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ExxonMobil Corp has reduced crude output at its nascent project off Guyana's coast due to problems with gas reinjection equipment, a move meant to avoid excessive gas flaring, the South American country's environmental regulator said on Monday. Output at the Liza field, which Exxon operates in a consortium with Hess Corp and CNOOC Ltd, has... Continue Reading →
London-listed oil company Bahamas Petroleum (BPC) has been awarded the AREA OFF-1 petroleum licence offshore Uruguay. BPC said on Tuesday that it was chosen as the successful applicant for the award of an exploration licence offshore Uruguay by the Uruguayan national regulatory agency, ANCAP. Continue reading
May 29, 2020 The oil and gas market is having to deal with a new reality: cost reduction. With this in mind, Dutch SBM Offshore changed the way of contracting FPSO hulls from bilateral agreements to competitive bids. In the market, the comment is that the decision is a strategy to reduce spending on the... Continue Reading →
Guyana received $4.9 million in royalty payments for oil production at the offshore Stabroek block in the first quarter, the finance ministry said on Monday, a period that included the South American country's first crude exports. The crude produced by an Exxon Mobil Corp-led consortium at the Stabroek's Liza field was priced for the purposes... Continue Reading →
Confidence had returned to global exploration with improved performance and the emergence of several new multi-billion barrel plays. The confidence carried over into 2020 but has evaporated in the face of the Covid-19 crisis and the collapse in oil prices. Short term plans are in a state of flux and exploration strategy is being reset... Continue Reading →
SBM Offshore, the Netherlands-based FPSO supplier, has shared a video of its Liza Unity FPSO Hull going into the dry dock in Singapore. The hull was ordered on speculation in 2017 as the first of what are now five hulls being built as part of SBM Offshore's Fast4Ward standardized-FPSO-hull program. ExxonMobil then came out as... Continue Reading →
Liza Unity, an under-construction FPSO that will be Guyana's second offshore facility in production, remains on schedule for first oil in 2022, Hess Corp. said Thursday. Guyana became an oil-producing nation in December 2019, when Exxon brought online the Liza Destiny FPSO. Continue reading
Oceaneering International announced that its Remotely Operated Survey group has successfully completed an integrated rig services campaign for a major operator offshore South America, recording a milestone 150,000 hours of ROS operations and no client operations or vessel downtime. Oceaneering was contracted by Apache Corp. in June 2019 to provide Integrated Rig Services on the... Continue Reading →
Guyana has no plans to cut crude output despite a plunge in oil prices, the government's top energy official said on Monday, adding that shutting down production could prove costly and harm future output. Mark Bynoe, the director of the Department of Energy, said the country's crude production averages between 75,000-80,000 barrels per day (bpd)... Continue Reading →
Chinese oil and gas company CNOOC saw an increase in its quarterly output driven by new project startups in China and the contribution from new international projects. However, CNOOC’s quarterly revenues decreased due to lower oil and gas prices. According to its report on Wednesday, CNOOC achieved a total net production of 131.5 million barrels... Continue Reading →
Brazil Energy Insight 