Reserves

Scottish Cairn Energy buoyed by reserves offshore Senegal

March 15, 2016 | Company Operations, Reserves, Senegal

Edinburgh, Scotland | – Scotland-based international oil explorer Cairn Energy said Tuesday its reserve estimate was up modestly because of developments off the coast of Senegal. Cairn said its estimate of contingent reserves at the SNE field offshore Senegal increased about 20 percent to 385 million barrels of oil, an estimate that doesn’t include data still being assessed from regional appraisal wells. “We are delighted with the results to date of our multi-well evaluation program offshore Senegal, which has confirmed the scale and extent of …

Algeria’s foreign reserves drop to $143 billion in 2015 – IMF

March 15, 2016 | Algeria, Reserves

Algiers, Algeria | – Algeria’s foreign exchange reserves fell $35 billion in 2015 to $143 billion because of the drop in global oil prices, an IMF representative said on Monday. Energy earnings, which make up 95 percent of Algeria’s exports and 60 percent of the budget, plunged 41 percent to $35.72 billion last year, and officials expect them to fall to $26.4 billion this year. The oil price slide has forced Algeria to trim its budget, adjust state subsidies and suspend infrastructure projects while turning …

Chevron’s 2014 oil, gas reserves slip after Chad asset sale

February 23, 2015 | Company Operations, Reserves

London, UK | – Chevron Corporation, the second-largest U.S.-based oil producer, said on Friday its oil and natural gas reserves fell 1 percent last year largely due to the sale of its stake in a Chad oil field. The company had proved reserves of 11.1 billion barrels of oil equivalent on Dec. 31, about 1 percent lower than a year earlier. Even as Chevron has five major projects coming online by the end of the decade, dwindling reserves have become a key concern for international …