Brought to you by Quest Offshore & Southern Cone Consultants
Activity in the deepwater sector took a huge hit in the second half of last decade as a result of a global oil demand/supply imbalance, downturn in oil prices, hiatus in Petrobras production floater orders and large industry cutbacks in upstream spending. The downturn was the worst to ever hit the offshore sector. Orders for... Continue Reading →
Guyana vigorously defended its oil contract with ExxonMobil after the deal was criticized by human-rights group Global Witness just a month before the country holds a general election. The report faulted “inexperienced” government officials for failing to press for better terms when the contract came up for renegotiation in 2016, the year after Exxon made... Continue Reading →
Tullow Oil plans to cut a third of its staff to slash its administration costs by a fifth, or around $20 million, a source with direct knowledge of the matter said, after weak output in Ghana, delays in East Africa and lower-than-hoped-for oil quality in Guyana. The move would shrink Tullow, which industry sources told... Continue Reading →
Exxon Mobil's second lift of Guyanese crude from the offshore Liza Destiny platform is underway and has been sold on the open market, the company said on Monday. The U.S. oil major, in a consortium with Hess Corp and China's CNOOC Ltd, has discovered more than 8 billion barrels of recoverable oil and gas off... Continue Reading →
2020 will be a peak year for floating production, storage and offloading unit (FPSO) demand with up to 14 awards forecast in Wood Mackenzie’s base case scenario, half of which will be located offshore Latin America. Only two of these facilities are expected to be Petrobras units; a result of the increasing number of international... Continue Reading →
Guyana’s total annual oil revenues could hit $30 billion over the next 10 years with production estimated to reach 1.2 million barrels per day by 2030, according to Rystad Energy. Rystad said on Tuesday that Guyana was poised for a major transformation after its first-ever oil development commenced production just six weeks ago. Offshore oil... Continue Reading →
A report by a nonprofit watchdog group critical of Exxon Mobil Corp's oil contract with Guyana has rekindled a debate over whether the deal is too generous to the company, just a month before a crucial presidential election. In a report published Monday, London-based anti-corruption group Global Witness said the U.S. oil major's 40-year deal... Continue Reading →
Dutch FPSO provider SBM Offshore has launched a video of its first completed Fast4Ward FPSO hull arriving in Singapore. As previosuly reported, the hull reached Singapore in mid-January 2019. SBM Offshore said that the Fast4Ward MPF hull had arrived at Keppel in Singapore following its journey of 2,300 nautical miles from the Shanghai Waigaoqiao Shipbuilding and Offshore... Continue Reading →
Tullow Oil's Orinduik Block offshore Guyana could hold 5,1 billion barrels of oil equivalent in Gross Prospective Resources, best estimate, according to Gustavson Associates, an independent third-party auditor. This is more than a billion-barrel increase previous estimate of Gross Prospective Resources of 3,981 MMBOE in March 2019, for the 1800km2 block sitting 170 km offshore... Continue Reading →
U.S. oil and gas company Hess Corporation sank deeper into the red in the last quarter of 2019 despite higher production levels when compared to the prior-year quarter. Hess on Wednesday reported a net loss of $222 million in 4Q 2019 compared with the net loss of $4 million in the fourth quarter of 2018.... Continue Reading →
