Providence Resources PLC terminated the Barryroe license (SEL 1/11) farm-out agreement with SpotOn Energy and is pursuing alternative funding to finance the early development scheme (EDS). The farm-out was terminated because key financing conditions were not met. Barryroe—in the North Celtic Sea basin about 50

CGX Energy Inc., operator of the Corentyne block offshore Guyana, let a contract to Maersk Drilling Holdings Singapore Pte. Ltd. for use of the Maersk Discoverer semi-submersible rig and associated services for drilling the Kawa-1 well. Spudding of the well is targeted for early in

US crude oil inventories for the week ended Apr. 16, excluding the Strategic Petroleum Reserve, increased by 600,000 bbl from the previous week, according to data from the US Energy Information Administration. At 493.0 million bbl, US crude oil inventories are about 1% above the

Petronas awarded a production sharing contract (PSC) to Vestigo Petroleum Sdn. Bhd. for the South East Collins cluster under the newly introduced small field asset (SFA) PSC terms. The new SFA PSC is aimed at monetizing an inventory of small, discovered resource opportunities available in

US crude oil inventories for the week ended Apr. 9, excluding the Strategic Petroleum Reserve, decreased by 5.9 million bbl from the previous week, according to data from the US Energy Information Administration. At 492.4 million bbl, US crude oil inventories are about 1% above