Exploration

Exploration

Brazil’s Petrobras shutting down 62 offshore platforms

OilNOW -
(Reuters) - Brazil’s state-owned oil firm Petroleo Brasileiro SA said on Wednesday it had begun suspending operations of 62 shallow water platforms in the Campos, Sergipe, Potiguar and Ceara basins. Petrobras, as the company is known, had previously announced the...
Exploration

Oil prospects keeping Guyana’s outlook favourable

OilNOW -
The vast oil fields which have been discovered off the coast of Guyana by ExxonMobil continue to boost the economic outlook of the country even in light of an imminent global recession and growing domestic challenges triggered by political...
Exploration

More than half of 2020 licensing rounds set to be wiped out – Rystad Energy

OilNOW -
More than half of the world’s planned licensing rounds are likely to be cancelled this year due to the combined effect of the COVID-19 pandemic and the ongoing oil price war, a Rystad Energy impact analysis forecasts. New licensed...
Exploration

Multi-billion-barrel wells facing delays in Guyana, US and elsewhere – Rystad Energy

OilNOW -
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the combined effect on oil and gas activities of the COVID-19 virus and the oil price war,...
Exploration

US rig count set for dramatic 65% free-fall

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US oil and gas companies are putting the brakes on drilling due to the combined global effect of the COVID-19 pandemic and declining oil prices, according to new research from industry analyst Rystad Energy. In a recent report, Rystad Energy...
Exploration

“We do not see Exxon turning off the taps in Guyana” – Rystad Energy

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The fall in oil prices triggered by the Saudi Arabia-Russia price war and the COVID-19 global pandemic has resulted in a number of oil and gas companies readjusting their 2020 exploration and production programmes. US oil major ExxonMobil said...
Exploration

Coronavirus pushes oil towards the abyss

OilNOW -
The crude oil market is staring into an abyss. The challenges are physical – dealing with extreme oversupply – and financial, with market participants from wellhead to forecourt under severe duress. Ann-Louise Hittle and Alan Gelder, who, respectively, lead...
Exploration

Largest number of bankruptcy filings in modern history in play as US upstream industry braces for impact

OilNOW -
Whiting Petroleum this week opened the door of Chapter 11 filings but will not be the only company to cross that threshold. As the US upstream industry is heavily indebted, the current price environment is likely to create the...
Exploration

Political turmoil, price uncertainty will delay FIDs in Guyana for months – Rystad Energy

OilNOW -
Political turmoil in South America’s newest oil producing nation Guyana, coupled with falling oil prices and the COVID-19 pandemic will delay Final Investment Decisions (FIDs) for offshore projects by several months, according to Norway-based energy research and business intelligence...
Exploration

Global E&P CAPEX will reach 13-year low as COVID-19, price war persist – Rystad Energy

OilNOW -
Global capital expenditure (CAPEX) for exploration and production firms (E&Ps) is expected to drop by up to $100 billion this year, about 17% versus 2019 levels, under Rystad Energy’s updated base case scenario of $34 per barrel in 2020...
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Saipem, TechnipFMC hired for subsea work on Block 58 development

Saipem and TechnipFMC said they were hired to undertake subsea work in support of the first oil development offshore...

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