Vallourec has signed a long-term agreement with Petrobras for OCTG (Oil Country Tubular Goods) solutions. The three-year agreement covers the supply of OCTG Premium products, associated accessories, and specialized physical and digital services, representing a volume of supply above 110kt of products and accessories. These products, associated accessories, and physical and digital services will support... Continue Reading →
Karoon announces an increase in proven reserves (1P) in block BM-S-40
Karoon announced an increase in its proven reserves (1P) in block BM-S-40 – which encompasses the producing Baúna and Piracaba fields and the Patola field, which is under development. The block, located in the Santos Basin, has 42.8 million barrels in 1P reserves, according to an assessment reviewed and certified by AGR Energy Services (dated... Continue Reading →
TotalEnergies’ Dalia Oilfield in Angola to start 35-day Maintenance in Feb.
TotalEnergies' offshore oilfield Dalia in Angola will undergo planned maintenance for about 35 days starting Feb. 20, a company spokesperson said on Tuesday. The company added that the maintenance will include inspections of equipment, subsea lines and works relating to flare tips. The field produces more than 200,000 barrels per day. Traders said there may... Continue Reading →
Hess Expects Higher 2023 Spending with Focus on Guyana, Bakken
(Reuters) U.S. oil and gas producer Hess Corp on Tuesday forecast higher Exploration & Production (E&P) capital and exploratory budget of $3.7 billion for 2023, of which more than 80% would be allocated to Guyana and North Dakota's Bakken shale field. The company forecast 2022 E&P capital and exploratory expenditures of about $2.7 billion. The... Continue Reading →
Trinidad Weighs Direct Negotiations to Allocate Oil, Gas Areas
(Reuters) Trinidad and Tobago will consider direct negotiations with energy companies for oil and gas exploration, possibly moving away from a competitive bidding round system, Prime Minister Keith Rowley said on Monday. The talks follow difficulties attracting new companies to its recent shallow and deepwater bidding rounds, which have led the government to renegotiate terms... Continue Reading →
Guyana in Talks with Qatar, UK, UAE and India on Offshore Oil Blocks
(Reuters) Guyana is in talks with Qatar, Britain, the United Arab Emirates, and India on the possibility of directly allocating offshore blocks for oil and gas exploration in parallel with a bidding round this year, President Irfaan Ali said on Monday. South America's newest crude producer has emerged as the world's fast-growing oil region with... Continue Reading →
Petrobras on receiving earnout from Atapu
Petróleo Brasileiro S.A. – Petrobras, following up on the Material Facts disclosed on April 9, 2021, April 13 and 27, 2022, informs that it received today, up front, from TotalEnergies EP Brasil Ltda (TotalEnergies), the amount of R$ 313 million, regarding the complement of the firm compensation (earnout) for fiscal year 2022, related to the... Continue Reading →
Upstream Spending To Rise To $485 Billion In 2023
Over the past three years, the majority of U.S. energy companies have avoided spending big to expand production in the aftermath of the 2020 oil crisis, prioritizing returning more cash to shareholders in the form of dividends and share buybacks. Most oil and gas companies have only announced small increases in their capital spending for... Continue Reading →
Suriname’s Oil Boom Hits A $10 Billion Snag
(OP) A series of high-quality oil discoveries in Block 58 offshore Suriname combined with investment bank Morgan Stanley estimating that the block contains 6.5 billion barrels of oil sparked optimism that Suriname will replicate Guyana’s immense oil boom. This is bolstered by evidence that the U.S. Geological Survey grossly underestimated the Guyana-Suriname Basin’s oil resources. Disappointingly, after... Continue Reading →
CGX, Frontera JV Spuds Wei-1 Offshore Guyana
A CGX Energy Inc. and Frontera Energy Corporation consortium has started drilling the Wei-1 well, on the Corentyne block, approximately 200 kilometers offshore from Georgetown, Guyana. To remind, under the Corentyne block license terms, the joint venture was previously required to spud Wei-1, the second of two commitment wells on the block, by November 27,... Continue Reading →
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