Reserves News

The United States has a world-leading 293 billion barrels of recoverable oil resources, which is 20Bbbl more than Saudi Arabia and 100Bbbl more than Russia, with the Permian Basin leading that charge.Rystad Energy’s estimate of US recoverable oil is also five times more than officially reported proven reserves as published in the BP Statistical Review of World Energy 2019.Tight oil plays in the Permian Basin in Texas and New Mexico now hold 100 billion barrels of recoverable oil resources, according to Rystad Energy’s analysis. Shale/tight resources in the Permian thus remain largely flat from the previous year, as production has been replaced through improvements in well configuration…

Georgia Petroleum Council noted released results from a new study highlighting how Georgia’s economy could benefit from over $200 million in tax revenues as a result of offshore leasing in the Atlantic Outer Continental Shelf (OCS).“Cutting-edge technology can safely and accurately discover what resources lay off Georgia’s coast and make possible the potential for millions of dollars in state and local tax revenues from offshore activity detailed in this new study,” said Georgia Petroleum Council Executive Director Hunter Hopkins.“This could be a turning point for Georgia. Our communities could gain high-paying year-round jobs while additional revenues help advance and update our public school systems and infrastructure.

Malaysia’s Sapura Energy has entered into a heads of agreement with Austria’s OMV to form a strategic partnership and acquire half of Sapura Upstream for $1.6 billion."Under the agreements, OMV Exploration and Production GmbH (OMV E&P), a wholly-owned subsidiary of OMV Aktiengesellschaft, will buy a 50 per cent stake of the enlarged issued share capital in a newly-formed joint venture company, SEB Upstream Sdn Bhd (SUP), based on an enterprise value of up to USD1.6 billion comprising an equity value of up to USD1,250 million and debt of USD350 million," said a statement from Sapura Energy Berhad.The integrated oil and gas services company based in Selangor…