Rystad: Oil & gas exploration on the decline with global awarded acreage near all-time lows

With the current energy crisis and clean energy transition taking centre stage, companies are shifting focus to lower-risk core assets and regions, thus, Rystad Energy, an energy intelligence group, forecasts that the global oil and gas exploration spending and activities are expected to shrink even further this year as the number of licensed blocks and total acreage fall... Continue Reading →

PGS reprocessing legacy 2D seismic offshore Uruguay

 (OM) PGS is making available time products for an 11,000-km (6,835-mi) reprocessed seismic volume covering an extension of Uruguay's shallow and deepwater provinces, from the Pelotas basin to the Punta del Este basin. The package includes ties to the company’s 15,600-sq km (6,023-sq mi) 3D GeoStreamer dataset, allowing analog assessment of the recent equatorial margin... Continue Reading →

Petrobras concludes the sale of assets in Uruguay

Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on October 2, 2020, informs that its indirect subsidiary Petrobras Uruguay Sociedad Anónima de Inversión (PUSAI), concluded today the sale of its entire stake in Petrobras Uruguay Distribución S.A. (PUDSA), in Uruguay, to Mauruguay S.A., an indirect wholly-owned subsidiary of Disa Corporación Petrolífera S.A.... Continue Reading →

PGS to Reprocess Uruguay’s Exploration Data

Norwegian oil and gas exploration seismic data company PGS has signed an agreement with Uruguay's state oil company ANCAP to reprocess over 11 000 km of existing 2D lines of various vintages, applying the latest seismic imaging techniques. "This rejuvenation will provide new, reprocessed 2D seismic that will tie with PGS’ existing 15 600 sq.... Continue Reading →

Petrobras rationalizes international presence

Petróleo Brasileiro S.A. - Petrobras informs that it will rationalize its international presence in 2021, considering the three main oil markets in the world - Europe, North America and Asia. In this way, it will concentrate its commercial operations outside Brazil in the offices in Rotterdam, the Netherlands, Houston, United States, and Singapore. The initiative... Continue Reading →

The South American Deepwater Sector

2020 set the stage for a profound transformation in the oil and gas industry. The oil and gas industry was already facing a challenging transition process as economies move toward a low-carbon future; however, surviving and prospering in a low-oil-price and high-risk environment is an even greater and more urgent challenge. Producers with relatively high-cost... Continue Reading →

Bahamas Petroleum, Columbus Energy Merger Gets Court Approval

The proposed all-stock merger between Bahamas Petroleum Company and Columbus Energy Resources was sanctioned by the court on Wednesday, paving way for the merger execution. Bahamas Petroleum Company, an oil firm with exploration assets in the Bahamas, and as of recently offshore Uruguay, and Trinidad-focused oil and gas production Columbus Energy Resources first announced intention to merge in... Continue Reading →

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