Pura Vida in $165m oil drill

Written by admin on 01/07/2018 Categories: 南京夜网

Pura Vida Energy has secured a better shot at making a 1.4 billion barrel oil strike Pura Vida Energy has secured a better shot at making a 1.4 billion barrel oil strike
Nanjing Night Net

Pura Vida Energy has secured a better shot at making a 1.4 billion barrel oil strike

Pura Vida Energy has secured a better shot at making a 1.4 billion barrel oil strike

Exploration junior  Pura Vida Energy Damon Neaves Major explorers

Morocco has attracted a number of major explorers to its waters in recent years, including Chevron, Kosmos Energy, BP and Genel Energy. A recent discovery by Genel in its Sidi Moussa block of Morocco failed to flow oil to surface but did prove a working petroleum system in the area, Mr Neaves said.

Cuts to capex budgets by explorers across the world have sparked worries that exploration will suffer, particularly in higher risk areas. But Mr Neaves said the drop in crude oil prices could actually help drilling for large offshore conventional oil fields, which typically were much more economically robust at lower oil prices than the high-capex, lower margin shale production.

“That makes the projects we’re pursuing more attractive to the industry,” he said. “These sorts of opportunities are becoming more highly sought after because Moroccan fiscal terms are very attractive, because of the scale of the targets we are pursuing the margins per barrel on production is very high and it means that these projects remain economic even on $US60 oil.”

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