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ExxonMobil to proceed with $14B Hebron heavy oil project off Canada’s East Coast; more than 700B barrels of oil

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Exxon Mobil Corporation will develop the Hebron oil field offshore the Canadian province of Newfoundland and Labrador using a gravity-based structure that will recover more than 700 million barrels of oil, an increase from earlier estimates. The platform is being designed for daily production of 150,000 barrels of oil.

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PNNL study finds algal oil could replace 17% of US petroleum oil imports

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A new Pacific Northwest National Laboratory (PNNL) study shows finds that oil from algae grown in outdoor raceway ponds located in the Gulf Coast, the Southeastern Seaboard and the Great Lakes could replace 17% of the United States’ imported oil for transportation. The paper is published in the journal Water Resources Research.

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Petrobras confirms discovery of new oil province in ultra-deep-water Brazil

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Petrobras has confirmed the presence of oil and gas accumulations in the ultra-deep waters of the Sergipe-Alagoas basin, after completing a lined well formation test in the BM-SEAL-11 concession in Block SEAL-M-426. This is the first exploratory project in ultra-deep waters on the Sergipe state side of the basin.

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Marathon Announces First Oil from Deepwater Droshky Development in Gulf of Mexico

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Marathon Oil Corporation announced that its Droshky development in the deepwater Gulf of Mexico has begun production on time and under budget. At a final development cost of less than $900 million, the initial stage of development is expected to produce 35 million of the estimated 60 million barrels of oil equivalent (boe) net resource.

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ExxonMobil announces 6th oil discovery offshore Guyana with Ranger-1; Guyana may move from non-producer to regional powerhouse

Oil (..)

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BP Plans to Deploy Subsea Oil Recovery System in 6-8 Days, Weather Permitting

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Concept of the subsea oil recovery system. BP is working to deploy a subsea oil recovery system over the largest leak source in the Transocean Deepwater Horizon Rig that it hopes will capture up to 85% of the oil rising from the sea floor following the sinking of Deepwater Horizon on 22 April. Not to scale. Click to enlarge.

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Exxon Mobil beginning development of ultra-deepwater Julia oil field in Gulf of Mexico

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Exxon Mobil Corporation is commencing development of the ultra-deepwater Julia oil field in the Gulf of Mexico. Capital cost for the project, which is expected to begin oil production in 2016, is estimated to be more than $4 billion. ExxonMobil, the operator, and Statoil Gulf of Mexico LLC each hold a 50% interest in the Julia unit.

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