Canadian oil firm Africa Oil has beefed up its share in Eco Atlantic oil company currently preparing for a potentially transformational drilling campaign offshore Guyana. In a statement on Wednesday, Africa Oil Corp said it had acquired 4,752,850 common shares of Eco (Atlantic) Oil and Gas Ltd. for US$1.05 per common share for a total... Continue Reading →

An agreement between Brazil’s oil giant Petroleo Brasileiro SA and the government has ended a five-year dispute and eliminated one of the main uncertainties surrounding its investment case, analysts said. JPMorgan increased its price target for the company’s American depositary receipts to $21.50 from $20, and the bank expects Petrobras to use “a good portion” of the $9.06 billion... Continue Reading →

April 12, 2019 The Petrobras contracting model for the acquisition of offshore seismic data should be changed. Instead of contracts per campaign, the oil company evaluates the possibility of using long-term umbrella contracts, with at least five years of validity, in conventional mapping and with nodes (bottom cables). The new contracting system has been discussed... Continue Reading →

Chevron Corp unveiled a $33 billion takeover of Anadarko Petroleum Corp on Friday, bolstering its position in shale oil and liquid natural gas production with the biggest industry merger since Royal Dutch Shell bought BG Group in 2016. With oil prices surging this year, Chevron and larger rival Exxon Mobil have been doubling down on... Continue Reading →

11/04/2019 Maha Energy is preparing a new well to start production at the Tiê field in the Recôncavo Basin. The oil company reported that the Attic well (7-TIE-1D-BA) reached 2,607 m depth, intersecting all defined targets, including the formation of Boipeba. The company added that the tests carried out in the Água Grande and Sergi... Continue Reading →

Oceaneering has launched a new global Engineering Consultancy, aimed at delivering specialist technical engineering solutions that complement its existing Asset Integrity business. The new consultancy will increase global demand for specialist technical services across the energy industry, and its focus will be to solve complex and niche integrity issues for customers through a range of... Continue Reading →

Offshore drilling companies Ensco and Rowan have completed the previously announced merger deal, creating a new company named Ensco Rowan. Ensco Rowan is now the world’s largest offshore drilling company by fleet size. The merger completion follows the satisfaction of the transaction’s closing conditions including approval by each company’s shareholders and sanction by the UK... Continue Reading →

The World Bank’s board of executive directors has approved a $20 million credit from the International Development Association (IDA) to strengthen institutions, laws, and regulations to promote good governance and a prudent management of Guyana’s oil and gas sector. Announcing the credit last week, the World Bank noted Guyana’s position among the 25 largest oil reserve-holders... Continue Reading →

10/04/2019 A new survey by KPMG consultancy indicates that the state of Rio de Janeiro had 75 mergers and acquisitions in the year 2018, a considerable increase compared to the 62 operations registered in the previous year. The main highlight was the oil and gas sector, which had the largest number of transactions of type... Continue Reading →