Chevron Goes To Lithuania, BP Caps Containment Dome: Energy Business Review
Cnooc (NYSE:CEO), Total (NYSE:TOT), and Tullow Oil lose control of the Kanywataba prospective oil area, as Uganda takes it back, following the failure of initial drilling to find any crude, according to the government there. The area had been licensed to the firms, but a source with the oil ministry told the Wall Street Journal that the decision resulted from Cnooc drilling only one well in the six-month exploration license period, when it had been required to drill three.
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Chevron Corporation (NYSE:CVX) will prospect for shale gas in Lithuania following its purchase of a stake in a local oil company there. The prime minister of the Baltic country has said that it wants greater independence from its sole gas provider, which is Russia. Geological estimates indicate that Lithuania could contain 480 bcm of shale gas reserves, along with recoverable reserves estimated at 120 bcm.
BP (NYSE:BP) reports that it has capped the containment dome which was used to trap oil seeping from the blown-out Macondo well, subsequent to the discovery that a leak from the container was the source of an oil sheen spotted nearby the location of the 2010 disaster.
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