Tullow Releases Details on French Guiana Well, Progress Energy & Petronas Release Study: Energy Biz Wrap
Tullow Oil (TUWLF.PK), said on Tuesday that the Zaedyus-2 appraisal well–GM-ES-2, lying offshore French Guiana, has finished drilling, and that the bore encountered a total of 85 meters of reservoir quality sands with oil indications in several objectives, but no commercial hydrocarbons were found at this location. Tullow itself holds a 27.5 percent interest in the Guyane Maritime license and partners with Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB), being joint operators with a combined 45 percent stake. Total (NYSE:TOT) holds 25 percent, with Northpet the remaining 2.5 percent.
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Progress Energy Resources Corp. (PRQNF.PK) and the Malaysian state-owned oil firm Petronas announced Tuesday that a detailed feasibility study for a liquefied natural gas export facility on Lelu Island is now finalized and that the project is moving into the next phase. Work has begun on the pre front-end engineering design phase so as to further estimate construction timelines, costs and labour force needs. The update on the project comes as Petronas goes forward with its efforts to acquire Progress in a deal valued at $6 billion.
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