French Guiana News
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Exxon Mobil Corp., the world’s most valuable oil producer, teamed up with billionaire Eike Batista to search in Brazilian waters as the country raised a record amount in its first oil bidding round in five years.
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Exxon Mobil Corp., the world’s most valuable oil producer, teamed up with billionaire Eike Batista to search in Brazilian waters as the country raised a record amount in its first oil bidding round in five years.
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BP Plc and Total SA, Europe’s biggest oil companies after Royal Dutch Shell Plc, won exploration rights in the Amazon basin as Brazil’s first oil auction in five years attracts a record level of bids.
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More than 60 oil companies are set to bid on exploration permits offshore Brazil, taking on risks of drilling in virgin waters after similar geology across the Atlantic in Ghana and Ivory Coast yielded major discoveries.
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Brazil is set to break the $1.1 billion record from auctioning oil exploration licenses in the first round since 2008 that offers areas on land and in deep waters, said the head of the Brazilian Oil Institute.
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ERHC Energy Inc., an independent oil and gas explorer in Africa, said it has signed a letter of intent to sell part of its interest in an exploration block in Kenya.
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Tullow Oil Plc, the U.K. explorer that found French Guiana’s first crude, plunged to a 1 1/2-year low in London trading after a second well off the Latin American territory found no “significant” oil.
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Petroleo Brasileiro SA’s worst debt position in a decade is boosting chances the Brazilian oil company will step aside and let Exxon Mobil Corp. and Royal Dutch Shell Plc buy offshore exploration licenses in Latin America’s biggest auction this year.
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Royal Dutch Shell Plc, Europe’s biggest oil producer, said it’s “obviously concerned” at reports France suspended drilling permits for French Guiana.
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The French government ordered a study into the environmental repercussions of drilling for oil in French Guiana following a landmark discovery by Tullow Oil Plc earlier this year.
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