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Seismic services provider PGS has completed a 3D seismic program on the northern section of the CGX Energy-operated Corentyne block offshore Guyana. CGX is the operator of the Corentyne Block under a joint operating agreement with Frontera Energy. CGX has a 66.667% participating interest in the block, with Frontera holding the remaining 33.333% interest in... Continue Reading →
The global shipping market is set for a recovery, benefiting from new global rules on marine fuels that came into effect at the beginning of the year after more than a decade of tough market conditions, according to IHS Markit. “Overall, there is strong optimism around demand for shipping in 2020,” said Rahul Kapoor, vice... Continue Reading →
A vessel carrying Guyana's first-ever shipment of crude set sail on Monday bound for the U.S. Gulf Coast, oil major Exxon Mobil Corp said, marking the tiny South American nation's long-awaited debut as an oil exporter. The Suezmax vessel Yannis P, loaded with about 1 million barrels of Liza light sweet crude was bound for... Continue Reading →
The first-ever cargo of Guyana's crude for export is scheduled to begin loading this weekend so the oil can be processed at Exxon Mobil's refining system, the company told Reuters on Friday. Exxon has so far made 15 discoveries of oil reserves in Guyana, turning a risky exploration venture into one of the world's most... Continue Reading →
London-listed oil company Tullow Oil will most likely not be drilling any wells offshore Guyana in 2020. In its trading update on Wednesday Tullow said it expected to report pretax impairments and exploration write-offs of around $1.5 billion. Tullow's write-offs include Jethro, Joe, and Carapa well costs in Guyana as a result of drilling results, the... Continue Reading →
Tullow Oil expects to report a $1.5 billion writedown after lowering its long-term oil price assumptions by $10 to $65 a barrel, an announced reduction in reserves in Ghana and disappointing exploration wells, it said on Wednesday. "Tullow expects to report pretax impairments and exploration write-offs of (around) $1.5 billion (c. $1.3 billion post-tax)," it... Continue Reading →
A strong 2019 provided telltale signs that the industry was entering a new offshore investment cycle, Espen Erlingsen, head of upstream research at Rystad Energy has said. Erlingsen said on Tuesday that this trend was perhaps illustrated most profoundly by the rising swell of offshore project approval activity by operators in 2019. Globally, the amount... Continue Reading →
Dutch FPSO provider SBM Offshore has informed that its first completed Fast4Ward FPSO hull has arrived from China to Singapore. After a journey of 2,300 nautical miles, the Fast4Ward hull has arrived at a Keppel yard in Singapore from China, SBM Offshore informed on Monday, January 13. This is SBM Offshore’s first generic hull, the... Continue Reading →
Chinese oil company CNOOC plans to drill 227 exploration wells in 2020 and has set aside up to around $13,8 billion for capital expenditures, CNOOC's highest annual Capex since 2014, according to Reuters. CNOOC said Monday that its targeted net production for 2020 is 520 million to 530 million barrels of oil equivalent (BOE). Around... Continue Reading →
The energy transition and Extinction Rebellion led the energy news agenda and discussions in company boardrooms in 2019, but the impact on exploration drilling is not yet apparent, according to market research provider Westwood Global Energy Group. Westwood is suggesting keeping an eye on Brazil in 2020 with one high impact well currently drilling and... Continue Reading →
Brazil Energy Insight 