[Venezuela & Ecuador]— Venezuela, Ecuador Exploring for Gas in Gulf of Guayaquil
Venezuela and Ecuador’s state energy firms said Wednesday that exploration is under way at a test well in Ecuador’s Gulf of Guayaquil, with expectations of finding up to 1.3 trillion cubic feet of natural gas.
The two firms, Petroecuador and Petroleos de Venezuela, or PdVSA, announced their plans a year ago to drill for gas in the gulf’s 300,000-hectare block 4.
[Colombia] — Petrolifera Executes Onshore Colombian License Contract with ANH
Petrolifera has executed the Magdalena exploration contract with the Agencia Nacional de Hidrocarburos (“ANH”) for the conversion of the Sierra Nevada II TEA into the Magdalena License, covering lands adjacent to the company’s Sierra Nevada License in the Lower Magdalena Valley, onshore Colombia. The Magdalena License comprises approximately 595,000 acres that is considered to be mainly prospective for natural gas and natural gas liquids. The minimum work commitment associated with the Magdalena License for the initial 15 month phase is primarily 150km2 of 3D seismic. As required by ANH, Petrolifera has established and funded a US $4.1MM trust, which in effect funds the assigned value of the initial work commitment of the License.
[Brazil] — Chevron: New Oil Law Reduces Opportunities in Brazil
Changes to Brazil’s oil laws don’t allow much space for international oil companies to take part in recent offshore oil finds, the vice president for global upstream and gas at U.S. oil major Chevron Corp. said Wednesday.
In September, Brazil’s government proposed changes to the country’s regulatory framework, giving the government a greater stake in the discoveries and state-run energy giant Petrobras the lead role in development.
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