Oil & gas drilling up 60 per cent

Improvements this year in oil and gas drilling activity should carry over into 2011, the Canadian Association of Oilwell Drilling Contractors (CAODC) said Tuesday. The first three-quarters of 2010 saw a 60-per-cent improvement over 2009, but were still 14 per cent below the same months of 2008, and significantly under the 2006 mark. There were 83,359 operating days for the period this year, up from 51,993 in 2009.

The U.S. Geological Survey said Tuesday that Alaska holds less oil and natural gas onshore at the National Petroleum Reserve and in nearby state waters than previously thought. The agency now estimates that the area, on and near land in Alaska’s North Slope owned by the U.S. government, holds 896 million barrels of conventional, undiscovered oil, about 10% of the amount the agency predicted was there in 2002.

Russia’s largest oil producer, Rosneft said on Tuesday that the company may participate in oil, gas and refining projects in Ecuador. The firm’s head, Eduard Khudainatov, discussed Rosneft’s participation in Ecuador’s oil and gas sector with Jorge Glas, the South American country’s Minister of Strategic Resources and its Ambassador to Russia.

Oil and gas company BP has announced that it has reached an agreement to sell its recently acquired interests in four mature producing deepwater oil and gas fields in the US Gulf of Mexico to Japanese company Marubeni Oil and Gas for $650m.

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