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The upcoming partial return of curtailed OPEC+ oil production from August is set to create a new four-month supply glut of around 170 million barrels, a Rystad Energy analysis reveals. The analysis is based on the assumption that oil demand will not rebound as quickly as previously thought due to the persistent expansion of the... Continue Reading →
Brazil’s natural gas sector is poised for profound change. After years of intense focus on the country’s enormous pre-salt oil reserves, the government is finally shifting its efforts towards the domestic gas market. State energy firm Petrobras has been tasked with leading the vanguard for change. The Brazilian company is in the process of radically... Continue Reading →
Oilfield services giant Halliburton Co (HAL.N) posted its third straight quarterly loss on Monday as it took a $2.1 billion impairment charge amid a slump in oil prices and the resulting collapse in drilling by North American customers. Demand for drilling services and oilfield equipment offered by Halliburton and rivals Schlumberger (SLB.N) and Baker Hughes... Continue Reading →
July 17, 2020 Petrobras is working to anticipate the deactivation of the floating platforms provided for in its current decommissioning plan. Among the priorities are the production units in the Marlim and Voador fields, in the Campos Basin. In a letter submitted to the ANP, the oil company proposed to send, first, the installation deactivation... Continue Reading →
The Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+, have agreed to curb oil supply from August as the global economy recovers from the COVID-19 pandemic. It is worth saying straight from the off that OPEC+ has been cutting oil production since May by 9.7 million barrels per day, or 10 per... Continue Reading →
The number of drilled oil and gas wells this year is expected to reach about 55,350, the lowest since at least the beginning of the century, Norwegian energy industry intelligence firm Rystad Energy said. The demand for drilling equipment is also down. The expected 55,350 wells in 2020 are a drop of 23% fall from... Continue Reading →
The offshore wind industry had by far its busiest half-year ever for final investment decisions in 1H 2020, surpassing the full-year figures from 2019, according to the latest report from research company BloombergNEF (BNEF). Offshore wind financings in 1H 2020 totaled $35 billion, up 319% year-on-year and even well above 2019’s record full-year figure (a... Continue Reading →
Global oil demand will soar by a record 7 million barrels per day (bpd) in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly report. It was the first report in which OPEC assessed oil markets next year. It said the forecast assumed... Continue Reading →
Norway's BW Offshore Ltd and DBO Energy are among the firms mulling a bid for Petrobras' Golfinho oilfield cluster, two sources said, as Brazil's state-run oil company seeks to re-spark its asset sale program in the wake of this year's crude price crash. With average daily production of 15,000 barrels of oil and 750,000 cubic meters of gas, Golfinho is... Continue Reading →
Mexico's state oil company Pemex and a private consortium led by U.S.-based Talos Energy Inc have been instructed to come to an agreement detailing how they will jointly develop a large offshore oil find, the energy ministry said on Wednesday. The formal instruction from the energy ministry, dated July 7 but announced in a statement... Continue Reading →
Brazil Energy Insight 