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(OilPrice) As Guyana prepares to become a major oil production nation the spotlight is firmly on the Guyana-Suriname Basin and the former British colony’s neighbor Suriname. After decades of poor drilling results, ExxonMobil’s slew of large high quality oil discoveries in Guyana’s offshore Stabroek Block has reignited interest in the Guyana-Suriname Basin’s oil potential. Suriname,... Continue Reading →
U.S. oil producer Hess Corp (HES.N) on Wednesday swung to a profit in the first quarter despite lower production, as a winter storm boosted demand for natural gas, while steady COVID-19 vaccine rollouts aided a recovery in oil prices. Global crude prices have averaged around $61 in the first three months of the year, building on a... Continue Reading →
Wintershall Dea posted a jump in first-quarter financial results thanks to record production and recovering oil and gas prices, the German-Russian producer said on Tuesday. Its earnings before interest, tax, depreciation, amortization, and exploration expenses (EBITDAX), a standard oil industry measure, rose to 704 million euros ($850.22 million) in the three-month period, up 47% year-on-year.... Continue Reading →
( TNPetroleo) Pre-Sal Petróleo (PPSA) is holding an international bidding this Wednesday, the 28th, at 10 am, for the contracting of a trading agent for the Union share of oil from the Individualized Area of Tupi. The contract will run for five years and is expected to sell 4 million barrels of oil at an... Continue Reading →
(OE) U.S. oil major ExxonMobil said on Tuesday it made an oil discovery at the Uaru-2 well in the Stabroek Block offshore Guyana. Uaru-2 will add to the previously announced gross discovered recoverable resource estimate for the block, which is currently estimated to be approximately 9 billion oil-equivalent barrels, ExxonMobil said. Drilling at Uaru-2 encountered... Continue Reading →
Offshore drilling contractor Seadrill has secured a four-year firm contract with four one-year options, for the West Saturn drillship with Norwegian oil major Equinor in Brazil. Seadrill said on Tuesday that the contract was awarded by Equinor’s subsidiary Equinor Brasil Energia Ltda for work on the Bacalhau offshore field. The total value for the firm... Continue Reading →
Independent oil and gas exploration and production company PetroNor has received the necessary approvals for the acquisition of high potential acreage offshore Guinea-Bissau through the buy of SPE Guinea Bissau AB. PetroNor said on Monday that approvals were a condition necessary to complete the transaction. Consequently, the transaction will complete as per the terms of... Continue Reading →
Oilfield services firm Archer said it has signed an offer letter with Moreld laying out principle terms to purchase 100% of the shares in DeepWell, a Norwegian well intervention company focused on mechanical wireline and cased hole logging services. The contemplated transaction is subject to due diligence, negotiation of the transaction documentation, closing conditions and... Continue Reading →
Portugal's Galp Energia on Monday reported a 13% slump in adjusted first-quarter net profit, hit by a decline in oil production owing to constraints caused by the COVID-19 pandemic and slower refining activity. Galp suspended output at its largest refinery in Sines and its smallest, Matosinhos, in April 2020. It resumed production at both locations... Continue Reading →
(Reuters) Exxon Mobil’s effort to build an energy trading business to compete with those of European oil majors unraveled quickly last year as the firm slashed the unit’s funding amid broader spending cuts, 10 people familiar with the matter told Reuters. The cuts left Exxon traders without the capital they needed to take full advantage... Continue Reading →
Brazil Energy Insight 