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National production in November was 3,550 MMboe / d (million barrels of oil equivalent per day), of which 2,755 MMbbl / d (million barrels per day) of oil and 126 MMm3 / d (million m3 per day) of natural gas. Oil production decreased 4.1% compared to the previous month and 10.9% compared to November 2019.... Continue Reading →
Pressured by strict U.S. sanctions, Venezuela's oil exports plunged by 376,500 barrels per day (bpd) in 2020, according to Refinitiv Eikon data and internal documents from state-run PDVSA, financially squeezing socialist President Nicolas Maduro. The administration of U.S. President Donald Trump also put curbs on PDVSA's main trading partners, the owners of tankers still transporting... Continue Reading →
Oil demand from China has been one of the few bright spots for a global petroleum industry severely impacted by a long-term global supply glut and the economic fallout from the COVID-19 pandemic. The world’s second-largest economy hunger for energy keeps growing despite the global COVID-19 pandemic and a resultant sharp decline in global economic... Continue Reading →
ExxonMobil will start a new exploration campaign off the Brazilian coast. The company received the authorization from Ibama (Brazilian Environmental Institute) to drill wells in blocks BM-C-753, BM-C-789, BM-S-536, BM-S-647 and Titã, located in the Campos basins and Santos. The license granted by the environmental agency will last for four years. With the authorization in... Continue Reading →
Exxon Mobil Corporation XOM recently reached a milestone, as the Liza-1 well in Stabroek block offshore Guyana met the original target of 120,000 barrels of oil per day (bpd) production at the site. A glitch in the re-injection process and equipment delays deferred the achievement of the milestone. Moreover, the coronavirus pandemic delayed the commissioning of... Continue Reading →
The Covid-19 pandemic has devastated crude and condensate demand in 2020, creating massive supply surpluses and filling up inventories, causing producers to slash output in order to keep prices at somewhat profitable levels, according to Rystad Energy. Rystad Energy’s latest balances, however, show that 2021 could offer producers a window of opportunity, as monthly supply... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras informs that it signed today with Petrorecôncavo S.A. a contract for the assignment of its entire stake in 12 onshore exploration and production fields, denominated Remanso Cluster, located in the state of Bahia. The sale value is US$ 30 million, being (i) US$ 4 million paid on the present date;... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on November 4, 2020, informs the beginning of the non-binding phase, referring to the sale of all of its stakes in a set of 28 onshore production field concessions, with integrated facilities, located in the Recôncavo and Tucano Basins, in different municipalities of the... Continue Reading →
Mexico's energy ministry has approved a 60-day extension for talks between state oil company Pemex and a private consortium led by U.S.-based Talos Energy Inc over the future of a massive shared crude deposit, Talos chief executive Tim Duncan told Reuters on Tuesday. The energy ministry's previous deadline for a deal on an initial so-called... Continue Reading →
Petrobras will take over the operation of block FZA-M-59, in the Foz do Amazonas Basin, and will be the main operator responsible for the areas contracted in deep waters in the region in 2013, in the 11th round. The information is from the National Agency of Petroleum, Gas and Biofuels (ANP), which approved the change... Continue Reading →
Brazil Energy Insight 