunities to reduce foreign exchange expenditure through increased crude oil imports from Iran.
NEW OIL FINDINGS
Statoil Discovers Oil Near Norne Field
September 16, 2013
Statoil reported an oil discovery at the Svale North prospect in the Norwegian Sea.
CNOOC Makes Offshore Congo Discovery
September 9, 2013
CNOOC announced an offshore oil discovery in Congo Brazzaville.
OMV Announces Barents Sea Discovery
September 6, 2013
OMV discovered recoverable oil resources in the Barents Sea offshore Norway.
Statoil Reports Flemish Pass Basin Discovery
August 27, 2013
Statoil announced its third oil discovery in the Flemish Pass Basin offshore Newfoundland and Labrador.
Canacol Energy Discovers Oil in Colombia
August 27, 2013
Canacol Energy discovered hydrocarbons in the Middle Magdalena Valley region of Colombia.
Neon Energy Identifies Offshore Vietnam Prospect
June 7, 2013
Seismic evaluation identified a new offshore oil and gas prospect in Vietnam.
LEGAL DEVELOPMENTS
Pennsylvania Oil and Gas Lease Act Signed into Law
July 9, 2013
Pennsylvania enacted legislation introducing revised rights and obligations relating to oil and gas lease payments and acreage consolidation.
European Union Offshore Safety Directive
June 10, 2013
The European Union adopted comprehensive safety regulations governing offshore oil and gas exploration and production operations.
Supreme Court Upholds Diesel Pricing Reform
September 17, 2013
The Supreme Court validated the Government’s decision to charge market-linked diesel prices to bulk consumers.
In 1858, James Williams drilled a well in Ontario, Canada, where oil rose so rapidly that buckets could be filled continuously. This is widely regarded as one of North America’s earliest commercial oil wells.
SOURCES
- Norwegian Petroleum Directorate
- U.S. Energy Information Administration
- The International Energy Agency
- Economic Times (India)
- Natural Gas Asia and Europe
- OPEC
- Oil and Gas Journal
- European Commission
DISCLAIMER
The information contained in this private circulation is not legal advice and should not be treated as such.
The information is sourced from public domain materials and is intended solely for private and non-commercial purposes.
No representation is made regarding the accuracy, completeness or reliability of the information provided.
This disclaimer shall be governed by and construed in accordance with the laws of India, and any disputes shall be subject to the exclusive jurisdiction of the courts of the Republic of India.
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