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SBM Offshore announced on Thursday that ExxonMobil subsidiary Esso Exploration and Production Guyana Limited (EEPGL) has awarded the company contracts to perform front end engineering and design (FEED) for a third floating production, storage and offloading vessel (FPSO) in Guyana. The FPSO, to be named Prosperity, will be designed to produce 220,000 barrels of oil... Continue Reading →
Major global oil firms snubbed a second Brazilian oil auction in a row on Thursday, passing up promising offshore blocks and forcing officials to reconsider a bidding system that gives a privileged position to state-run Petroleo Brasileiro SA (PETR4.SA). The only block awarded in Thursday’s bidding went to the Brazilian oil firm, known as Petrobras,... Continue Reading →
For the second day, state-controlled energy giant Petrobras led the sole bid as major foreign producers sat out an auction of Brazilian oil deposits. Petroleo Brasileiro SA, as the company is also called, made a successful joint bid with China National Oil & Gas Exploration & Development Co. for the Aram block in Thursday’s sale... Continue Reading →
Brazil’s state-run Petrobras and CNODC, a unit of China National Petroleum Corp, were awarded rights to explore and produce oil at the Aram block in the country’s Santos basin by offering the minimum allowed profit oil of 29.96 percent. This was the only bid of the 6th Pre-Salt Round. The other blocks did not recieve... Continue Reading →
U.S. oil company Talos will have a formal resource report on its large Zama oil discovery offshore Mexico by the end of the year. Talos made the discovery in 2017 – one of the largest shallow-water finds in decades – and has during the summer completed the appraisal program at the field aimed to better... Continue Reading →
Brazil’s biggest-ever oil auction frustrated expectations on Wednesday, as high prices and the dominant role of state-run oil company Petrobras scared off global oil majors. Petroleo Brasileiro SA (PETR4.SA), as the Brazilian firm is also known, and Chinese state firms CNOOC (0883.HK) and CNODC [CNPC.UL] made the only bids out of over a dozen major... Continue Reading →
Nov 6, 2019 (Reuters) - A consortium led by Brazilian state-run oil company Petrobras and including China’s state-run companies CNOOC and CNODC was awarded the most promising block of the nation’s Transfer of Rights auction on Wednesday. The Buzios block was won by the companies by offering the minimum profit oil allowed for that area,... Continue Reading →
Brazil is holding what may be the world’s priciest-ever sale of oil prospects on Wednesday, with all eyes on who takes the giant Buzios field. Exxon Mobil Corp. and Royal Dutch Shell Plc are among heavyweights signed up to bid for four deep-water areas known as the transfer-of-rights reserves. It’s a prime piece of real estate at the... Continue Reading →
Nov 5, 2019 PetroRio expects to reduce its extraction cost to $ 20 a barrel by December. The company closed the third quarter of 2019 at a cost of $ 22.9 a barrel, compared with $ 24 in the second quarter. According to the Brazilian oil company, the reduction of extraction costs was made possible... Continue Reading →
Nov 5, 2019 In the first half of November, Petrobras will begin drilling its first Uirapuru exploratory well, an area of the Santos cluster that was auctioned off in the 4th round of sharing, in 2018. The campaign will be carried out by Seadrill's West Tellus drillship have a new contract. The chartering of the... Continue Reading →
Brazil Energy Insight 