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Norwegian oil and gas company Equinor has launched new climate ambitions to reduce the absolute greenhouse gas emissions from its operated offshore fields and onshore plants in Norway with 40% by 2030, 70% by 2040, and to near zero by 2050. By 2030 this implies annual cuts of more than 5 million tonnes, corresponding to... Continue Reading →
Mexico threw troubled state oil company Pemex a lifeline in 2019 to stop $80 billion in bonds held by investors worldwide being labeled junk by credit rating agencies. Now, investors worry that the state itself is a risk for Pemex. Mexico's creditworthiness came under increasing scrutiny in 2019, with two rating agencies flipping their sovereign... Continue Reading →
2 JAN 2020 Brazil's oil exports reached a record in December and are expected to continue to grow in the coming months and years, given a significant advance in production in the pre-salt fields, which could place Brazil among the top five global producers. The country exported 8.72 million tons in December, more than double... Continue Reading →
Repsol is the operator of the Kanuku block with a 37.5% stake. Tullow also holds a 37.5% stake with Total holding the remaining 25%. Tullow Oil said on Thursday that the Carapa-1 exploration well had encountered approximately four meters of net oil pay based on preliminary interpretation, and has extended the prolific Cretaceous oil play... Continue Reading →
In surfing, reading the environment and anticipating a wave from a small lump on the horizon can be difficult, but rewarding. This is what SBM Offshore, a Dutch-based FPSO industry specialist which has been building floating production units for 60 years, had done when after a rather dry period for FPSO orders it ordered an... Continue Reading →
Hess rose above the carnage in shale stocks with a more traditional approach to oil exploration – partnering in a massive offshore discovery in a frontier nation. Investors flocked to New York-based Hess in 2019 to participate in Exxon Mobil Corp.’s gigantic Guyana oil find, and avoid cash-burning shale specialists. Hess, which holds a 30%... Continue Reading →
A drive by Mexico’s national oil company to drill new wells at 20 “priority” fields largely using smaller, local service providers is faltering, with the company expected to re-bid some of the work in the year ahead. Industry analysts say they see little evidence a decision by Pemex to use a closed bidding process with... Continue Reading →
As the New Year kicks off this week, some of Africa’s oil and gas producers are looking forward to fast-tracking approved offshore exploration plans to counter falling production volumes and meet the increasing demand especially for natural gas required for power generation and growing import orders especially from Asia and Europe. It is expected leading... Continue Reading →
Shares of Tullow Oil dropped by nearly a fifth on Thursday as the oil producer's update on the commercial viability of its new well offshore Guyana disappointed investors. Tullow said the Carapa well in the Kanuku offshore block contains oil with less than 1% sulphur content and is indicated to be 27 degrees API, a... Continue Reading →
December 30, 2019 -Petróleo Brasileiro S.A. – Petrobras following up on the press release disclosed on 12/27/2019, reaffirms that the total value of the sale of 50% of exploration and production rights of the Tartaruga Verde field (concession BM-C-36) and Module III of the Espadarte field to Petronas Petróleo Brasil Ltda ("Petronas") was US$ 1,293.5... Continue Reading →
