Brazil’s state-run oil company Petrobras on April 18 provided details of a well drilled in the offshore area known as Moita Bonita, in the Sergipe Basin.
Petrobras said the 3-SES-192 well had found a natural gas deposit with a thickness of 39 m at a depth of 5,227 m and below that an oil deposit with a thickness of 24 m. It was the fifth well to find a deposit in the Moita Bonita area.
Alberta’s previous New Democratic Party government-imposed production limits last year to drain a glut of oil in storage that built up due to congested pipelines.
The acquisition of Mid-Con Energy by Contango Oil & Gas is “simply the next step, and certainly not our last, in our stated goal of consolidating a sector that is in dire need of it,” Contango CEO Wilkie Colyer says.
ConocoPhillips CEO’s $13.3 billion deal for Permian Basin pure-play Concho Resources will create the world’s biggest independent oil and gas producer.