(Reuters) Chevron Corp will lay off about 25% of Noble Energy's employees who joined the oil major after its $4.1 billion purchase of the smaller rival earlier this month, the company told Reuters on Tuesday. A collapse in crude oil prices has forced most oil and gas producers to drastically cut costs by laying off thousands... Continue Reading →
Petrobras on the FPSO P-71 and the development of Tupi
Petróleo Brasileiro S.A. – Petrobras informs that, after negotiations with its partners in BM-S-11 Consortium, Shell Brasil Petróleo Ltda (25%) and Petrogal Brasil S.A. (10%), signed a commitment to purchase platform P-71, subject to the foregoing conditions related to milestones in the unit's physical progress. It was also agreed to prepare a new Development Plan... Continue Reading →
Pre-salt buoys Petrobras
Booming crude production in the region is helping to offset financial shock caused by Covid-19 Production growth has slowed to a crawl for much of the global oil sector this year. Subdued commodity prices and persistent market volatility have incentivised producers to slash capex and focus on the profitability of existing output until better economic... Continue Reading →
Digitizing Risk-based Integrity Management of FPSOs
Industries are adapting to an increasingly digitalized landscape. The floating production, storage and offloading (FPSO) industry is no different. As concerted efforts are made to improve project economics Matt Tremblay, ABS Senior Vice President, Global Offshore, discusses how digitalization can increase safety, reduce costs, and build robust technical and operational capabilities. No one could have... Continue Reading →
NEW SEISMIC DATA REVEAL POSSIBLE INCREASE IN THE ATTRACTIVENESS OF THE 17TH CONCESSION ROUND AREAS
New information regarding seismic and reservoirs revealed a possible increase in the attractiveness of the blocks that should be included in the Round. The information was announced this week by the director of the National Petroleum Agency (ANP) Dirceu Amorelli during the collegiate board meeting of the agency. As is known, the auction was suspended... Continue Reading →
Offshore deepwater oil production one of cheapest sources of new supply as costs reach new low, Rystad says
Oil production costs have reached a new low, making deepwater one of the cheapest sources of new supply, according to Norwegian energy intelligence firm, Rystad Energy. A comprehensive Rystad Energy analysis of oil production costs has revealed that the average breakeven price for all unsanctioned projects has dropped to around $50 per barrel, down around... Continue Reading →
Petrobras Boosts Output Forecast
Brazilian state-run oil company Petrobras said on Tuesday that 2020 production should exceed previously disclosed estimates, as the firm ramps up production at some of its most prolific offshore oilfields. Petroleo Brasileiro SA, as the company is formally known, said it expects to produce roughly 2.84 million barrels of oil equivalent per day (boepd) this... Continue Reading →
PETROBRAS WILL POSTPONE PART ITS OF SCHEDULED STOPS OF ITS PLATFORMS FOR 2021
The still challenging scenario imposed by the coronavirus pandemic continues to spill into Petrobras' plans. The state-owned company announced this week that it decided to postpone, to 2021, part of its scheduled platform stops, initially planned for the fourth quarter. The measure is a response to the contingency scenario of Covid-19, which continues to limit... Continue Reading →
Petrobras Highlights on production and sales in 3Q20
Petrobras' operational performance in 3Q20 was very good, considering the challenging scenario imposed by the COVID-19 pandemic. Our oil and gas production in Brazil grew by 9.0% in the first nine months of this year compared to last year. The production of the pre-salt fields increased by 32%, while in the other areas, post-salt, shallow... Continue Reading →
Op/Ed: The Digital Oilfield is Arriving Sooner than We Think
The Coronavirus and a surge of available connectivity means take-up of new E&P technologies is stronger than ever, writes Tore Morten Olsen, President, Maritime, Marlink. The oilfield of the future is a concept that was emerging before the Coronavirus overwhelmed the global economy and sent shockwaves through the energy markets. In fact, the disruption of... Continue Reading →
Brazil Energy Insight 