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Cabinda Gulf Oil Company Limited (CABGOC), an affiliate of Chevron in Angola, has secured an extension of the Block 0 concession, off the coast of Cabinda province in Angola. Chevron stated on Monday that the agreement extends the concession for 20 years, through 2050. Under the renewed agreement, CABGOC will remain the operator with a 39.2... Continue Reading →
Nigeria's Seplat Energy along with a partner is in talks to buy ExxonMobil's shallow-water oilfields in the African nation, the company said on Monday, cautioning there was no certainty about the outcome. In recent years, Exxon has been exiting investments worth billions of dollars in oil and gas fields in Europe, Asia and Africa as... Continue Reading →
Norwegian oil and gas company Equinor has extended the contract with the engineering and consulting firm for the delivery of maintenance solutions across the Peregrino wellhead platforms (WHP) and FPSO, located offshore Rio de Janeiro, Brazil. "This is the third one-year extension awarded to the team, with the contract initially secured in 2015 as a... Continue Reading →
Suriname has been described as the next big thing in the offshore oil and gas exploration world, as its proximity to Guyana where ExxonMobil has discovered around 10 billion barrels of oil so far has led oil companies, including ExxonMobil, to hope there's similar riches to be found in the Surinamese waters, too. However, while the... Continue Reading →
An analysis of the annual cost of supply by the Norwegian energy intelligence firm, Rystad Energy, has revealed that costs within the upstream sector have come down considerably in 2021, making new oil more competitive and significantly cheaper to produce. However, Rystad noted that climate policies may fail unless they focus on demand rather than... Continue Reading →
(Valor) 3R Petroleum released its production data for the month of October. According to the company, the consolidated average daily production of the Macau, Rio Ventura and Pescada clusters was 7,630 barrels of oil equivalent (boed). The portion referring to the participations of 3R reached a production of 6,666 boed. The company points out that... Continue Reading →
PetroRio plans to complete the workovers of the two wells with production halted in the Tubarao Martelo field, in the Campos Basin, in November and December of this year, informed the independent company in an operational. With the repair process expected to be completed this month, the first well, TBMT-2H, has been out of operation... Continue Reading →
Completion of the tieback between the Polvo and Tubarão Martelo fields, in the Campos Basin, allowed for a reduction in operating costs ("OPEX") of US$ 50 million per year The third quarter results evidenced PetroRio's successful strategy of increasing production levels and rationalizing costs, with excellence in environmental responsibility, safety and operational efficiency. The largest... Continue Reading →
Three marine seismic data acquisition and processing companies TGS, CGG, and BGP have signed a multi-client agreement with Suriname's national oil firm Staatsolie. Under the agreement, the consortium will be able to acquire, promote and license multi-client seismic programs, including new 3D acquisition and legacy data reprocessing, in the shallow water acreage offshore Suriname. Suriname’s shallow... Continue Reading →
(PetroleoHoje) 3R Petroleum must submit new development plans (PDs) to reduce royalties and/or extend contracts for newly acquired fields within one year after approval of the Annual Work Programs (PAT), Annual Production Programs (PAD) and Annual Reserve Bulletins (BAR) by the ANP. In an official letter to the agency, the company proposed the presentation of... Continue Reading →
Brazil Energy Insight 