Nov. 28 - Petrobras has postponed the contracting of two FPSO (floating production, storage and offloading) units until after 2030: one for the Albacora field revitalization project and the other for the second FPSO for Sergipe Águas Profundas (SEAP). Both units were left out of the horizon of the company's new 2026-2030 Business Plan. The... Continue Reading →
Equatorial Margin to Receive Largest Share of Petrobras’ Exploration Investments, with 15 New Wells
Nov. 28 - The company's new strategic plan for the period between 2026 and 2030 reveals a paradigm shift in the search for new reserves. Although the pre-salt layer will continue to receive a significant amount of investment, the Equatorial Margin will receive the largest share of the state-owned company's resources over the next five... Continue Reading →
Petrobras cuts dividend, investment projections in new five-year business plan
Nov 27 (Reuters) - Brazilian state-run oil firm Petrobras has lowered its dividend forecast and cut expected investments by almost 2% in a new five-year business plan announced Thursday, as it grapples with lower crude prices. Petrobras expects to dole out between $45 billion and $50 billion during the 2026-2030 period in ordinary dividends, a... Continue Reading →
Suriname’s Long-Awaited Oil Boom Finally Takes Shape
Nov. 28 (oilprice.com) After the discovery of oil in Suriname’s territorial waters in January 2020, the government in the capital Paramaribo pitched its hopes on an oil boom matching that of neighboring Guyana. You see, decades of economic mismanagement, excessive spending, and corruption wreaked havoc on the former Dutch colony’s economy. Over the last decade, gross... Continue Reading →
Shell Brazil Signs Concession Contracts for Blocks Acquired in the Santos Basin
Nov. 27 - Shell Brazil has signed the concession contracts acquired in the 5th Cycle of the ANP's Permanent Offer, consolidating its strategic position in the Santos Basin and growing its position in the deepwater sector in Brazil. The following blocks were granted: S-M-1819, S-M-1821, S-M-1912 and S-M-1914. Shell has exploration rights as operator and... Continue Reading →
Guyana’s next production milestone: 1.1 million barrels with Uaru development
Nov. 26 (oilnow.gy) Guyana is preparing for another major expansion of oil output, with the Uaru project set to start production in 2026. The development, located in the Stabroek Block, is the fifth project approved offshore the country. It is expected to move the country’s production capacity to around 1.1 million barrels of oil per... Continue Reading →
Eni Targets Frontier Potential in Uruguay With Block OFF-5 Entry
Nov. 26 (oilprice.com) Eni has signed a deal to acquire a 50% interest and operatorship of the offshore exploration Block OFF-5 in Uruguay from Argentina’s YPF, marking a fresh push into one of the Atlantic Margin’s least explored basins. The transaction, announced from San Donato Milanese, will take effect once validated by Uruguayan authorities. The 16,883-km² block... Continue Reading →
Petrobras Approves SBM’s Proposal in Sergipe Deepwater FPSO Tender
Nov. 25 - Petrobras' Bidding Committee announced that it has approved SBM Offshore's proposal in the tender for contracting the Sergipe Deepwater FPSO (SEAP) vessels. The approval was given during the proposal effectiveness evaluation phase. It's worth noting that SBM Offshore offered the lowest prices in the FPSO tender. The Dutch company submitted a total... Continue Reading →
Stabroek Block reaches 51 discoveries as Liza’s breakthrough continues to shape Guyana’s oil future
Nov. 25 (oilnow.gy) Guyana’s Stabroek Block now has 51 discoveries filed with the Ministry of Natural Resources. ExxonMobil confirmed the figure in a release on Sunday, stating, “We have announced more than 30 significant discoveries in the Stabroek Block, while filing 51 Notices of Discovery with the Ministry.” ‘Significant discoveries’ are those that materially impact... Continue Reading →
Guyana’s four FPSOs set a new pace for deep-water oil development
Nov. 24 (oilnow.gy) The four floating production, storage and offloading vessels operating in the Stabroek Block have become the backbone of Guyana’s offshore industry, each larger and more advanced than the last. Together, Liza Destiny, Liza Unity, Prosperity and ONE GUYANA have pushed national output beyond 900,000 barrels per day, demonstrating how quickly ExxonMobil has... Continue Reading →