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Qatar's state-owned oil and gas company Qatar Petroleum has signed three farm-in agreements to acquire about 30% of Total’s participating interest in blocks 15, 33 and 34 located in the Campeche Basin, offshore Mexico. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum said: "We are pleased... Continue Reading →
Oceaneering International announced that its Remotely Operated Survey group has successfully completed an integrated rig services campaign for a major operator offshore South America, recording a milestone 150,000 hours of ROS operations and no client operations or vessel downtime. Oceaneering was contracted by Apache Corp. in June 2019 to provide Integrated Rig Services on the... Continue Reading →
The worldwide offshore rig count in April 2020 dropped 28 rigs year-over-year and 19 rigs sequentially, according to rig count reports by Baker Hughes. Baker Hughes splits its rig counts into international and North America rig counts, which combined make the worldwide rig count. Continue reading
Saudi Aramco began reducing oil production earlier this week ahead of the May 1 start date for OPEC+ output cuts, according to a Saudi industry official familiar with the matter. Aramco has begun to curtail production from about 12 million barrels a day to achieve the agreed level of 8.5 million barrels a day, the... Continue Reading →
The Trump administration will not make a broad cut to the royalty rate oil and gas companies must pay on their offshore drilling operations despite a historic oil price collapse that has put the industry in crisis, a Gulf Coast lawmaker briefed on the matter told Reuters on Wednesday. The administration's decision scratches off one... Continue Reading →
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil, Chile and Ecuador, today announced its operational update for the three-month period ended March 31, 2020 (“1Q2020”). All figures are expressed in US Dollars and... Continue Reading →
A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse. U.S. West Texas Intermediate (WTI) crude for May delivery recouped some losses on Tuesday to be just... Continue Reading →
(Reuters) - U.S. crude oil futures turned negative on Monday for the first time in history as storage space was filling up, discouraging buyers as weak economic data from Germany and Japan cast doubt on when fuel consumption will recover. Physical demand for crude has dried up, creating a global supply glut as billions of... Continue Reading →
As the offshore market entered 2020, many within the industry had an optimistic outlook for the future and the consensus was ‘the worst is behind us’. However, nobody could have foreseen the events that would unfold in Q1 2020 and the impact that would be felt throughout every corner of the global economy. Continue reading
The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said. After several days of discussions, oil producing and consuming countries aim to remove... Continue Reading →
Brazil Energy Insight 