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Eni Makes Giant Gas Discovery in Offshore Venezuela

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Italian oil major Eni made a world class gas discovery at its Perla field, in the shallow water of the Venezuelan offshore, successfully drilling an explorative well in the Perla field, located in the Cardon IV block, in the Gulf of Venezuela. The Venezuelan state company Petróleos de Venezuela S.A. interest in the project.

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PDVSA signs $4B loan agreement with China Development Bank for expansion of heavy oil production in Orinoco

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Venezuela’s PDVSA signed a $4.0-billion, Venezuela will also receive two other loans from China: one for $1.5 China and Venezuela are developing Orinoco blocks Junin 1, 4 and 8; Boyaca 4 and MP3. 2009) An estimate of recoverable heavy oil resources of the Orinoco Oil Belt, Venezuela : US Geological Survey Fact Sheet 2009–3028.

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Eni announces first production from the Junin-5 giant heavy oil field in Venezuela

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The well was drilled at a water depth of 976 meters and reached a total depth of 4,107 meters. Separately, Eni reported its ninth oil discovery in deepwater offshore Angola, in Block 15/06, increasing the resource base of the West Hub project.

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

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The well was safely drilled to 21,161 feet (6,450 meters) depth in 8,973 feet (2,735 meters) of water. This latest success operating in Guyana’s significant water depths illustrates our ultra deepwater and carbonate exploration capabilities. ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. Hess Guyana Exploration Ltd.

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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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Only 4% of TV news correctly connected Hurricane Beryl to climate change

Baua Electric

The 2024 hurricane season is here, and we’ve already had our first record-breaking hurricane in Beryl, which caused billions in damage and deaths in Texas, Grenada, Venezuela and nearby areas. But one thing that is well-understood is that a warmer atmosphere, and warmer water, means stronger storms.

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Increase in US rig count will not cap oil prices

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The following chart shows the figures for the past 19 months since it peaked in October of 2014 at 1,609 and hit the lowest level in years at only 316 in late May, merely 20% of the high water number. The collapse of the American rig count and subsequent decline in LTO output has indeed contributed mightily to rebalancing world oil markets.