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U.S. oil major Exxon has lowered its expectations for oil prices for much of the next decade, the Wall Street Journal reported on Wednesday, citing internal company documents. As part of an internal financial-planning process conducted this fall, the company has cut its outlook for future oil prices for each of the next seven years... Continue Reading →
The secretary of oil and natural gas of the Ministry of Mines and Energy, José Mauro Ferreira, announced that the government should approve in December the so-called Promar – Mature Offshore Fields Revitalization and Incentive Program. The announcement was made during the opening of the Mossoró Oil & Gas event in Rio Grande do Norte.... Continue Reading →
Petrobras announced two relevant bids this week, involving subsea equipment and pipeline connection services on platforms. The first bid includes the acquisition of five umbilical termination units (UTA) for the Búzios 5 platform, FPSO Almirante Barroso. The second bid for a service contract for the operation of pull-in and pull-out systems for subsea pipelines on... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, in relation to the news published in the media, regarding the divestment of the Papa-Terra field, Campos Basin, clarifies that the stage of receiving binding offers was completed on 9/29/2020. As a result, on 10/29/2020, negotiations started with Starboard Asset Ltda (Starboard), a fund manager that has a relevant stake... Continue Reading →
With the energy transition gaining pace, several exploration and production (“E&P”) companies have adjusted their business models; both to reduce emissions and to mitigate climate-related business risks. E&Ps may be grabbing the headlines regarding the oil and gas industry’s response to the energy transition, but the core of their supply chain – Oil Field Services (“OFS”)... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras informs that the Petrobras Day will be held in Portuguese on November 30th, 2020 and in English on December 1st, 2020, when it will present its 2021-25 Strategic Plan. Petrobras will use the Microsoft Teams tool (link below) for the event. Petrobras Day Portuguese November 30th, 2020 Petrobras Day ... Continue Reading →
Bassoe Analytics, a Norwegian offshore drilling rig data company, said Tuesday it has merged with Greenpact Data. The merged company, called Esgian, has been described as a provider of Environmental, Social, and Corporate Governance (ESG) impact analytics for the energy transition. According to info on its website, Esgian's mission is to create "independent and innovative data... Continue Reading →
Group moves forward in negotiations to acquire its first deepwater project in the Campos Basin. 3R Oil & Gas should acquire the Papa-Terra field in Petrobras' divestment program. Sources linked to the business anticipated that the Brazilian group presented the best proposal in the process, being selected as the preferred leader. The company has already... Continue Reading →
Petrobras informs that it has launched the More Value Program (Programa Mais Valor), a new financial solution tool for suppliers. The pilot started last week and, in November 30th, the tool will be opened to companies interested in anticipating invoices with more competitive rates. The program seeks to stimulate the oil and gas production chain... Continue Reading →
Investments from global exploration and production companies (E&P) in 2021 are projected to reach around $380 billion, almost flat year-on-year, a Rystad Energy report shows. However, about 20 per cent of this amount could be at risk. About 20 per cent or $76 billion of the estimated 2021 investments could be at risk of deferral... Continue Reading →
