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The four contracts for surplus volumes of the Transfer of Rights - Búzios and Itapu (already signed) and Sépia and Atapu (which will go up for auction next December) - should account for 56% of production under the sharing regime by 2030, producing 4 billion barrels of oil in the decade. In total, the estimated... Continue Reading →
(Reuters) Rising calls to cut carbon emissions and to reduce global warming could generate more offshore partnerships and increase the output of cleaner oil for Brazil, the production chief of state-controlled Petrobras said in an interview. Brazil oil officials are in Houston at an offshore oil conference shopping for partners to develop deepwater oilfields that... Continue Reading →
Italian oil firm Eni said Friday it had recently started production from the Cuica field offshore Angola. The company is producing oil from the field via the Armada Olombendo FPSO. Production started on July 30, 2021, just over 4 months from discovery. To remind, when it first announced the discovery, Eni said the field would be... Continue Reading →
Russian independent oil company Lukoil has started drilling its first exploration well at Block 12 located in the southern area of the Gulf of Mexico. Lukoil said on Monday that the Yoti West-1Exp well would be drilled by the Valaris 8505 semisubmersible rig, which was transported to Block 12 after its successful work at Block 10 on... Continue Reading →
(OE) Venezuela's national oil company PDVSA is reportedly preparing to resume production from the Corocoro offshore oil field. Reuters said Thursday, citing people familiar with the matter, that PDVSA would use the Cororoco oil to feed its refineries. The Corocoro oil field, in which the Italian oil firm Eni is a partner as part of... Continue Reading →
(OM) Brazil is expected to contribute around 23% (1.3 MMb/d) of global crude oil and condensate production in 2025 from offshore projects coming onstream between 2021 and 2025, according to GlobalData. The company’s report, ‘Global Offshore Upstream Development Outlook, 2021–2025’, reveals that 1.16 MMb/d of crude and condensate production in Brazil in 2025 is expected from... Continue Reading →
Talos Energy Inc has withdrawn from a consortium with EIG Global Energy Partners, Enauta Participacoes SA and 3R Petroleum Oleo e Gas SA, and the group has submitted a binding offer to Petrobras for the Albacora and Albacora Leste oilfields in Brazil, five sources with knowledge of the matter said on Monday. Another consortium composed... Continue Reading →
(Bloomberg) -- Brazil’s state-controlled oil company saw its earnings surge in the second quarter, thanks to a rally in crude prices and a hydropower crunch in Brazil that boosted electricity demand. Since late last year, Petrobras has sold more fuel oil domestically and increased output at its own thermal power plants, part of a wider... Continue Reading →
(Valor) The president of PetroRio, Roberto Monteiro, said that the company “is ready” to take its next steps in growth. The oil company ended the second quarter with a cash position of R$4.53 billion, after issuing US$600 million in bonds in the period. Among PetroRio's new steps, the company expects to start drilling in 2022... Continue Reading →
Shell courts multiple suitors for its $10B Permian shale portfolio (Bloomberg) --Devon Energy Corp. and ConocoPhillips are among potential suitors studying Royal Dutch Shell Plc’s portfolio of Permian Basin oil fields, which could be worth as much as $10 billion in a sale, people familiar with the matter said. Chevron Corp. is also among companies considering... Continue Reading →
Brazil Energy Insight 