"Everything depends on how Cyprus plays its energy cards right now," says Roys Poyiadjis, a New York entrepreneur and financier with strong ties to his homeland.
As a result of strong oil prices and technology advances making domestic shale resources accessible, the US oil and gas industry had a banner year for growth across several categories. Combined exploration and development spending increased 38% in 2011, according to Ernst & Young's annual US E&P benchmark study. Oil reserves grew by 9%, or 1.7 billion barrels, in 2011, while oil production increased 3%. Gas reserves and production rose 4% and 9%, respectively in 2011. Oil and gas revenues experienced 23% growth in 2011.
Strata Minerals Inc. is pleased to announce that the Government of Western Australia Department of Mines and Petroleum has approved a grant to the Company in the amount of AUD $150,000.
Over the past 25 years, New York and New Jersey area BP station owners have provided over $2.5 million in scholarships to more than 1,700 promising students. This year, 185 local BP station owners will present a BP Fueling Communities grant donation of $100,000 that will provide 50 students with college scholarships for the 2012-2013 academic school year.
Imperial Resources, Inc. and its wholly owned subsidiary, Imperial Oil & Gas, Inc. is pleased to announce that it is has received initial geological reports on its new Area of Mutual Interest ("AMI") in Oklahoma acquired under an agreement entered into in January 2012.
Major players in the North American oil and gas market, which is characterized by instabilities, have taken a hit over the last couple of years due to the economic decline and price volatility. Furthermore, upstream companies look to these price fluctuations to dictate increases and decreases in exploration and production activities.
Kansas's House Bill 2117 ("HB 2117"), recently signed by Governor Sam Brownback, repealed the state's 24-month severance tax exemption for gas wells and oil wells that produce more than 50 barrels of oil per day. Only production after June 30, 2012 is affected.
Tax revenues from oil and gas companies continue to provide a significant proportion of income for states around the world, according to the latest Ernst & Young Oil & Gas Tax Guide. The report also confirms that many governments are working on ways to make oil and gas tax regimes more attractive to investors.
Adira Energy Ltd. is pleased to announce that Noble International Ltd has accepted a Letter of Award ("LOA"), which will enable Modiin Energy L.P ("Modiin Energy") to execute a detailed drilling contract on behalf of the Gabriella consortium partners, including Adira and Brownstone Energy. Adira further announces it has signed a Memorandum of Understanding ("MOU") with Modiin Energy authorizing Modiin Energy to enter into a drilling contract with Noble Drilling and/or any of its affiliates on behalf of the working interest parties to drill the Gabriella License prior to the revised spud date, June 30, 2013. To the extent possible, representatives of Adira shall participate in the negotiations with Noble Drilling regarding the Agreement.
On June 3, 2012, BP has declared that the Galapagos development in the deepwater U.S. Gulf of Mexico has commenced.
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