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At 670 million barrels of recoverable oil, Mexico’s Zama field would be a nation-building giant in any prolific oil-bearing basin. That reserves estimate — made this week by Netherland, Sewell & Associates for Talos Energy, the Houston-based outfit that found the field — is testing the policies of a newly reorganized Mexican Ministry of Energy. Next door... 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 →
U.S. oil firm Noble Energy has hired a 7th generation Maersk drillship for its drilling operation in Colombia. Maersk Drilling said Friday that Noble had awarded it a one-well contract for the Maersk Valiant drillship. The contract is set to begin in the third quarter of 2020, right after the rig's contract with Repsol in... Continue Reading →
Mexico's President Andres Manuel Lopez Obrador said on Wednesday his government was not contemplating reopening oil and gas auctions this year, ending hopes his left-leaning government will soon spur private investment in the energy sector. "It's not contemplated," Lopez Obrador said at his daily press conference when asked if his government was considering offering auctions... Continue Reading →
Results from an independent, third-party contingent resource evaluation of the Talos Energy-operated Zama discovery off Mexico exceed the company’s previously guided resource range. Houston-based Talos on Tuesday announced the finalization of the third-party contingent resource evaluation of the company’s globally recognized Zama discovery commissioned from Netherland, Sewell & Associates, Inc. (NSAI). Talos is the operator... Continue Reading →
Electromagnetic Geoservices (EMGS) has seen an increase in vessel utilization for the fourth quarter 2019 at 80% compared with 32% for the fourth quarter in 2018. For the full year 2019, the vessel utilization was 59%, whereas the utilization for the full year 2018 was 33%. Continue reading
Mexico threw troubled state oil company Pemex a lifeline in 2019 to stop $80 billion in bonds held by investors worldwide being labeled junk by credit rating agencies. Now, investors worry that the state itself is a risk for Pemex. Mexico's creditworthiness came under increasing scrutiny in 2019, with two rating agencies flipping their sovereign... Continue Reading →
A drive by Mexico’s national oil company to drill new wells at 20 “priority” fields largely using smaller, local service providers is faltering, with the company expected to re-bid some of the work in the year ahead. Industry analysts say they see little evidence a decision by Pemex to use a closed bidding process with... Continue Reading →
When asked where the hotspots for 2020 exploration might be, Brown said, “Brazil is the obvious answer”, noting that an increasingly diverse operator mix – including Equinor and Shell among those joining Petrobras in exploring the deepwater pre-salt – will be key to success in the region. “Brazil is on the verge of a revival... Continue Reading →
Announcing the delivery on Friday, Keppel said that, as part of the deal, Grupo R had entered into a sale and leaseback arrangement for the rig with a wholly-owned subsidiary of Keppel O&M. Keppel O&M will purchase the rig from Grupo R for about $190m which is the balance contract value of the rig. Keppel... Continue Reading →
Brazil Energy Insight 