Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
Cuban oil estimate revised higher
by Daniel J. Graeber
Washington (UPI) Aug 7, 2018

Melbana Energy, one of the few Western companies with an established footprint in Cuba, said its best estimate of reserves there improved more than 10 percent.

The company, which has headquarters in Australia, said an independent assessment found the best estimate for oil in place for the Block 9 prospect on the northern coast of Cuba was 15.7 billion barrels of oil, a 24 percent increase from the previous estimate. The forecast for recoverable prospective reserves increased 13 percent to 718 million barrels.

Melbana declared Tuesday that Block 9, where it's gearing up for a pioneering program, is relatively under-explored and has a substantial opportunity for growth.

"This report demonstrates the tremendous opportunity for Melbana to make a significant discovery in Cuba," CEO Robert Zammit said in a statement. "We continue to focus on progressing our drilling readiness and the farmout of this premium acreage and look forward to updating shareholders of our progress as our commercial discussions progress."

The Cuban Ministry of Science and Technology gave Melbana the environmental license for planned activities at its Alameda-1 exploration well on the north shore of Cuba in April.

The company estimates it would cost at least $20 million to drill two wells in Cuba, higher than previous estimates. A share placement this year generated about $2.1 million in capital to use to fund operations in Cuba, as well as those closer to home at its Beehive prospect in New Zealand.

An agreement with Petro Australis Ltd. fell apart last year because of the lack of approval from regulatory authorities, leaving it with a 100 percent stake in Cuban operations and without a partner that would carry 40 percent of the drilling costs.


Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


OIL AND GAS
Venezuela's Maduro, still standing after 'assassination' attempt
Caracas (AFP) Aug 5, 2018
A year ago, few could see crisis-beset Venezuelan President Nicolas Maduro being re-elected for a second term. But still, he clings to power, and, denouncing an "assassination" attempt Saturday, insisted he is "more determined than ever". "I am fine, I am alive, and after this attack I'm more determined than ever to follow the path of the revolution," said the 55-year-old following an alleged attack with an explosive-laden drone as he gave a speech at a Caracas military parade. He was unharmed, ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Industrial breakthrough in CO2 usage

Soil bugs munch on plastics

Team shatters theoretical limit on bio-hydrogen production

Hydrogen and plastic production offer new catalyst with a dual function

OIL AND GAS
Europe may thrive on renewable energy despite unpredictable weather

Researchers boost performance quality of perovskites

Silicon-based, tandem photovoltaic modules can compete in solar market

Insight into loss processes in perovskite solar cells enables efficiency improvements

OIL AND GAS
Searching for wind for the future

Clock starts for Germany's next wind farm

ENGIE: Wind energy footprint firmed up in Norway

Batteries make offshore wind energy debut

OIL AND GAS
Extreme makeover: Fukushima nuclear plant tries image overhaul

Framatome becomes main distributor of Chesterton valve packing and seals for the nuclear energy industry

SUSI submarine robot enables successful visual Inspection at Asco Nuclear Power Plant

EDF sees new delay, cost overruns for nuclear reactor

OIL AND GAS
Ever-increasing CO2 levels could take us back to the tropical climate of Paleogene period

An increase in Southern Ocean upwelling may explain the Holocene CO2 rise

Iraqi farmers fight to save cattle from drought

Sri Lanka waives debt for 200,000 women in drought areas

OIL AND GAS
Trump administration seeks rollback of Obama-era fuel efficiency rules

California fights back against EPA proposals on vehicles

Economists say dynamic tolls could ease traffic problems

EV charging in cold temperatures could pose challenges for drivers

OIL AND GAS
Art of cinema comes alive in basement of Iraq aficionado

US probes claims pharma giants' actions helped Iraq insurgency

Iraqis from same family risk death penalty over IS killings

HRW urges probes into 'rampant' use of torture in Iraq

OIL AND GAS
Presumed US remains from site of famous Korean War battle

Transferred Korean War remains may take years to analyze

N. Korea developing new missiles: report

Trump says willing to meet with Iran leaders 'any time'









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.