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Offshore drilling contractor Pacific Drilling, which last month filed for Chapter 11 Bankruptcy, on Tuesday said that the United States Bankruptcy Court for the Southern District of Texas had confirmed its debt reorganization plan. The driller in November filed for Chapter 11 bankruptcy with the aim to eliminate $1.1 billion debt. Bernie G. Wolford, Pacific Drilling's... Continue Reading →
Oil giant Shell has extended the contract for the lease of SBM Offshore's Espirito Santo FPSO in Brazil. SBM Offshore is also in talks with ExxonMobil to extend the FPSO terms in Guyana. The Dutch FPSO operator said Wednesday that the lease and operation contracts with Shell of the FPSO Espirito Santo would be extended... Continue Reading →
The company announced on Tuesday news of chances in the high command in Brazil. The executive Veronica Rezende Coelho will start as president of the company in Brazil as of February 1st. She will assume the role that is being performed on an interim basis by Leticia Andrade, who has been in command since the... Continue Reading →
PetroRio S.A. (“Company” or “PetroRio”), in accordance with best corporate governance practices and transparency, and in order to maintain informational equity in view of the possible share offering disclosed in the Material Fact of December 15, 2020, informs its shareholders and the market in general about recent events of the Company. Long-Term Financing -... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras informs that it has confirmed oil of excellent quality with the drilling of well 9-BUZ-48D-RJS, located in the extreme northwest of Búzios field in the Santos Basin. The well is located 188 km from the city of Rio de Janeiro and was drilled at a water depth of 1,850... Continue Reading →
The oil company announced to its shareholders this morning that it will assume the entire stake in the Atlanta Field, in the BS-4 block of the Santos Basin. Looking to the future, the company is now preparing to start a bidding process to contract the definitive FPSO for the field - which today has an... Continue Reading →
For nearly 80 years, Mexico kept its borders closed to foreign oil interests, with the state-owned and -run Petroleos Mexicanos (Pemex) being the only entity allowed to drill for gas in Mexican territory. In 2017, then-president Enrique Peña Nieto opened up Mexico’s considerable oil reserves to foreign oil companies and investors for the first time in nearly... Continue Reading →
The Union oil surplus under the production sharing regime increased 74% in October, compared to September, registering a daily average of 7 thousand barrels of oil. Of this total, 4 thousand bpd (barrels of oil per day) were produced in the Mero Development Area, 3 thousand bpd in Entorno de Sapinhoá and 40.7 bpd in... Continue Reading →
The 10 Year Energy Plan (PDE) 2030 is in public consultation this week, bringing some expressive forecasts about how the oil and gas sector in Brazil will develop in this decade. The document points out that the exploration and production (E&P) segment should receive investments between US$ 415 billion and US$ 454 billion in the... Continue Reading →
Inadequate investment in exploration and new drilling may leave the world without enough oil in 20 to 30 years despite a shift towards renewable power sources, top energy analysts say. The long-term outlook contrasts with today's situation where plunging oil demand due to the coronavirus crisis has left the market oversupplied, prompting the Organization of the Petroleum Exporting Countries,... Continue Reading →
Brazil Energy Insight 