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OPEC, Russia, and allies are on the verge of ending the oil price war in an effort to save the oil industry which, in addition to the oil price war consequences, suffered even more as the coronavirus pandemic further curbed the oil demand, creating a whirlwind of adverse effects. However, the allies are still waiting... Continue Reading →
Mexico’s state oil company Pemex plans to maintain crude production levels even as the coronavirus pandemic knocks down demand and a price war between global oil producing powerhouses shakes up markets around the world. The company, formally known as Petroleos Mexicanos, said in a statement to the stock exchange that its fuel storage terminals have... Continue Reading →
U.S. offshore engineering and construction company McDermott has been awarded a sizeable contract by BHP to provide pre-front-end engineering design (pre-FEED) services for a floating production unit (FPU) that will be installed at the Trion field offshore Mexico. The FPU will be installed in a water depth of approximately 8,200 feet (2,500 meters) at the... Continue Reading →
Contrary to current trends of contract cancelations due to the oil price drop and coronavirus spread, seismic data acquisition company Magseis Fairfield has won a deepwater OBN project in the Mexican part of the Gulf of Mexico. Magseis said on Friday that the work was scheduled to begin in the third quarter of 2020 and... Continue Reading →
Mar 24, 2020 A price war between global oil giants is leaving many producers in Latin America struggling to cover production costs, increasing the chances of investment cuts and delays in the coming months. Global oil price benchmarks are experiencing their sharpest declines in decades, in a perfect storm, with declining demand in the face... Continue Reading →
Mexico's oil regulator approved on Friday a request by French oil company Total SA to give up its exploration and production rights to a deep water block in the southern Gulf of Mexico that the firm had won at auction in 2016. The regulator said Total decided to return the block due to the results... Continue Reading →
Malaysia’s Sapura Energy has completed the installation of a satellite platform topside offshore Mexico, as part of Hokchi Energy's Hokchi field development. In a post on social media on Friday, Sapura Energy said it successfully lifted and set down the Hokchi Satellite Platform topside, weighing approximately 1,730MT in the Gulf of Mexico. Continue reading
Offshore drilling contractor Pacific Drilling has secured a new contract in Mexico for its drillship Pacific Sharav. The rig owner said on Wednesday that its Pacific Sharav drillship had been awarded a new two-well contract by Murphy in Mexico. The contract also includes one option well. It is scheduled to start in November 2020 and... Continue Reading →
Shell is pushing ahead on its massive deep-water drilling plan in Mexico, even as it doesn’t foresee production starting under the current government. The global oil major plans to drill four wells this year, and a similar amount next year, said Alberto de La Fuente, Shell’s Mexico country chief. It’s part of a drilling campaign... Continue Reading →
The sale of a stake in Mexico’s giant Zama oil field promised to help Premier Oil pay down debts and strengthen its balance sheet, but an ownership conflict is complicating that process. Some international oil companies operating in Mexico are waiting for a resolution to a conflict between Talos Energy Inc., the field’s primary shareholder,... Continue Reading →
Brazil Energy Insight 