Anadarko Petroleum's well in the Campos Basin off the Brazilian coast struck oil, the company said. This comes as Anadarko is planning the sale of its offshore properties in Brazil. The company has yet to declare whether the discovery is commercially viable.
Anadarko Petroleum does not intend to purchase Devon Energy's assets in Brazil's waters, Anadarko spokesman John Christiansen said. Executives earlier said they might look at Devon's properties in the Campos Basin, including an operating stake in the Itaipu field. While it would be ideal for Anadarko to operate Devon's block given its potential for large reserves, the company is not interested in boosting its presence, Christiansen added.
Synthesis Energy Systems has a deal with ExxonMobil Research & Engineering for up to 15 methanol-to-gasoline licenses. ExxonMobil's MTG technology reduces coal-based emissions by gasifying coal, converting the gas to methanol and turning the methanol into gasoline.
California Gov. Arnold Schwarzenegger has signed off on a law that will allow Occidental Petroleum to explore the Wilmington oilfield off Long Beach. Occidental is taking on more of the costs for developing the tidelands deposits than it has in the past in return for a larger share of revenues.
Although the ban on offshore drilling has been lifted, it may be a few years before production from the areas begins, experts say. The Interior Department is not expected to begin selling leases until 2010, and oil and natural gas companies will need time to analyze data and decide where to go. "It's not a case where effective October 1, companies will be off the coast of South Carolina," said API policy analyst Richard Ranger.