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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 →
Even as Mexico’s president and Pemex’s CEO touted the country’s most important find in three decades, it appears to be far from a panacea for the beleaguered state driller. Pemex called the Quesqui deposit -- which is believed to contain 500 million barrels of proven, probable and possible, or 3P reserves -- the most important... Continue Reading →
The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on... Continue Reading →
Mexican state oil company Pemex said on Friday it has discovered a deposit in southeastern Mexico that could yield 500 million barrels of crude, calling it the largest such finding in more than 30 years. Pemex said it first discovered the field in Tabasco state in May, before beginning studies to evaluate its viability. The... Continue Reading →
Big oil companies operating in Mexico have launched a drive to convince leftist President Andres Manuel Lopez Obrador to resume auctions of oil and gas contracts he has branded a failure in reviving the industry. Chevron Corp, Exxon Mobil Corp and Royal Dutch Shell Plc, among other firms in Mexico's Association of Hydrocarbon Companies (Amexhi),... Continue Reading →
With Mexico's government insisting that energy companies increase oil and gas output before it auctions off more of the country's vast reserves or offers more partnerships with state-run Pemex, firms ranging from foreign majors to local players are scrambling to buy and sell blocks they already own. The negotiations are creating a dynamic secondary market... Continue Reading →
The years-old trend that has seen offshore suppliers vie for work in wind by leveraging their offshore oil and gas credentials and development finance is being countered these days by wind players in search of oil and gas jobs, judging by some recent fleet owner moves. Dutch offshore fleet owner, Jan De Nul, was busy... Continue Reading →
Companies that help keep Mexico’s faltering oil wells operating are waiting months to get paid and the debts are building up, complicating efforts to revive an industry whose production has plunged by half since 2004. Pemex, facing pressure from the government to slow spending, has delayed some payments to contractors for as long as seven... Continue Reading →
The market for modern jack-up rigs has reached 90 percent utilization – for the first time in the cycle – and the demand for jack-up rigs is growing, offshore drilling company Borr Drilling has said. Borr said there is visible demand for more than 50 jack-ups in the next 12 months, most of which is... Continue Reading →
Brazil Energy Insight 