Turning Guyana block’s oil promise into reality: Two players proclaim potential commercial interest

(Offshore-energy.biz) Joint venture (JV) partners, Canada’s CGX Energy and Frontera Energy, are seeking to undertake additional action to tap into and unleash the hydrocarbon resources on the Corentyne block offshore Guyana, given the potential for a standalone shallow oil resource development across the block, which their exploration results highlighted. As a result, the JV has... Continue Reading →

June 27, 2024 0

Stabroek Block cost recovery to exceed US$30 billion in 2024

(Oil Now) Cost recovery for investments into the Stabroek Block petroleum operations are set to accumulate to approximately US$31 billion by the end of 2024. The Stabroek Block Production Sharing Agreement, inked by the Guyana government, ExxonMobil, Hess and CNOOC, allows the co-venturers to recover investments by taking up to 75% of annual production as... Continue Reading →

June 25, 2024 0

ExxonMobil (XOM) Initiates Lau-Lau 2 Appraisal Offshore Guyana

(Zack's) ExxonMobil Corporation XOM has started appraisal activities at the Lau-Lau 2 well site, in the Starbroek block, offshore Guyana. Previously, in 2022, ExxonMobil had discovered 96 meters of high-quality sandstone reservoirs containing hydrocarbons at the Lau-Lau 1 exploration well site. The announcement was made by Guyana’s Maritime Administration Department (“MARAD”). MARAD also mentioned that the... Continue Reading →

June 25, 2024 0

Chevron, GEPetrol Sign PSCs for Two Equatorial Guinea’s Offshore Blocks

Oil major Chevron and Equatorial Guinea’s state-owned oil company GEPetrol have signed two production sharing contracts (PSCs), for offshore blocks EG-06 and EG-11 in Equatorial Guinea, representing a $2 billion investment. Situated in close proximity to producing Block B which houses the Zafiro field, the blocks are considered to be highly-prospective and are poised to... Continue Reading →

June 24, 2024 0

BP to buy out Bunge’s stake in Brazilian biofuels JV in $1.4 bln deal

(Reuters) - BP has agreed to buy grain trader Bunge's 50% stake in Brazilian sugar and ethanol joint venture BP Bunge Bioenergia for $1.4 billion in a bet on growing demand for low-carbon biofuels. Following the completion of the deal, expected by end-2024, BP will take full ownership of Bioenergia which has production capacity of around 50,000... Continue Reading →

June 20, 2024 0

Strike at Brazil environmental agency impacts Petrobras’ Equatorial Margin drilling request

(Reuters) - The ongoing strike at Brazil's environmental agency Ibama is impacting the analysis of Petrobras' request to drill a well in the Equatorial Margin, an Ibama official told Reuters on Thursday. Itagyba Neto, who handles the agency's licensing for marine and coastal ventures, added that Petrobras has still not sent to the agency important details... Continue Reading →

June 20, 2024 0

Shell and Petrobras Start Next Phase of Pioneering OD OBN Project

(OE) The next phase of the On Demand Ocean Bottom Node (OD OBN) project, involving Sonardyne, Shell, Petrobras and SENAI CIMATEC, has started offshore Brazil, which could result in the development of next generation of geophysical monitoring systems in the offshore oil and gas industry. The project, which began in 2018, involves a collaboration between... Continue Reading →

June 18, 2024 0

BP started drilling pioneer well in the Pau Brasil block, in water depth of 2,283 meters

(PN) Oil major bp inaugurated a new moment in its operations in the Brazilian offshore. This week, the company began drilling the pioneer well (1-BP-12D-RJS) in the Pau Brasil block, located in the pre-salt of the Santos Basin. The well is in a water depth of 2,283 meters and is being drilled by the DS-15... Continue Reading →

June 17, 2024 0

Viridien Sells Marlin Vessel Monitoring and Alert System to ExxonMobil Guyana

(OE) Viridien, formerly CGG, has made a sale of its Marlin vessel monitoring and alert system to ExxonMobil Guyana to support its offshore operations in Guyana. The sale was made through Viridien’s Sensing and Monitoring business line, marketed under the Sercel brand. As part of the wider Sercel Marlin software suite for optimizing offshore operations,... Continue Reading →

June 13, 2024 0

Chevron shareholders re-elect all directors, CEO confident on Hess deal

(Reuters) - Chevron shareholders on Wednesday re-elected all its 12 board directors, in a sign of support for the oil major at a time when it is caught in the regulatory crosshairs over its $53 billion proposed buyout of oil producer Hess Corp. CEO Michael Wirth said the company was moving ahead on the U.S. Federal... Continue Reading →

May 29, 2024 0

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