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Chevron, YPF sign to develop Vaca Muerta Shale; initial outlays of $1.2B

Green Car Congress

A subsidiary of Chevron Corporation signed an agreement with affiliates of the Argentine oil company YPF S.A. that furthers the development of shale oil and gas resources from the Vaca Muerta formation located in the Neuquén province. billion over the next 24 months to begin development in the shale oil deposits in the region.

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National oil companies hold top spots in Energy Intelligence’s ranking of top oil firms

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State-owned oil companies are retaining their dominant position in the world petroleum industry according to Energy Intelligence ’s annual ranking of the world’s top 50 oil and gas companies, which was published today in Petroleum Intelligence Weekly (PIW). The Top 50 companies produce 75% of global oil output.

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$67 Oil Has All The Majors Converging in Argentina

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Argentina offers one of the few places on earth where oil companies are not suffering from the full force of the collapse in prices. Argentina regulates oil prices, a policy originally intended to insulate the public from the whims of the market, protecting people from triple-digit crude prices. by Nick Cunningham of Oilprice.com.

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Chevron announces $32.7B capital and exploratory budget for 2012; LNG and deepwater investments propel a step change

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Chevron Corporation announced a $32.7 Included in the 2012 program are $3 billion of planned expenditures by affiliates, which do not require cash outlays by Chevron. By 2017, we expect our net crude oil and natural gas production to grow about 20 percent to 3.3 China: development of the Chuandongbei natural gas project.

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Argentina’s YPF and Bridas, 50% owned by CNOOC, to invest $1.5B in Vaca Muerta shale oil development in Argentina

Green Car Congress

Argentina state-owned energy company YPF and Bridas, an Argentina-based oil and gas company 50% owned by China National Offshore Oil Corporation, agreed to invest $1.5 While most of the development is targeting unconventional oil will, a portion will be for wet gas exploitation. million acres, or 40% of the total.

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Eni and Petrochina sign MOU to develop business opportunities in China and abroad; focus on conventional and unconventional hydrocarbons in Africa

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Eni signed a Memorandum of Understanding with CNPC/Petrochina, the biggest listed national oil company in the world. The Memorandum of Understanding sanctions a broad spectrum of possible business opportunities to the benefit of both parties in China and internationally. Eni has been present in China since 1984.

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GE Oil Gas Awarded $400+M Contract for Gorgon Natural Gas Projects; GE Turbomachinery to Drive LNG Production and World’s Largest CO2 Injection Project

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Artist’s rendering of a GE Frame-7 gas turbine, similar to the units that GE Oil & Gas is supplying for the Gorgon project. billion barrels of oil (boe). The award further strengthens GE Oil & Gas’ strategic role in the Gorgon project. The award further strengthens GE Oil & Gas’ strategic role in the Gorgon project.

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