The World’s Biggest Oil Discovery Just Opened For Foreign Ownership

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The pre-salt of offshore Brazil.The billion-barrel potential of Brazil’s pre-salt has been recognized for years. But getting into this big-upside play hasn’t been easy — given that blocks here were tightly controlled by Brazilian state developer Petrobras. With foreign operators generally confined to minority stakes in partnership with the major.

But on Friday, Petrobras did something it’s never done before. Sold a majority stake in a pre-salt block to a outside entity. Continue reading

US To Auction 24 Million Acres for Oil, Gas Exploration in Gulf of Mexico

The US Bureau of Ocean Energy Management (BOEM) said on Friday it would auction in August 23.8 million acres offshore Texas for oil and gas exploration in a bid to ramp up domestic production.

The area is expected to produce economically recoverable hydrocarbons of between 116 million and 200 million barrels of oil and between 538 billion and 938 billion cubic feet of natural gas, the bureau has estimated. Continue reading