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2020 will be a peak year for floating production, storage and offloading unit (FPSO) demand with up to 14 awards forecast in Wood Mackenzie’s base case scenario, half of which will be located offshore Latin America. Only two of these facilities are expected to be Petrobras units; a result of the increasing number of international... Continue Reading →
Guyana’s total annual oil revenues could hit $30 billion over the next 10 years with production estimated to reach 1.2 million barrels per day by 2030, according to Rystad Energy. Rystad said on Tuesday that Guyana was poised for a major transformation after its first-ever oil development commenced production just six weeks ago. Offshore oil... Continue Reading →
Mexican operator Grupo R has signed a contract with Shell for the lease of the La Muralla IV drilling rig to operate in the deep waters of the Gulf of Mexico. Grupo R said on Tueday that the integrated contract model signed with Shell would provide Shell with the drilling rig, as well as the... Continue Reading →
BP (BP.L) raised its dividend and said it had completed a $1.5 billion share buyback program in a sign of confidence in its growing oil and gas business on the last day in office for Chief Executive Bob Dudley. BP shares were trading 4.5% higher at 1115 GMT on Tuesday, on course for their biggest... Continue Reading →
Feb 3, 2020 Omni Táxi Aéreo (OTA) is supporting Karoon in its drilling campaign in block Z38, in Peru. This will be OTA's first international operation, which is involved in transporting passengers from the city of Tallara to the Marina 1 well, in the Tumbes basin approximately 110 km from the base of operations. Two... Continue Reading →
A report by a nonprofit watchdog group critical of Exxon Mobil Corp's oil contract with Guyana has rekindled a debate over whether the deal is too generous to the company, just a month before a crucial presidential election. In a report published Monday, London-based anti-corruption group Global Witness said the U.S. oil major's 40-year deal... Continue Reading →
Demand from the world’s top oil companies for floating drilling units is set to rise through 2020 and 2021, according to Norwegian energy research and consultancy firm Rystad Energy. Rystad Energy said last week that the demand from the world’s top oil companies for floating drilling units had climbed steadily in the past two years... Continue Reading →
Tullow Oil's Orinduik Block offshore Guyana could hold 5,1 billion barrels of oil equivalent in Gross Prospective Resources, best estimate, according to Gustavson Associates, an independent third-party auditor. This is more than a billion-barrel increase previous estimate of Gross Prospective Resources of 3,981 MMBOE in March 2019, for the 1800km2 block sitting 170 km offshore... Continue Reading →
Equinor and its partner Shell have completed a joint acquisition of the 49% interest held by Schlumberger in the Bandurria Sur onshore block in Argentina’s Neuquén province. The consideration for each partner for their 24.5% interest is USD 177.5 million. The block covers around 56,000 gross acres in the central area of the prolific Vaca... Continue Reading →
Exxon Mobil Corp reported a 5.2% drop in fourth-quarter profit on Friday, as assets sales propped up flat year-over-year oil and gas output and weakness in its refining and chemicals businesses. Oil companies last quarter suffered from weaker prices for their products, and in Exxon's case, it has been spending heavily to boost its oil... Continue Reading →
