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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 →
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 →
Brazil Energy Insight 