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In 2Q23, average production of oil, NGL and natural gas reached 2.64 MMboed, 1.5% lower compared to 1Q23, mainly due to higher volume of losses from stoppages and maintenance, the natural decline of mature fields and divestments. Those effects were partially offset by the ramp-up of P-71, in Itapu field, and the startup of FPSOs... Continue Reading →
(Reuters) Venezuelan expects to sign licenses by year-end for developing the nation's vast natural gas reserves, oil minister Pedro Tellechea said on Friday, even amid U.S. sanctions. Most of the South American country's gas reserves remain undeveloped after decades of insufficient investment, contract changes and - in recent years - U.S. sanctions to oust President... Continue Reading →
(Reuters) - Brazil has increased hydroelectric generation to near-record rates in 2022 and 2023 – reducing the need to import liquefied natural gas (LNG) and freeing cargoes to be redirected to ease the gas shortage in Europe. Brazil’s total electrical generation rose by +21 billion kilowatt-hours (kWh) to a record 677 billion kWh in 2022,... Continue Reading →
(Reuters) U.S. oilfield technology firm Baker Hughes beat second-quarter profit estimates on Wednesday, helped by strong demand for its services and equipment as exploration activities remained resilient despite lower oil prices. Energy firms have begun to invest some of the record profits from last year on new oil in gas deposits in Middle East, Africa and Latin... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras announces that, as a follow-up to the release disclosed on May 29, 2023, it has entered into a new natural gas contract with Companhia de Gás de São Paulo ("Comgás"), effective from January 2024 until December 2034, in the estimated amount of R$ 56 billion. The contract is the result... Continue Reading →
(Reuters) Suriname said on Thursday it signed a memorandum of understanding with Trinidad and Tobago that aims to increase energy cooperation, and people familiar with the matter said it could lead to natural gas from Suriname being piped to Trinidad and Tobago. Trinidad and Tobago has been searching for ways to expand its supplies of... Continue Reading →
(Reuters) - Exxon Mobil Corp (XOM.N) on Wednesday signaled second-quarter operating profits fell sharply on lower natural gas prices and weaker oil refining margins, according to a regulatory filing. Operating earnings dropped to about $7.8 billion from $17.85 billion a year earlier, when surging oil and gas prices after Russia's invasion of Ukraine boosted global energy results... Continue Reading →
(GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), an energy technology company, announced Wednesday it has been awarded a significant order, to be booked in the second quarter of 2023, by MODEC to supply gas technology equipment for the BM-C-33 project in the Brazilian pre-salt Campos area. The project is developed by Equinor with partners Repsol Sinopec Brasil... Continue Reading →
(TN) Pre-salt production in May was 3.196 million barrels of oil equivalent per day (boe/d) and corresponded to 77.8% of Brazilian production. 2.510 million barrels per day (bbl/d) of oil and 109.16 million cubic meters per day (m³/d) of natural gas were produced through 144 wells. There was an increase of 5.9% in relation to... Continue Reading →
Classification society ABS announced it has granted approval In principle (AIP) to Wison Offshore and Marine’s (WOM) Extended FEED on its standardized 3.5 MTPA floating liquefied natural gas (FLNG) design. WOM has said the standardized design reduces CO2 emissions and results in a shortened engineering schedule by about 40%. Jiang Hao, WOM General Manager, FLNG... Continue Reading →
Brazil Energy Insight 