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(Reuters) - Two U.S. investment funds on Tuesday said they formed a joint venture with a Venezuelan firm to pursue oil and gas exploration and production projects in the U.S.-sanctioned South American country. Gramercy Funds Management and Atmos Global Energy said their joint venture would work with an arm of Inelectra Group, a Caracas-based firm... Continue Reading →
(Reuters( President Joe Biden's administration on Friday unveiled a five-year proposal for offshore oil and gas development in areas of existing production, and said the final plan may have anywhere from zero to 11 lease sales. The range of options, between two auctions a year and none at all, sought to balance the administration's efforts... Continue Reading →
(Reuters) - More than two weeks of protests in Ecuador caused state-run oil company Petroecuador to lose 1.99 million barrels of oil production, the company said on Friday, adding that it expects to reach 90% of pre-crisis output in the next week. Protests erupted in Ecuador in June to demand lower fuel prices and limits... Continue Reading →
(OP) Latin America’s largest economy Brazil is experiencing a massive offshore energy boom which has seen the country overtake Venezuela and Mexico in little over a decade to become the region’s largest oil producer. This is driven by pre-salt petroleum discoveries in offshore Brazil, with the first being made by national oil company Petrobras in the Santos... Continue Reading →
(OE) Shell's and TotalEnergies' Graff and Venus deepwater discoveries off Namibia have put southern Africa under the exploration spotlight. With deepwater offering high productivity reserves, it's a spotlight that's likely to linger for a few years yet, despite continued offshore upstream capital discipline. With talk of TotalEnergies' offshore Namibia Venus discovery potentially containing more than... Continue Reading →
Danish offshore rig owner Maersk Drilling has secured a one-well extension for its drillship Maersk Valiant in Suriname. TotalEnergies E&P Suriname has exercised an option to add the drilling of one additional well in Block 58 offshore Suriname to the work scope of the drillship Maersk Valiant, the drilling contractor reported on Thursday. The contract extension has an estimated... Continue Reading →
(PN) Petrobras launched this week a tender for contracting inspection services in its industrial assets located on land and sea. The tender covers both refining units as well as platform ships currently in operation in the Brazilian pre-salt. The expectation is that the opening of the envelopes with the proposals will take place on the... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 03/18/2020, informs that the divestment process of the maritime concession called Golfinho Cluster, located in deep waters, in the Espírito Santo Basin, is still in the binding phase. The company BW Energy was invited to the negotiation stage, as reported by this company... Continue Reading →
By: Philip Lewis (OE) Over the last year we have seen an upswing in floating production and storage systems ordering after many years of low activity. According to our colleagues at World Energy Reports, “The global oil and natural gas markets are contending with rebounding energy demand on top of supply disruptions from Russia’s invasion... Continue Reading →
(Reuters) - U.S. oil producers profiting from sky-high prices are doling out billions to shareholders and building cash reserves, a strategy irking lawmakers and voters struggling with record fuel prices while winning over Wall Street. Soaring fuel prices have boosted inflation to a 40-year record and are expected to drive up U.S. gasoline by more... Continue Reading →
Brazil Energy Insight 