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Exxon Mobil Corp vastly expanded its presence in Brazil on Wednesday, winning a total of eight offshore blocks in the country’s 14th oil bidding round, helping the cash-strapped nation to fetch a record 3.8 billion reais ($1.19 billion). Exxon Mobil took six blocks in consortia with state-controlled oil giant Petroleo Brasileiro in the promising offshore... Continue Reading →
Eco Atlantic Oil & Gas has entered into an option agreement on its Orinduik block, offshore Guyana, with Total E&P Activités Pétrolières, a wholly owned subsidiary of French oil major Total. Eco Atlantic said on Tuesday that the option agreement provided Total with an option to acquire a 25 percent working interest in the Orinduik... Continue Reading →
Mexican oil company Pemex has signed exploration and production contracts in shallow waters with Deutsche Erdoel AG (DEA) and Ecopetrol. Pemex said on Monday that the areas corresponded to Blocks 2 and 8 from Round 2.1, which were included in the bidding process by the National Hydrocarbons Commission (CNH). The signing ceremony was presided over... Continue Reading →
Brookfield Business Partners has completed the acquisition of a 60 percent stake in Teekay Offshore Partners, a provider of marine services and solutions to the offshore oil industry. To remind, Brookfield entered into the initial deal with Teekay in late July. At the time, it was said that the total investment as part of the Teekay... Continue Reading →
Updated: Tuesday, September 26, 2017, 09h38 The Special Bidding Commission (CEL) analyzed yesterday (25/09) the requests of companies that expressed interest and requested qualification in the 2 nd and 3 rd Round of the Pre-salt. All companies qualified for the 2nd Round are also qualified for the 3rd. Of those approved yesterday, 10 are... Continue Reading →
Those in the oil market fearing a flood of OPEC supply next year will probably be better off preparing for a shortage, according to Citigroup Inc. Five countries in the group -- Libya, Nigeria, Venezuela, Iran and Iraq -- may already be pumping at their maximum capacity this year, Ed Morse, the bank’s global head... Continue Reading →
Brazil’s oil auction this week will test whether a raft of market-friendly reforms under President Michel Temer can tempt investors back to a sector tarnished by a corruption scandal at state-controlled oil firm Petróleo Brasileiro SA. Brazil will auction 287 onshore and offshore exploration blocks on Wednesday, raking in at least 1.69 billion reais ($537... Continue Reading →
Oilfield-services company Rowan Cos. is in talks to acquire the drilling business of A.P. Moller-Maersk A/S, which is selling energy assets to focus on transportation, people familiar with the matter said. The drilling business assets could be valued at about $4 billion, although the valuation could change as the talks proceed, the people said, asking not to be... Continue Reading →
Economists expect Brazil’s inflation rate to end 2017 below the government’s target range for the first time ever, according to a central bank survey on Monday. Consumer prices, as measured by the benchmark IPCA index, are likely to rise 2.97 percent in 2017, according to the median of around a hundred forecasts, down from 3.08... Continue Reading →
The National Petroleum, Natural Gas and Biofuels Agency (ANP) has approved 32 companies for the Wednesday, September 27 bidding round. Among them, 18 are foreign and 8 still do not have a contract for exploration in Brazil. The winners will operate under a concession regime. List of approved companies: BP Energy do Brasil (United Kingdom)... Continue Reading →
Brazil Energy Insight 