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July 17, 2019 The new resolution for offshore decommissioning activities should establish that the projects are presented by the operators to Ibama and the ANP five years in advance. The information is from the decommissioning coordinator of the regulatory agency, Edson Montez. "The expectation is that [the project] be approved within two years before the... Continue Reading →
July 17, 2019 Geopark plans to start long-term testing of the Água Grande formation in the REC-T-128 block, located in the Recôncavo Basin, in the third quarter. In a recent report, the oil company reported that a test made in the formation resulted in a production rate of 300 bopd of oil with 34 °... Continue Reading →
July 17, 2019 The next two months will be crucial for the Petrobras divestment program in the Natural Gas and Refining segments. By the beginning of September, the oil company will launch the teasers for the remaining 10% of its stake in the gas pipeline networks - Nova Transportadora Sudeste (NTS) and Transportadora Associada de... Continue Reading →
Finland’s Wartsila Oyj (WRT1V.HE) missed second-quarter forecasts on Thursday and warned that it expected demand to weaken for both its marine and energy businesses, sending shares in the engineering firm to a three-year low. Comparable operating profit in April-June fell to 113 million euros ($127 million) from 123 million euros a year earlier and missed... Continue Reading →
Norwegian oilfield services provider Aker Solutions recorded a loss in the second quarter of the year despite an increase in revenues driven by higher activity. Aker Solutions posted a loss of NOK 11 million ($1.3 million) for the second quarter of the year compared to a profit of NOK 117 million ($13.6 million) in the... Continue Reading →
Mexico’s Petroleos Mexicanos aims to balance its budget by 2021 and reverse a decade and half of declining crude production as early as next year. Under the presidency of Andres Manuel Lopez Obrador, Pemex will invest 1.95 trillion pesos ($102 billion) by 2024, it said in an emailed document ahead of the release of its... 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 June 30, 2019 (“2Q2019”). Continue reading
July 16, 2019 Enauta is licensing with Ibama the installation of an FPSO with the capacity to produce 50,000 barrels per day of oil in the Atlanta field in the deep waters of the Santos Basin. The company estimates that the production unit will begin production in 2022. The Atlanta field currently produces from an... Continue Reading →
July 16, 2019 Spectrum began licensing a campaign to acquire 6,600.97 km² of 3D seismic data in the exploratory blocks area ES-M-592 and ES-M-667, in the Espírito Santo Basin. The campaign is contracted by the companies CNOOC and Repsol, operator of the blocks, and is expected to start in December. The area of acquisition... Continue Reading →
Earlier this year, geologist Pedro Zalan, a consultant to Petrobras, the Brazilian state oil company, analyzed new seismic survey data and calculated that a huge volume of oil is likely buried deep within the seabed, far off the country’s southern coast. The news was at once exciting and worrying for a country distressed by financial... Continue Reading →
Brazil Energy Insight 