The Philippines is in a rush to push for a joint oil
exploration deal as Malampaya is expected to dry out by 2027, and pose a 'serious energy crisis' as the gas field supplies about 40 percent of Luzon's power needs.
Last month, the President revealed that China might no longer agree with the 60-40 sharing arrangement on the joint oil
exploration with the Philippines.
A number of highly prospective leads have been identified on the 7th of November Block by Joint Oil
and Canadian Superior utilising an existing and a new large seismic data-base.
Summary: Sonde has received a one year extension to December 23, 2013, on the first phase of the Exploration period to conduct operations on the Joint Oil
Block in North Africa.
M2 EQUITYBITES-January 17, 2012-Sonde Resources Corp obtains extension for exploration & payment period for North Africa's Joint Oil
Block(C)2012 M2 COMMUNICATIONS http://www.m2.com
Canadian independent Sonde Resources announced on Monday that it had received a one-year extension on the first phase of its exploration efforts in the Zarat field, located on the Joint Oil
block - formerly known as the 7th of September block - which straddles the Tunisia-Libya maritime border.
The two sides discussed pending issues between the two countries, including the Iranian bombardment, cutting off water rivers and the joint oil
fields, the statement added.
Concerned that the nation is not benefiting from higher oil prices, the central bank of Nigeria has urged tighter controls on funds disbursed for joint oil
operations with foreign companies.
The meeting also focused on the joint oil
investments and the oil exploration agreements signed between the US Occidental Petroleum Corporation (OXY) and NOGA.
It also focused on the exchange of views on the situations of world oil markets and the establishment of joint oil
projects among OAPEC member states.
oil company Chevron signed a deal Monday for joint oil
exploration in the Black Sea.
The targeted production capacity by PetroChina is likely to double from 23 joint oil
and gas projects in 2008.