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Norwegian offshore seismic data acquisition company PGS has said that the first data of its Peru MegaSurvey is now available. The seismic dataset, including 2D and 3D data, is aimed at E&P companies interested in South America, specifically Peruvian coastline hydrocarbon potential. Continue reading
Offshore wind currently represents just a small piece of the world’s energy supply. But that’s changing faster than ever before as new and existing players look to tap the huge resource potential—and market opportunities—being unlocked by shrinking costs and technological advances, as outlined in a recent comprehensive market report. In the coming two decades, the... Continue Reading →
BP’s announcement that it is going to write down the value of its exploration assets by $8-10 billion (56-70%) shows the accounting impact of its energy transition strategy. It also highlights the huge variation in how oil companies are viewing future oil prices so that comparisons of asset values and returns on capital between oil companies are... Continue Reading →
Jun 16, 2020 Ordinance No. 239 of the Ministry of Mines and Energy (MME) was published in the Official Gazette (DOU), which authorizes the ANP to enable the nine-month extension of the deadlines related to the Exploration provided for in contracts under the Production Sharing regime, in accordance with the conditions established in ANP Resolution... Continue Reading →
June 16, 2020 Petro Rio S.A. (“Company” or “PetroRio”) (B3: PRIO3), in addition to the Material Fact of March 25, 2019, informs its shareholders that it has signed amendments to agreements with certain subsidiaries of Chevron Corporation (“Chevron”) to establish a new amortization schedule for the vendor finance associated with the acquisition of the 51.74%... Continue Reading →
ExxonMobil Corp has reduced crude output at its nascent project off Guyana's coast due to problems with gas reinjection equipment, a move meant to avoid excessive gas flaring, the South American country's environmental regulator said on Monday. Output at the Liza field, which Exxon operates in a consortium with Hess Corp and CNOOC Ltd, has... Continue Reading →
Amid what the IEA has dubbed a “dismal” year for fossil fuels, the one bright spot is the performance of renewables sector, which is still expected to grow by 1% this year. That is a serious downgrade on the sector’s record performance last year, when global wind power capacity grew by almost a fifth. Nonetheless,... Continue Reading →
BP will take a writedown of up to $17.5 billion in its second-quarter earnings after sharply lowering its long-term oil and gas price outlook as it now expects a faster transition away from fossil fuels. The earnings are due on Aug 4 and CEO Bernard Looney in September is set to announce his strategy to... Continue Reading →
JUN 11, 2020 With the approval by the Legislative Assembly of Rio de Janeiro of the bill that internalizes Repetro Industrialização in the state, Rio de Janeiro guarantees the maintenance of the ICMS rate at 3% for operations importing equipment (platforms, platform ships and other equipment) for the oil and gas industry, in operations carried... Continue Reading →
Jun 10, 2020 The Ministry of Mines and Energy presented the schedule for the auction of Sepia and Atapu, remaining from the Transfer of Rights. The federal government expects the announcement to be published in the second quarter of next year, followed by the auction in the third quarter of 2021. Earlier this month, Minister... Continue Reading →
Brazil Energy Insight 