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Brazil has experienced a tremendous spurt in crude oil production, propelled by the development of its pre-salt resources. However, taking Brazil’s oil production to its current level certainly didn’t come cheap. Petrobras has paid over 78% of Brazil’s $396 billion bill for exploration (excluding dry well costs), development and operations from 2010 to 2018. This,... Continue Reading →
For a range of reasons not all related to costs, offshore operators have stated their preference for floating production with a recent slew of orders, a report by dedicated floating production watchers said this week. The world’s floating production supply chain — especially those offering front-end engineering and fabrication — can point at the end... Continue Reading →
DEA Deutsche Erdoel and Wintershall Holdings completed their merger agreement, creating Wintershall Dea, at the beginning of May 2019. In its first full quarter as one company, Wintershall Dea recorded a production growth, with working interest production increasing by 6% from 578 mboe/d in 3Q 2018 to 613 mboe/d in 3Q 2019. Figures from the third... Continue Reading →
This year, ExxonMobil announced its 11th and 12th oil finds in the small South American country of Guyana. The estimates of recoverable crude in the country now stand at roughly 5 billion barrels. On a per capita basis, this would put Guyana among the top 10 oil producers in the world. Whether the people of Guyana... Continue Reading →
PetroRio, a Brazilian independent oil company specialized in revitalizing mature oil fields, has excelled at using cutting edge recovery technology, and applying an efficient program of reservoir management to pinpoint mature fields with potential to increase recovery. Since 2014, PetroRio has been applying its strategy of only investing in mature field that are in production,... Continue Reading →
Companies that help keep Mexico’s faltering oil wells operating are waiting months to get paid and the debts are building up, complicating efforts to revive an industry whose production has plunged by half since 2004. Pemex, facing pressure from the government to slow spending, has delayed some payments to contractors for as long as seven... Continue Reading →
November 26, 2019 Petrobras found evidence of oil and gas in well 4-BRSA-1372-RJS, within the Marlim Leste block, in the Campos Basin pre-salt. The discovery took place in a water depth of 2,024 meters, according to data published by the National Petroleum Agency (ANP). The field has two FPSOs (P-53 and Cidade de Niterói), with... Continue Reading →
Norway's Equinor plans to drill 30-40 oil and gas exploration wells globally in 2020, similar this year, with Brazil being a "hotspot" of its international efforts, the company's exploration head said on Tuesday. The company will drill about 20-30 exploration wells on the Norwegian continental shelf, focusing on the North Sea, plus wells at the... Continue Reading →
November 25, 2019 Pre-Sal Petróleo SA (PPSA) estimates that the demand for new FPSOs could reach 28 new units to be installed between 2021 and 2030 to develop the reserves contracted under the production sharing model. There are a total of 17 exploration and production contracts signed between 2013 and this year, when TOR and... Continue Reading →
Exxon Mobil (XOM.N) is accelerating its biggest asset sales in decades with plans to divest up to $25 billion of oil and gas fields in Europe, Asia and Africa as it sharpens its focus on a handful of mega projects at home and abroad, banking sources said. The vast programme, which will see Exxon effectively... Continue Reading →
Brazil Energy Insight 