JPT Topics 

The Caribbean nation hopes the auction will lead to at least two exploration projects in a region that has become increasingly attractive thanks to new discoveries and investments made in neighboring countries. This new development is the first to recover commercial quantities of oil in the UK from reservoirs that are generally considered non-productive. The explorer has so far encountered 400 ft of reservoir pay zone in an area where it has three other producing fields. The state-run offshore company has found a gas and condensate field that holds an estimated 250 million BOE. DEA Deutsche Erdoel is buying Sierra Oil & Gas, giving the German operator stakes in six new blocks off Mexico—including the Zama discovery, where appraisal drilling is now under way.