The Oil Daily articles from May 2009

The Oil Daily archives from May 2009

Exxon drawing down cash at steady clip.(Exxon Mobil Corp.)
May 1, 2009... Although Exxon Mobil remains the financial powerhouse of the oil and gas industry, the US supermajor is on track to significantly reduce its hoard of cash if spending stays on its current trajectory. After stockpiling nearly $41 billion in...

Apache poised to pick up distressed assets.
May 1, 2009... Apache Corporation made clear Thursday that it has plenty of funds and is ready to go shopping for new assets as soon as attractive deals become available. "With nearly $4 billion in available cash and credit and debt at 25% of...

Venezuela delays heavy oil bidding amid concerns about terms.
May 1, 2009... Venezuela has delayed its Carabobo bidding round in the Orinoco heavy oil belt by three months amid expressions of concern by international companies about some of the terms and conditions. Bids for rights to participate in the development...

Traders say signs of economic recovery supporting oil prices.(Brief article)
May 1, 2009... The oil market is mainly focused on indicators that point to an economic recovery, and although they are not strong enough to sustain a price rally, they are preventing prices from falling and keeping volatility in check. "The trading...

Daily oil & gas price review.(Statistical table)
May 1, 2009... Daily Oil & Gas Price Review Prices for Thursday, April 30, 2009 North American Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +0.18 49.03 48.63 47.04 LLS (St....

Coast Guard approves competing Oregon LNG import terminals.
May 1, 2009... One of two LNG receiving terminal projects moving forward in Oregon could become the first regasification facility built on the US West Coast, although they both face fierce local opposition. The Oregon LNG project, located on the Skipanon...

Senate Republicans seek to delay confirmation of Interior nominee.
May 1, 2009... Alaska Senator Lisa Murkowski, the ranking Republican on the Senate Energy and Natural Resources Committee, has joined an initiative by Senate Republicans to delay the confirmation of David Hayes as the Interior Department's Deputy Secretary....

Chevron upbeat about LNG project despite environmental concerns.(liquefied natural gas)
May 1, 2009... Australian environmental authorities on Thursday expressed continued opposition to the expansion of the proposed Gorgon LNG project to three trains. But US major Chevron, lead developer of the massive gas export scheme, is confident that the...

Arctic nations pledge to work together to manage resources.
May 1, 2009... Officials from the Arctic Council struck a conciliatory tone this week, pledging to work more closely on search-and-rescue efforts in the Arctic, as well as on managing the region and its resources. The eight-nation council, which met in...

Noble Energy Posts loss.(Earnings)(Financial report)(Brief article)
May 1, 2009... Noble Energy reported a first-quarter net loss compared with a year-earlier profit as asset writedowns and losses related to hedging weighed on its results. The net loss for the quarter was $188 million ($1.09/share) compared with $215...

Marathon profits down.(Earnings)(Marathon Oil Co.)(Financial report)(Brief article)
May 1, 2009... Marathon Oil on Thursday reported a 61% decline in its quarterly profit as crude prices fell steeply from a year ago. Net profit in the first quarter was $282 million (40cents/share) down from $731 million ($1.02/share) a year earlier. ...

EIA gas storage report.(Statistical data)
May 1, 2009... Gas in Storage Rises by 82 Bcf Stocks of working natural gas in US storage facilities rose by 82 Bcf in the week ending Apr. 24, leaving storage levels at 1,823 Bcf, according to the Energy Information Administration (EIA). Gas in storage...

Petrobras gets credit line.(Finance)(Petroleo Brasileiro S.A.)(Brief article)
May 1, 2009... Brazilian energy giant Petrobras said on Wednesday it had obtained a $2 billion credit line from the US Export-Import Bank. Petrobras said in a statement to investors that the loan would be used to source equipment from the US required for...

Japan's crude imports tumble.(International)(Brief article)(Statistical data)
May 1, 2009... Japan's crude imports plunged by 16.7% to 3.79 million b/d in March from a year ago, according to latest data from the Ministry of Economy, Trade and Industry (Meti) Thursday. These are Japan's lowest imports since the 1980s when it also...

Indonesia awards blocks.(International)(Orchard Energy)(Brief article)
May 1, 2009... Indonesia has awarded 11 oil and gas blocks out of a total of 15 offered under the direct-offer bid round launched in December, with Exxon Mobil, Hess and Orchard Energy among the most prominent winners, according to local reports Thursday. ...

Stock market scorecard.(NEWS ALERT)(Statistical table)
May 1, 2009... Stock Market Scorecard Integrated Close 1-Day % Chg. Majors 4\30 Chg. % Chg. 10-Day 52-Wk YTD Petro-Canada 31.53 +0.17 +0.54% +1.19% -36.17% +44.04% Shell B ...

Pemex posts $1.9B loss.(Latin America)(Petroleos Mexicanos)(Financial report)(Brief article)(Statistical data)
May 1, 2009... Mexico's state oil company Pemex posted a net loss of 27 billion pesos ($1.9 billion) in the first quarter, hurt by lower production and oil prices and a rise in its debt costs as the peso declined. Pemex had a net profit of 3.3 billion...

Williams plans Canadian pipeline.(Pipelines)(Williams Oil Co.)(Brief article)
May 1, 2009... Williams said it plans to build a $283 million pipeline in Alberta, Canada, to transport natural gas liquids and olefins from its extraction plant in Fort McMurray to its Redwater processing facility. Williams currently processes off-gas...

Valero delays Gulf projects.(Refining)(Valero Energy Corp.)(Brief article)
May 1, 2009... Valero Energy has delayed two Gulf Coast refinery hydrocracker construction projects by a year due to the recession, the company's chief executive said on Thursday. "We're still reducing our capital spending," Valero Chief Executive...

Iraq: oil firms willing to make soft loans.(Brief article)
May 1, 2009... Iraqi Oil Minister Hussein al-Shahristani said on Thursday that at least two major oil companies are prepared to pay millions in soft loans in order to tap the country's reserves. Baghdad is seeking a total of $2.6 billion up front from...

Chevron pumps up volume in first quarter.(Statistical data)
May 4, 2009... Lower oil and natural gas prices pummeled Chevron's bottom line in the first quarter, but the US supermajor posted a healthy 5% jump in net production volumes thanks to strong growth across its global operations. Chevron's volumes rose to...

Output starts at Brazil's giant Tupi field.(Petroleo Brasileiro S.A.)
May 4, 2009... Despite its history of delays, state-run oil company Petrobras is on schedule in developing the giant Tupi oil field in the subsalt zone offshore Brazil. Petrobras started commercial production with an extended well test in the Santos...

Results of Norwegian licensing round trigger universal disapproval.
May 4, 2009... The results of the long-awaited 20th Norwegian licensing round were unveiled last week to a storm of protest, with industry lobbyists and environmentalists both condemning the government for its handling of the auction. The round, which...

Rising consumer confidence and speculative buying boosts oil.
May 4, 2009... Nymex June crude oil moved $2.08 higher on Friday as the conviction grows among traders that the worst of the recession may be over for the US economy--or the global economy for that matter. Upbeat traders also bid up copper, sugar and...

Daily oil & gas price review.(Statistical table)
May 4, 2009... Daily Oil & Gas Price Review Prices for Monday, February 9, 2009 North American Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +1.85 50.88 48.88 51.11 LLS (St....

Natgas futures stage end-of-week rally after lowest expiration in seven years.
May 4, 2009... A relief rally in June natural gas futures, triggered by advancing crude oil prices and falling rig counts, helped underpin the gas market late last week. While the natural gas supply picture remains overwhelmingly bearish, the rally came...

Baker Hughes drilling report.(Statistical data)
May 4, 2009... Rig Count Falls by 10 The number of drilling rigs searching for oil and gas in the US fell by 10 last week to 945, Baker Hughes said. During the same week last year, there were 1,839 rigs at work. The number of rigs searching for oil...

Energy Partners bankrupt.(Corporate News)(Brief article)
May 4, 2009... Oil and natural gas producer Energy Partners said on Friday it had made a Chapter 11 filing in a Texas bankruptcy court. It said it had also reached a restructuring deal with an ad-hoc committee of senior noteholders that would substantially...

Woodside affirms output target.(Corporate News)(Woodside Petroleum Ltd.)(Brief article)
May 4, 2009... Woodside Petroleum on Friday reaffirmed its annual production guidance, despite a fire disrupting output offshore Western Australia. It also made upbeat statements about future global demand for gas. Woodside said that it will probably test...

Stock market scorecard.(Corporate News)(Statistical table)
May 4, 2009... Stock Market Scorecard Integrated Majors Close 1-Day % Chg. 5/1 Chg. % Chg. 10-Day 52-Wk YTD Petro-Canada 33.77 +2.24 +7.10% +7.75% -31.56% +54.27% Marathon ...

Japanese crude stocks fall.(International)(Brief article)(Statistical data)
May 4, 2009... Japanese crude oil stocks fell by 1.8% to 101.8 million bbl in the week ended Apr. 25, the Petroleum Association of Japan said. Oil product stocks rose by 1% to 77.31 million bbl. Refinery throughput was steady at 73.3%, or 3.55 million...

Shell finishes Nigeria repairs.(International)(Royal Dutch-Shell PLC)(Brief article)
May 4, 2009... Royal Dutch Shell's Nigerian joint venture has finished repairs on the Trans-Niger pipeline which normally supplies 150,000 b/d of crude oil, a spokesman for the parent company said Friday. A production manifold--a hub for a number of...

Firms bid for Uruguay blocks.(Latin America)(Brief article)
May 4, 2009... Six foreign companies have presented offers to explore a natural gas deposit off Uruguay's Atlantic coast, the Uruguayan state-run oil company said on Wednesday. The discovery of a deposit of natural gas and possibly oil off the costal...

Bolivia nationalizes BP unit.(Latin America)(Air BP Sweden AB)(Yacimientos Petroliferos Fiscales Bolivianos)(Brief article)
May 4, 2009... Bolivian leftist President Evo Morales nationalized the local unit of BP's aviation fuels division on Friday, further tightening state control over the Andean country's energy industry. Morales said he signed a decree to take control of Air...

Conoco broadens Borger work.(Refining)(ConocoPhillips)(Brief article)
May 4, 2009... ConocoPhillips said it plans to shut, starting Friday, additional units at its 124,000 b/d Borger, Texas, refinery for nearly a month of maintenance."Several units are scheduled to be down for maintenance," Conoco said in a filing with the...

Valero starts McKee work.(Refining)(Valero Energy Corp.)(Brief article)
May 4, 2009... Valero Energy said it was starting on Friday a 21-day turnaround on a crude unit and fluid catalytic cracker at its 170,000-b/d McKee, Texas, refinery. Valero said in a filing with the Texas Commission on Environmental Quality that an...

Cuba: US urged to develop energy ties.
May 4, 2009... A Washington-based think tank has recommended that the US should allow its oil companies and energy service firms to help Cuba develop its oil and gas resources. In a recently published report, the Brookings Institution said that by...

Panel seeks bipartisan accord on key bill.
May 5, 2009... The Senate Energy and Natural Resources committee this week will attempt to craft a bipartisan bill that could represent the most important legislation to pass Congress this session if negotiations over climate change break down. The bill...

Pemex steps up drilling to halt output slide.(Petroleos Mexicanos)
May 5, 2009... In a bid to stabilize falling oil production, Mexico's state energy firm Pemex is bringing in additional rigs to drill the onshore Chicontepec field this year. It also plans to drill a third well in deep waters in the Gulf of Mexico, upstream...

India's ONGC seeks foreign partners as it eyes three Iraqi fields.(ONGC Videsh Ltd.)
May 5, 2009... India's ONGC Videsh (OVL), the overseas investment arm of state explorer Oil and Natural Gas Corp. (ONGC), is looking for possible partners as it eyes three large producing oil fields offered by Iraq in the country's first postwar licensing bid...

Wave of purchases by index funds support crude oil prices.(Brief article)
May 5, 2009... June crude oil contracts on the Nymex and ICE Futures ended well above $54 on Monday, mostly because of speculators piling back into the energy market through index funds. Speculators expect the economy to recover and oil prices to rally....

Daily oil & gas price review.(Statistical table)
May 5, 2009... Daily Oil & Gas Price Review Prices for Monday, May 4, 2009 North American Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +2.50 53.38 49.92 51.17 LLS (St....

Scholar: relations among quartet of nations crucial to oil price.
May 5, 2009... Relations among a quartet of nations--Israel, Iran, Russia and Saudi Arabia--are exerting a considerable influence on world oil prices, Baker Institute fellow Amy Myers Jaffe told a Houston energy forum last week. Jaffe said Saudi Arabia...

Heating degree days.(Statistical table)
May 5, 2009... Heating Degree Days For the week of May 2, 2009 Week Dev Cum Dev From From From Week Total From Year Cum...

Broad stock market rally fails to lift oil equities in April.
May 5, 2009... Oil and natural gas equities failed to participate in a broader stock market rally during April as stagnating oil and gas prices and dismal earnings expectations pressured the sector. Share prices of the 13 oil and gas companies that...

Global downturn prompts Australia to delay climate change plan.
May 5, 2009... Worried about the global economic downturn, Australia has pushed back plans to introduce a carbon emissions trading scheme (ETS) to 2011, one year later than originally scheduled. Prime Minister Kevin Rudd announced the delay in Australia's...

Alaskan oil output slumps.(Exploration & Production)(Brief article)
May 5, 2009... Alaskan crude oil production fell sharply in April to 675,000 b/d, losing 65,000 b/d versus March to finish 55,600 b/d below April 2008, according to daily field data released over the weekend by the state Department of Treasury's Tax Division....

Conoco makes Alaska finds.(Exploration & Production)(ConocoPhillips)(Anadarko Petroleum Corp.)(Brief article)
May 5, 2009... ConocoPhillips and Anadarko Petroleum announced oil discoveries and test production at two wells in the National Petroleum Reserve-Alaska: Pioneer 1 and Rendezvous 2. Pioneer 1 was tested in March of this year and Rendezvous 2 was tested...

Carrizo's borrowing base rises.(Finance)(Carrizo Oil and Gas Inc.)(Brief article)
May 5, 2009... Carrizo Oil & Gas said its bank syndicate has approved a $40 million increase to the borrowing base under its secured credit facility, raising it to $290 million. Existing members of the bank syndicate agreed to increase their credit...

Roc takeover rumors swirl.(International)(Roc Oil)(Brief article)
May 5, 2009... Market speculation has been building about a possible takeover bid for Australia's Roc Oil. Roc on Monday issued a statement saying that it was aware of the market rumors but that it had not received any takeover proposal. Chief...

Rasgas LNG hits Turkey.(International)(Brief article)
May 5, 2009... Qatar's Rasgas has delivered its first liquefied natural gas spot cargo to Turkey, marking another small step for Doha into a traditionally Russian-dominated market. "This cargo sale is a significant milestone," Rasgas said in a statement....

Stock market scorecard.(International)(Statistical table)
May 5, 2009... Stock Market Scorecard Integrated Majors Close 5/4 1-Day % Chg. Chg. % Chg. 10-Day 52-Wk YTD Hess 60.00 +3.81 +6.78% +8.91% -43.50% +11.86%...

Brazil ups Bolivia gas imports.(Latin America)(Brief article)
May 5, 2009... Brazil will raise its natural gas imports from Bolivia back to 30 MMcm/d in the next 15 days due to increased demand from thermoelectric power plants, state-run energy company Petrobras said on Friday. "The south is going through one of its...

Halliburton launches vessel.(Oil Field Service)(Brief article)
May 5, 2009... Halliburton said it is launching a next generation stimulation vessel to be used offshore West Africa. The Stim Star Angola will be used for stimulation treatments and will serve as a platform for delivering technology and helping reduce...

Field project costs to decline.(Oil Field Service)(Brief article)
May 5, 2009... Research firm ODS-Petrodata said the cost of oil and gas field development projects will decline by 12-13% this year because of the worsening outlook for the global economy, commodity prices and contractor margins. Global field development...

Study: no swift path to energy independence.
May 5, 2009... More than three-quarters of oil and gas executives surveyed by KPMG's Global Energy Institute say that energy independence is not attainable until 2030 or beyond, despite the emphasis on alternative energy sources in current and proposed...

Obama pours funds into biofuel industry.(Barack Obama)
May 6, 2009... The Obama administration took steps Tuesday to accelerate the deployment of advanced biofuels and lend a helping hand to the beleaguered ethanol industry. The Environmental Protection Agency (EPA) provided further guidance on...

Rebound projected in US Gulf oil output.
May 6, 2009... After being hit hard by hurricanes in recent years, oil production from the US Gulf of Mexico could rise sharply to over 1.8 million barrels per day in the next four years, according to government forecasts. On the other hand, natural gas...

Bill would fund renewables through expansion of offshore drilling.
May 6, 2009... A bipartisan group of members of the US House of Representatives unveiled energy legislation on Thursday that would fund renewable energy development with revenues derived from expanded offshore oil and natural gas production. The American...

Nymex crude futures close lower after hitting new high for year.(New York Mercantile Exchange)(Brief article)(Statistical data)
May 6, 2009... Nymex June crude oil futures ended a four-day winning streak on Tuesday, closing 63cents lower at $53.84 per barrel, but not before hitting a new high for the year of $54.83. The dip was to be expected as the two main influences on oil...

Daily oil & gas price review.(Statistical table)
May 6, 2009... Daily Oil & Gas Price Review Prices for Tuesday, May 5, 2009 North American Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -0.36 53.02 51.03 50.16 LLS (St. James)...

Chesapeake plans to sell more assets to fund spending, cut debt.(Chesapeake Energy Corp.)
May 6, 2009... Chesapeake Energy plans to sell off another $1.5-$2.0 billion worth of producing properties this year and a further $1.0-$1.5 billion in 2010 to help fund its capital spending program and reduce debt. The company also aims to sign another...

OTC panelists see technology as key to long-term cost reductions.(over the counter)
May 6, 2009... OTC Panelists See Technology as Key to Long-Term Cost Reductions Upstream firms have been aggressively renegotiating oil services contracts and postponing capital spending projects as a means of cutting costs to offset depressed oil and gas...

EOG quarterly profit down.(Earnings)(EOG Resources Inc.)(Financial report)(Brief article)
May 6, 2009... EOG Resources reported a 34% decline in its first-quarter profit on Monday as a slide in oil and gas prices from a year earlier hurt results. Net profit was $158.7 million (63cents/share) compared with $240.5 million (96cents/share) a year...

Study pinpoints UK CO2 sites.(Environment)(carbon dioxide)(Brief article)
May 6, 2009... The UK North Sea could be used to store more than 46,000 million tons of carbon dioxide--equivalent to 100 years' worth of UK emissions, according to a new industry report. "Opportunities for CO2 Storage Around Scotland," presented by...

BP starts up US Gulf fields.(Exploration & Production)(British Petroleum Company PLC)(Brief article)
May 6, 2009... BP said production has begun at its Dorado and King South projects in the Gulf of Mexico. Both projects are subsea tiebacks to the company's Marlin Tension Leg Platform (TLP), which is located 125 miles southeast of New Orleans and has the...

Stock market scorecard.(Exploration & Production)(Statistical table)
May 6, 2009... Stock Market Scorecard Integrated Majors Close 5/5 1-Day % Chg. Chg. % Chg. 10-Day 52-Wk YTD Repsol YPF 19.85 +0.11 +0.56% +11.52% -50.61% -7.72% BP...

Marathon inks Indonesian deal.(International)(Brief article)
May 6, 2009... Marathon Oil said it has entered into a production sharing contract with the Indonesian Government for a 49% interest in the Kumawa Block offshore Indonesia. Marathon's co-bidder, Komodo Energy, a subsidiary of Black Gold Energy, was...

Beach makes bid for Drillsearch.(International)(Beach Petroleum to acquire Drillsearch Energy Ltd.)(Brief article)
May 6, 2009... Consolidation is proceeding apace in Australia, where minnow Beach Petroleum announced Tuesday a A$50 million (US$37 million) all-share takeover offer for fellow Australian explorer Drillsearch Energy. Beach said the offer "presents an...

Belarus firm inks Iran deal.(International)(Belorusneft signed an agreement with PPI)(Brief article)
May 6, 2009... In a bid to cut dependence on Russian energy imports, Belarus' state-owned Belorusneft has inked a deal with private Iranian oil firm PPI to carry out 3-D seismic work in the Band-e-Karkheh oil field in southern Iran. The 874 sq km area...

Iran blasts sanctions threat.(International)(Brief article)
May 6, 2009... Iran has lashed out at recent attempts by US lawmakers to tighten sanctions by targeting its gasoline imports, which now meet around one-third of Iranian gasoline demand. The speaker of the Iranian majlis, or parliament, Ali Larijani, has...

Russian oil output rises.(International)(Brief article)
May 6, 2009... Russian crude oil and condensate production continued to rebound in April, rising to 9.85 million barrels per day (4.03 million metric tons) on the back of a surge in output from regional producer Bashneft, according to preliminary energy...

Mitsubishi set to join Iraq gas project.(International)(Mitsubishi Motors Corp. to acquire Royal Dutch-Shell PLC)
May 6, 2009... Japan's Mitsubishi is set to take a small stake in Royal Dutch Shell's proposed project to gather and process natural gas in southern Iraq, an Iraqi official tells Oil Daily, with a final deal expected to be wrapped up by June. Mitsubishi...

Bill seeks products stockpile.(Legislation/Regulation)(Senator Jeff Bingaman introduced a bill for petroleum storage)(Brief article)
May 6, 2009... The chairman of the Senate Energy and Natural Resources Committee introduced legislation late on Monday that would require the Energy Department to hold 30 million bbl of emergency petroleum product supplies, such as gasoline and diesel fuel....

Russia gas output, exports fall.(Natural Gas)(Brief article)(Statistical data)
May 6, 2009... Russia continues to cut natural gas production as exports plummeted by more than 50% in the first four months of 2009 as European consumers bought the minimum volumes allowed under their contracts in anticipation of lower prices in the second...

Coal output leaps.(General)(Brief article)
May 6, 2009... Despite worldwide calls for cleaner electricity production, global hard coal output increased in 2008 by about 200 million tons, according to preliminary figures from Euracoal, the lobby group for the European coal industry. The top three...

Devon seeks partner in Lower Tertiary play.(Devon Energy Corp.)
May 7, 2009... Devon Energy is seeking a partner to help it shoulder the cost of developing its holdings in the deepwater Lower Tertiary trend in the US Gulf of Mexico. The move is aimed at reducing Devon's capital spending on costly, long-term projects...

Venezuela may nationalize service companies.(Petroleos de Venezuela S.A.)
May 7, 2009... Venezuela's National Assembly conditionally approved a law Tuesday that will allow national oil company Petroleos de Venezuela (PDV), to expropriate oil and gas service companies operating in the Latin American nation. The law, due to be...

Surge in downstream profits limits damage to Total's earnings.(Financial report)
May 7, 2009... Total reported a sharp fall in first-quarter profits on Wednesday, but still did better than European rivals BP and Royal Dutch Shell. The French oil giant saw net income fall by 36% to [euro]2.29 billion ($3.06 billion) in the first three...

Nymex crude Futures continue to rise on positive economic news.(New York Mercantile Exchange )(Statistical data)
May 7, 2009... Even though US crude stockpiles continue to rise, oil prices keep marching higher. The US government reported a slight build in crude inventories, but the increase was smaller than expected. However, the main reason that prices rallied by...

Daily oil & gas price review.(Statistical table)
May 7, 2009... Daily Oil & Gas Prices for Wednesday, May 6, 2009 North American Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +2.15 55.17 52.30 48.07 LLS (St. James) +2.15 ...

EIA weekly statistics.(Statistical table)
May 7, 2009... EIA Weekly Statistics For Week Ended May 1, 2009 US Crude Oil: Stocks (1) (millions of bbl) Current Previous Week Week Chg. PADD 1 15.2 14.7 3.4% PADD 2 ...

Minister optimistic about Newfoundland's oil and gas potential.
May 7, 2009... The Atlantic Canada province of Newfoundland and Labrador is upbeat about the potential for additional oil in its offshore waters and future opportunities for natural gas, Energy Minister Kathy Dunderdale said at the Offshore Technology...

Heritage makes big find in northern Iraq, export options limited.
May 7, 2009... Canada's Heritage Oil said Wednesday that its Miran West structure in the Kurdistan region of northern Iraq holds an estimated 2.3 billion to 4.2 billion barrels of oil in place, with the recovery factor expected to be 50%-70% due to the highly...