Subsea Engineering News Excitement is building around Exxon Mobil’s Liza discovery off Guyana, the country’s first oil find. Last May, Exxon Mobil reported that its Liza-1 (SEN, 32/5) well found 90 m of high-quality oil-bearing sandstone, and estimates of oil in place and/or recoverable have been high. Now ExxonMobil is considering a fast-track development of Liza,... Continue Reading →
Ecopetrol plans to invest up to $4 billion in 2018
Colombian oil company Ecopetrol expects to invest $3.5 to $4 billion in 2018, up 35% to 55% over the projected investment at year-end 2017. After two years of a transformation plan focused on cost reduction and capital discipline, the 2018 plan approved by the board of directors is aimed at increasing reserves and hydrocarbon production, capturing... Continue Reading →
Redundant PSVs could get new lease of life as dredgers
In the wake of the well-documented downturn in the oil and gas markets in recent years, an increasing number of platform supply vessels (PSVs) are currently under-utilised or languishing in lay-up, most notably in the US Gulf Coast region. Various proposals have been made for the repurposing of redundant PSV tonnage. Examples range from windfarm... Continue Reading →
Venezuela’s State Oil Producer Tells Staff to Cut Costs by 50%
Already in default and struggling with sinking oil production, Venezuela’s state-run energy firm told its employees to cut costs and expenses by 50 percent in an austerity drive to reflect the broader economic crisis hitting the OPEC nation of 30 million people. Read more
Temer Agrees on Brazil Pension Vote With House Chief
Brazil President Michel Temer on Wednesday struck a tentative deal with Lower House Speaker Rodrigo Maia to put the administration’s controversial pension bill to vote in early December, prompting local assets to rally. Read more
Brazil – Oil and gas industry debates new rules
November 23, 2017 SetecoNews After the two pre-salt auctions, whose balance was considered positive by the government, both in terms of current and future revenues - R $ 6.15 billion in signing bonus and expectation of investments of R $ 600 billion over the 30 years of production in the areas - as well... Continue Reading →
OCEANEERING PLANS TO BRING NEW TECHNOLOGIES FOR THE BRAZILIAN OIL AND GAS MARKET
November 23, 2017 Despite the crisis in the market, Oceaneering is betting on the resumption of the Brazilian oil and gas sector in the coming years, and today is concentrating efforts in the tools, autonomous inspection and survey sectors. "Oceaneering is an engineering and solutions company. We are attentive to what is happening in the... Continue Reading →
Liquigás sale process: Extension of the analysis period by CADE
Rio de Janeiro, November 22, 2017 – Petróleo Brasileiro S.A. – Petrobras, persuant to the press releases disclosed on 06/30/2017 and 08/28/2017, related to the analysis of the sale of Liquigás Distribuidora SA, a wholly owned subsidiary of Petrobras, to Companhia Ultragaz SA, informs that the Administrative Council for Economic Defense ("CADE") extended the period... Continue Reading →
Petrobras Sale of Azulão Field
Rio de Janeiro, November 22, 2017 – Petróleo Brasileiro S.A. – Petrobras, further to the Material Fact of 05/15/2017 and Press Release of 06/19/2017, informs that it has signed, today, with the company ENEVA SA, through its subsidiary Parnaíba Gás Natural SA, the contract for the assignment of the totality of its participation in the... Continue Reading →
Eight oil and gas majors commit to cut methane emissions
Six oil and gas majors ExxonMobil, Shell, Total, Eni, Statoil, Repsol, BP, and Wintershall have said they would commit further to reducing methane emissions from the natural gas assets they operate around the world. The energy companies also agreed to encourage others across the natural gas value chain – from production to the final consumer... Continue Reading →
Brazil Energy Insight 