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April 22, 2020 On April 20th, the ANP published, in a special edition of the Federal Official Gazette, ANP Resolutions 815/2020 and 816/2020. They establish new procedures to be adopted by companies operating in oil and natural gas exploration and production activities while the temporary measures to deal with the public health emergency resulting from... Continue Reading →
Seismic industry will suffer the most as a result of the Covid-19 pandemic and the low oil price. According to Rystad Energy, 2020 revenues could fall between 51 per cent and 77 per cent. Exploration spending could drop by more than 20 per cent from its 2019 levels. The hardest-hit area will be the acquisition... Continue Reading →
Apr 16, 2020 The National Petroleum Agency (ANP) indicates that the number of cases of Covid-19 in workers in the oil and gas sector in Brazil has risen to 162. As of yesterday, there were 132. Currently, there are still another 1,020 cases being investigated, awaiting test results. Fortunately, so far, there have been no... Continue Reading →
The following article is a guest post by Andreas Dracoulis, Partner, and Jonathan Morton, Associate, at Haynes and Boone, a U.S.-based law firm specializing in business litigation The article delves into legal intricacies of declaring force majeure events on existing offshore construction contracts in case of delays caused by the coronavirus pandemic as well as key points... Continue Reading →
Apr 15, 2020 The activities for the second phase of development of Equinor's Peregrino field, in the Campos Basin, were delayed by approximately two months, according to two sources with knowledge of the subject, in view of logistical difficulties related to the new coronavirus. Peregrino is Equinor's largest offshore operation outside Norway and currently produces... Continue Reading →
Newly licensed offshore oil and gas exploration acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, Rystad Energy has said, as the Norwegian energy market analytics company expects more than half of the world’s planned licensing rounds to be canceled this year due to the combined effect... Continue Reading →
Brazil's state-run oil company Petroleo Brasileiro SA said in a letter to the workers union on Thursday that it will idle six oil and gas platforms in five fields of the Campos basin due to the coronavirus epidemic. The company said the idling was aimed at reducing costs in the middle of the crisis hitting... Continue Reading →
April 6, 2020 Petro Rio S.A. (“Company” or “PetroRio”) (B3: PRIO3), following best practices in corporate governance and transparency, informs its preliminary and non-audited Operational Data for the month of March. 1. January figures account for a 70% stake in the Frade Field. The acquisition of the remaining 30% stake – announced on November 28,... Continue Reading →
6 April 2020 Netherlands-based Seabed Geosolutions has submitted the lowest bid in a Petrobras tender to contract proprietary seismic surveys for the Parque das Baleias and Golfinho fields off Brazil.
In the downturn of 2020, global exploration & production operators will only be able to cut supply chain costs by up to 12%, a Rystad Energy analysis shows. The current crisis will not be able to unlock many additional efficiency and productivity improvements because much of the potential has been exhausted since the 2014 oil-price... Continue Reading →
