Hofmeister Says More Offshore Oil Access Good for US: Video
March 31 (Bloomberg) — John Hofmeister, former president of Royal Dutch Shell Plc’s US unit and chief executive officer of Citizens for Affordable Energy, talks with Bloomberg’s Margaret Brennan about the outlook for offshore oil exploration. President Barack Obama said today he will allow oil and natural-gas drilling off the US East Coast and cancel development in Bristol Bay, Alaska. (Source: Bloomberg)
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Oil exploration: Chinese company asks for more time
The China National Offshore Oil Exploration has requested for a five month extension in the fossil fuel exploratory project its carrying out in Isiolo following gas discovery in the area. Energy Permanent Secretary Patrick Nyoike says the extension will allow sinking of two other wells to ascertain the quality and the quantity of gas available in order to decide whether mining it is economically feasible. The PS however cautions that the gas find shouldnt be interpreted to mean the country has struck any sufficient hydro-carbons.
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Chinas Cnooc Buys Bridas Stake for $3.1 Billion: Video
March 15 (Bloomberg) — Cnooc Ltd., Chinas biggest offshore oil explorer, agreed to buy a 50 percent stake in Argentine producer Bridas Corp. for .1 billion, adding an estimated 318 million barrels of reserves as Chinese fuel demand surges. Bloomberg’s Melissa Long reports. (Source: Bloomberg)