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Craig Fleming (WO) With the havoc created by the war in Ukraine and the hard push to convert to renewables, operators are once again focusing on the high ROI that offshore prospects offer. There is an onslaught of good news and positive indicators that suggest operators are poised to significantly increase offshore development in 2022. ... Continue Reading →
(Reuters) - Suriname's state firm Staatsolie and a unit of Chevron Corp (CVX.N)have signed a production sharing contract for exploring and producing oil at an offshore block, the companies said on Wednesday, expanding their cooperation in the South American country. Surinam is a small onshore crude producer, but the South American country has yet to confirm... Continue Reading →
(Bloomberg) — Guyana, home to the world’s largest oil discovery of the past decade, is in discussions with Abu Dhabi to build a deepwater port to serve the rapid economic development along South America’s Caribbean coast. “We must have a major deepwater port to handle a Panamax” ship, President Irfaan Ali said today during an investment seminar... Continue Reading →
President Joe Biden’s decision to ban Russian energy imports to the U.S. is boosting the outlook for South America’s newest oil-producing nation Guyana as well as neighboring Suriname. The deeply impoverished microstates share the offshore Guyana-Suriname Basin where global energy supermajor ExxonMobil with its partners has made a slew of quality petroleum discoveries in offshore Guyana’s Stabroek... Continue Reading →
(ON) The unprecedented oil and gas discoveries unfolding in the Guyana-Suriname basin are of historic proportions and make the region stand out as one of the most exciting hot spots the industry has seen in decades. “The Liza-1 well will be equated with the 1-RJS-628 well in terms of discovering a major petroleum province in... Continue Reading →
TotalEnergies said Monday it has made a significant new oil and associated gas discovery at the Krabdagu-1 well offshore Suriname. Made in the central area of offshore Block 58, the discovery follows previous discoveries at Maka, Sapakara, Kwaskwasi and Keskesi, and the successfully tested Sapakara South-1 appraisal well. Located 18 kilometers south-east of Sapakara South,... Continue Reading →
Offshore drilling contractor Noble Corporation has secured more work for its drilling rigs, including a conditional award for four of its drillships working for ExxonMobil in Guyana. Looking ahead, the rig owner expects significant sequential growth in the upcoming two quarters with a continued upward trajectory in activity levels and day rates. Noble Corp. on... Continue Reading →
(OM) Demand for floating rigs is soaring in the new year, with floaters making up 86% of the awards in February thus far, according to Evercore ISI’s latest Offshore Rig Market Snapshot. While no contract awarded was for more than four months, the firm commented that “day rates are clearly trending higher with Transocean... Continue Reading →
(Offshore Energy) CGX Energy and Frontera Energy have made a discovery at the Kawa-1 well located on the Corentyne block offshore Guyana, reinforcing the belief in the potentially transformational opportunity for the JV in the country. The two have now also committed to drill the second well on the block in the second half of... Continue Reading →
U.S. oil and gas company Hess Corporation has revealed that its Exploration & Production capital and exploratory budget for 2022 will amount to $2.6 billion, of which approximately 80 per cent will be allocated to Guyana and the Bakken. The situation was similar last year when Hess allocated more than 80 per cent of its 2021 Exploration... Continue Reading →
Brazil Energy Insight 