Petrobras finds 1.7 trillion cubic feet of natural gas.

Peruvian President Alan Garcia says Brazil’s state oil and gas giant Petrobras has confirmed finding 1.7 trillion cubic feet of natural gas in southeastern Peru. Garcia says the gas will be for local consumption and should be enough to supply southern Peru for 20 years, driving down electricity prices for the region’s residents.

Lario Oil & Gas Company announced that it has acquired, in conjunction with an undisclosed partner, approximately 23,000 net acres of highly prospective rights targeting the Bakken and Three Forks formations, primarily in the Little Knife Field in Dunn and Stark Counties, North Dakota, from Rocky Mountain Exploration, Inc., a privately held exploration company based in Denver. The acquisition closed on September 23, for an undisclosed sales price, with an effective date of July 1, 2010.

News coming up from Asia.. India will offer 34 blocks in the forthcoming auction of oil and gas assets, Petroleum Minister Murli Deora said in London Friday. ‘Under the ninth round of NELP (New Exploration Licensing Policy), government of India will be offering 34 blocks from 10 sedimentary basins,’ Deora said at the curtain raiser meeting for the ninth auction round in London.

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