Oil companies looking to exploit resources in war-torn Somalia are on shaky ground as contracts written in the world’s most failed state may end up not being worth the paper they are written on, a risk analysis firm has warned.
Oil companies looking to exploit resources in war-torn Somalia are on shaky ground as contracts written in the world’s most failed state may end up not being worth the paper they are written on, a risk analysis firm has warned.
Russia's biggest privately-owned oil producer OAO Lukoil Holdings said Thursday it spent $417 million last year on unsuccessful exploration drilling, mainly due to dry holes offshore West Africa.
U.S. oil major Chevron Corp. has held talks with a senior Russian government official on Arctic exploration, as the country's leader Vladimir Putin hinted he would allow non-state companies to operate in Russia's northern seas.
Technip has been awarded a contract by Exxon Mobil Corporation for subsea equipment on the Hadrian South natural gas project in the Gulf of Mexico in approximately 7,500 feet (2,300 meters) of water.
Chevron has held talks with a senior Russian government official on Arctic exploration, as Vladimir Putin hinted he would allow non-state companies to operate in Russia’s northern seas.
Norway’s total investment in oil and gas extraction in 2011 was $3.7 billion greater that that for 2010.