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Brazilian oil and gas company PetroRio is gearing up to start its revitalisation campaign offshore Brazil with Ocyan’s rig after its drilling programme for the Frade field received a green light from the country’s oil and gas regulator. Located in the Northern Campos Basin off the coast of Brazil, the Frade field is a subsea... Continue Reading →
(Reuters) - Guyana sold its first share of crude oil from the country's newest offshore production facility to Exxon Mobil (XOM.N) for about $106 million, the government said. One of South America's poorest nations, Guyana plans to use proceeds from oil in the short term to build roads, bridges, houses, gas-fired power plants and solar energy projects.... Continue Reading →
Brazilian oil company Petrobras has brought online the first two wells of the increased oil recovery (IOR) project at Roncador project offshore Brazil, almost five months ahead of schedule and at half of the planned cost, Equinor, Petrobras' partner in the project, said Wednesday. "This represents an important milestone in the development of the field, increasing... Continue Reading →
(Reuters) - Argentina has extended a concession held by energy firms Total Austral, Wintershall Dea Argentina and Pan American Sur for 10 more years until 2041, and approved an investment plan for $700 million, according to a government decree published on Tuesday. The extension for exploring conventional oil and gas in the 1,900 square kilometers... Continue Reading →
(PetroleoHoje) From a list of 195 fields, 71 have already have their royalties reduced according to ANP Resolution No. 853/2021, which allows the reduction of the royalty rate to 5%, in the case of fields granted to small companies, and to 7, 5%, for fields operated by medium-sized companies, if they comply with the requirements... Continue Reading →
(WO) Petro-Victory Energy Corp. secured 19 new oil and gas blocks in the company's core operating area, the Potiguar Basin onshore Brazil, the company announced. This acquisition cements Petro-Victory's status as one of the largest landholders in the highly petroliferous basin. Petro-Victory secured the blocks by participating in the Agencia Nacional do Petroleo Gas Natural e... Continue Reading →
The Brazilian Institute of the Environment (Ibama) granted Petrobras the operating license for the FPSO Guanabara, the first definitive unit in the Mero field, in the Santos Basin. The document will be valid for eight years. The platform ship arrived at the field in February to carry out operational tests. The FPSO Guanabara was converted... Continue Reading →
(PE) Angolan NOC selects preferred bidders—with exclusive acquisition rights—to buy partial stakes in six blocks, four of which are already in production Angola’s Sonangol called last year for bids on portions of its equity shares in various blocks and has been evaluating the results since September. The NOC has now selected preferred bidders for its... Continue Reading →
(Reuters) - China's top offshore oil and gas producer CNOOC Ltd. (0883.HK) is preparing to exit its operations in Britain, Canada and the United States, because of concerns in Beijing the assets could become subject to Western sanctions, industry sources said. Ties between China and the West have long been strained by trade and human rights issues... Continue Reading →
(OGJ) Soaring oil, gas and power prices—combined with the European Union (EU) reducing its reliance on Russian supplies and post-COVID-19 pandemic inflation—will push global energy spending to $2.1 trillion this year, according Rystad Energy research. Upstream oil and gas spending is expected to rise 16%, or $142 billion, from last year, as oil and gas... Continue Reading →
Brazil Energy Insight 