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French oil major TotalEnergies said Friday it had started production from the CLOV Phase 2 in Angola, a project connected to the existing CLOV FPSO. Sitting approximately 140 kilometers from the Angolan coast, in water depths from 1,100 to 1,400 meters, the CLOV Phase 2 resources are estimated at around 55 million barrels of oil... Continue Reading →
The national production of oil and natural gas in October totaled 3,606 MMboe/d (million barrels of oil equivalent per day), with 2,777 MMbbl/d (million barrels daily) of oil and 132 MMm3/d (million cubic meters) of natural gas. There was a 7.4% reduction in oil production compared to the previous month and 3.3% compared to October... Continue Reading →
U.S. oil major Chevron Corporation has revealed its 2022 organic capital and exploratory spending programme of $15 billion, at the low end of its $15 to $17 billion guidance range and up more than 20 per cent from 2021 expected levels. The company also expects to increase its share buyback programme. As explained by Chevron on Monday, this capital programme... Continue Reading →
U.S. energy major ExxonMobil has finalized its corporate plans, which increase spending to $15 billion on greenhouse gas emission-reduction projects over the next six years while maintaining disciplined capital investments in its portfolio. Exxon has also increased its annual dividend payment for the 39th consecutive year. As explained by ExxonMobil on Wednesday, the plans support... Continue Reading →
The auction of surplus volumes from the transfer of rights in the areas of Sépia and Atapu, in the Santos Basin pre-salt, represents, for the oil companies, immediate access to projects in the operational phase and may, depending on the results, attract two new producers. Among the eleven companies qualified for the round, scheduled for... Continue Reading →
Petrobras divestment plan suffered a significant blow. The company decided that it will no longer sell 50% of the Marlim Cluster, which comprises of the Marlim, Voador, Marlim Leste and Marlim Sul fields, located predominantly in deep waters in the Campos Basin. “It is an asset that we have already managed to extend [the term... Continue Reading →
(Reuters) - Brazilian state-run oil company Petrobras loosened its dividend policy and raised capital spending projections in a new five-year strategic plan unveiled late on Wednesday that was cheered by analysts and investors. In a securities filing, Petroleo Brasileiro SA (PETR4.SA), as the company is formally known, said it was ending its previous dividend policy, which... Continue Reading →
(Reuters) - Ecuador hopes to hold at least four auctions in 2022 to award oil blocks and the operation of Esmeraldas, its largest refinery, to private companies as it seeks to pull in billions of dollars in investments, Energy Minister Juan Carlos Bermeo said on Friday. The blocks up for grabs are currently controlled by... Continue Reading →
(TNPetroleo) The Second Round of Bidding for the Excess Volumes of the Transfer of Rights has 11 companies registered and is scheduled for Dec. 17th. Yesterday another company was approved by the Special Tender Committee (CEL): QP Brasil Ltda (Qatar Petroleo). Another ten companies are also eligible for bidding, having been approved at previous CEL... Continue Reading →
An analysis of the annual cost of supply by the Norwegian energy intelligence firm, Rystad Energy, has revealed that costs within the upstream sector have come down considerably in 2021, making new oil more competitive and significantly cheaper to produce. However, Rystad noted that climate policies may fail unless they focus on demand rather than... Continue Reading →
Brazil Energy Insight 