Mexican President Andres Manuel Lopez Obrador said that oil output from private companies hasn’t risen to a level that would justify restarting auctions that his administration put on hold. Lopez Obrador said private companies are only producing 4,000 barrels of crude per day, based on the information he has from state-owned oil company Petroleos Mexicanos. As... Continue Reading →

Rio de Janeiro, April 25, 2019 –  Petróleo Brasileiro S.A. – Petrobras informs, within its ongoing process of assessment of contingencies, that it will provision R$ 1.3 billion as a result of the current stage of litigation involving the company Sete Brasil. The company, which is a victim of the facts verified by Operation Car... Continue Reading →

By World Oil staff on 4/24/2019 HOUSTON -- The third and latest offer (this time publicly) on Wednesday by Occidental Petroleum for Anadarko Petroleum has prompted a discussion among analysts as to whether the large independent’s assets are a better fit with Oxy or Chevron. Less than two weeks ago, Chevron announced that it had... Continue Reading →

Oil and gas company Tullow Oil’s output during the first quarter of the year was below expectations due to issues on its operated fields located offshore Ghana. As a result, Tullow has lowered its 2019 production forecast range. In an operational update on Thursday Tullow said that its working interest production for the first quarter... Continue Reading →

U.S. oil and gas company Hess Corporation booked a profit for the first quarter of the year as opposed to a loss in the same period last year driven by higher production from the Gulf of Mexico, Bakken, and North Malay Basin. Hess Corporation on Thursday reported revenues of $1.57 billion compared to $1.35 billion... Continue Reading →

Rio de Janeiro, April 24, 2019 – Petróleo Brasileiro S.A. – Petrobras informs that its Board of Directors, at a meeting held today, elected Ms. Andrea Marques de Almeida as the Company's Chief Financial and Investor Relations Officer. Andrea is scheduled to take office on 05/02/2019. Andrea Almeida is a production engineer, with an MBA... Continue Reading →

April 24, 2019 Like the Temer government, the Bolsonaro government prioritizes supply of assets in the Campos and Santos basins The Brazilian government will offer a total of 20 exploration blocks in the Santos Basin in the three bidding rounds scheduled for 2019. If the agenda is maintained, this will be the first in 12... Continue Reading →

Rio de Janeiro, April 24, 2019 – Petróleo Brasileiro S.A. – Petrobras following up on the release dated 04/09/2019, informs that, on 04/18/2019, the Resolution of the National Council of Energy Policy (CNPE) No. 6 was published, setting forth the parameters for the bidding of the Transfer of Rights Agreement excess volumes under the Production... Continue Reading →

In March, 33 rig contracts were confirmed, according to Evercore ISI’s latest “Offshore Rig Market Snapshot.” This is up from 19 a year ago as the offshore drillers signed 135 contracts in 1Q or up 44% from 94 in 1Q 2018. The jackup mix was unchanged at 57%, but Evercore said it was encouraged that... Continue Reading →