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MAN Energy Solutions will supply five radial compressor and two screw compressor trains for the Bacalhau FPSO, under the contract with the Japanese FPSO specialist MODEC. The compressor trains will be installed aboard the FPSO that will be used to produce oil for Equinor at the Bacalhau field, about 185 kilometers off the Brazilian coast... Continue Reading →
In November 2007 Brazil’s national oil company, Petrobras, shocked the E&P world by announcing a 5-to-8-Bbbl discovery in a completely unknown geological play: carbonate reservoirs below a 2-km layer of salt, offshore Brazil, in a 2,000-m water depth. This announcement marked the beginning of a complete turnaround in the history of Brazil’s oil and gas... Continue Reading →
(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 →
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 →
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 →
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 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 →
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 →
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 →
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 →
Brazil Energy Insight 