World Oil (WO) — International Petroleum Corporation (IPC) announced a proposition to acquire Canada’s Cor4 Oil Corp. for roughly $62 million. The acquisition includes total proved plus probable (2P) reserves of 15.9 MMboe as of December 31, 2022. The acquired assets have a forecast average net production of about 4,000 boepd for 2023. The acquisition also includes drilling locations
CNBC China’s ambitions to take a more significant role in the Arctic will likely lead to growing tensions, according to risk consultancy firm Control Risks. China has developed a “prominent presence” in the region since joining the Arctic Council as an observer in 2013, Oksana Antonenko, director at Control Risks, told CNBC’s “Squawk Box Asia.” The Arctic Council is made up of
Reuters A federal judge in Alaska ruled late on Tuesday that the Trump administration’s planned auction of oil drilling leases in the Arctic National Wildlife Refuge (ANWR) could proceed as planned on Wednesday morning. The order by U.S. District Judge Sharon Gleason comes after environmental groups and the indigenous people of northeastern Alaska sought a preliminary injunction to block the
Polar Pioneer was the Focus of Protests Just Months Ago Royal Dutch Shell (ticker: RDS.B) delivered some bad news for Transocean (ticker: RIG) as companies returned to their respective offices following an extended Christmas weekend. According to a RIG press release, Shell elected to cancel its contract for the Polar Pioneer rig, which was originally scheduled to expire in July
Arctic Offshore Leases Cancelled Through 2017; Shell, Statoil Fail to Extend Leases The Chukchi Sea’s 29 billion barrels (U.S. Bureau of Ocean Energy Management’s estimate of BOE) will have to wait for better times. The U.S. Department of Interior announced last Friday that it will put a halt to future auctions for the current leasing program, which runs through 2017. In
Huge Expectations, Huge Investment “If you talk about 500 million barrels, I don’t think that will cut it. It must be a multi-multi-billion barrel discovery that we have there.” After investing six years and $6 billion of its development capital, Royal Dutch Shell (ticker: RDS.A) is suddenly within earshot of obtaining final approval to begin offshore exploration for oil and
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