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(Reuters) - Exxon Mobilhas pulled out of the race to buy half of Galp Energia's (GALP.tab stake in a large oil discovery in Namibia that has attracted interest from top energy companies, sources with knowledge of the matter said. More than 12 oil companies including Exxon, Shell and Brazil's national oil company Petrobras had expressed interest in Galp's 40% stake in... Continue Reading →
(Reuters) - China National Petroleum Corp (CNPC), Asia's largest oil and gas producer, has over the past three decades built a global portfolio with assets in 33 countries. The company's overseas production exceeded 100 million metric tons, or 2 million barrels per day of oil equivalent, for the first time in 2019 and has since... Continue Reading →
Teresa Wilkie, Contributor Research Director of RigLogix at Westwood Global Energy.. (OE) Over the past few years the Namibian Orange Basin has emerged as an exciting new oil province and subsequently a provider of significant new demand and future demand potential for deepwater drilling rigs. According to Westwood’s Wildcat, “the Upper and Lower Cretaceous plays opened in... Continue Reading →
(PN) The recent contracts awarded by Petrobras to the SLB Onesubsea group for the supply of subsea equipment for the Sépia and Atupu fields in the Santos Basin, and Roncador in the Campos Basin, signal the importance that Brazil will have for the subsea industry in the coming years. According to a recent analysis published... Continue Reading →
(offshore-mag.com) Global expenditure on subsea facilities is set for a 10% compound annual growth rate (CAGR) from 2024 to 2027, according to research by Rystad Energy. The consultants project a total capex spend for the period of more than $42 billion. Some of the biggest investments are taking place in South America and Europe. In... Continue Reading →
(Reuters) - An oil production breakthrough that producers say can safely tap ultra-high pressure fields could put up to 5 billion barrels of previously inaccessible crude into production, analysts said. Chevron on Monday disclosed it had pumped first oil from a field at 20,000 pounds per square inch pressures, a third greater than any prior well. Its... Continue Reading →
By Bruce Beaubouef, Managing Editor (Offshore-mag.com) The “Big 3” offshore drillers – listed as Transocean, Noble Corp., and Valaris by Evercore ISI – are all reporting “strong offshore fundamentals and a robust outlook” that will likely stretch out to 2030, according to a recent report by the oilfield marketplace consulting firm. Evercore based its analysis... Continue Reading →
(Reuters) Equinor and ExxonMobil Corp said on Wednesday they have transferred their stakes in a deepwater oil and gas exploration block off Suriname to Hess Corp, with the Norwegian oil producer exiting the South American country. The exit aligns with Equinor's strategy to focus on producing oil and gas in a few core areas, such... Continue Reading →
(Reuters) - Brazil's Petrobras will include at least one partner in its bid for a 40% stake in Galp Energia's Mopane oil prospect in Namibia, two sources with knowledge of the matter told Reuters. Last week, Petrobras' director of exploration and production, Sylvia dos Anjos, told Reuters that the state-run firm had made a non-binding... Continue Reading →
Production from the Golfinho license in the Espírito Basin offshore Brazil has been impacted recently by reduced gas-lift compressor uptime from the GLF-28 well, operator BW Energy said in an update. However, the well is now back online following ROV intervention, with a program underway to improve reliability. During August, the company plans a 12-day shutdown on... Continue Reading →
Brazil Energy Insight 