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Oil Exploration Contracts News

08 Apr 2015

Uruguay Eyes Extending Oil Exploration Contracts

Uruguay is considering extending the length of its oil exploration contracts with foreign companies drilling in its waters in order to shore up investment at a time of plunging crude prices, it said on Wednesday. BP, BG Group, Total, a joint venture of Tullow Oil and Inpex, and a consortium of YPF, Royal Dutch Shell and Galp all have exploration agreements with the South American country and have invested around $2 billion to date. But the recent fall in oil prices has made exploration in Uruguay unattractive, Hector de Santa Ana, exploration manager at state oil and gas company Ancap, said in an interview. "The (current) prices don't tally with any kind of prospect on our maritime shelf," he said.

22 Mar 2010

India Approves Exploration Contracts

According to a March 19 report from The Wall Street Journal, India approved oil exploration contracts for Oil and Natural Gas Corp. (ONGC), the nation’s biggest energy explorer, and BHP Billiton Ltd as it sought to cut dependence on imports. The South Asian nation approved the award of 33 blocks, home minister P. Chidambaram told reporters in New Delhi after a cabinet meeting. (Source: The Wall Street Journal)

09 Oct 2007

DOE Awarded Nine New Service Contracts

The Department of Energy (DOE) awarded anew nine new service contracts for oil and gas development. The DOE has processed nine petroleum exploration areas which were bid out in the last Philippine Energy Contracting Round that closed last May. The DOE awarded the contracts for these exploration blocs last September, barring any hitches on the part of investors. Most of the awardees are local companies with foreign partners. The contract areas covered a total of 71,357.30 square kilometers located within the prospective basins of East Palawan and Mindoro-Cuyo; and in the promising basins of Cagayan, Central Luzon, Visayas and Agusan-Davao. The service contract areas will generate a conservative $180m in revenues for the country, as a single drilling for an offshore well costs about $20m.