Regional

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...
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Largest supply-demand imbalance in history pushing US storage to its limits

OilNOW -
US crude oil stock builds hit a new weekly record in the week ending April 10 (week 15) as about 17.2 million barrels were sent into storage, Norway-based Rystad Energy estimates. It said this new record is forecast to...
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...
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Equinor makes Monument oil discovery at US Gulf of Mexico

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Norwegian multinational oil, gas and renewable energy company Equinor and co-venturers Progress Resources USA Ltd and Repsol E&P USA Inc. have encountered oil in the Monument exploration well in the US Gulf of Mexico. Equinor said on Monday the Monument...
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Latin American growth to take major hit in 2020

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The spread of coronavirus, drop in commodity prices, tighter external funding conditions and falling domestic financial asset prices will weaken economic growth in Latin America substantially this year, Fitch Ratings says. This follows several years of persistently weak economic...
News

Soldiers protecting last drops of gasoline in Venezuela

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(Bloomberg) -- The few gasoline stations still open in Caracas are manned by armed soldiers, and those waiting to fill their vehicles in day-long lines are only security personnel and designated medical and food suppliers. Under coronavirus quarantine like most...
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Suriname must begin discussion on coming oil money – Staatsolie CEO

OilNOW -
Mr Rudolph Elias, CEO of Suriname state oil company Staatsolie Maatschappij Suriname N.V., says with the second significant oil discovery at Block 58 offshore Suriname by Apache Corporation and Total, it is of the utmost importance that a national...
News

Brazil’s Petrobras makes new oil discovery at Santos Basin

OilNOW -
Brazilian oil and gas company Petrobras said Thursday it has identified the presence of oil in the pioneer well of the Uirapuru block, located in the Santos Basin pre-salt. In a press release, the company said that the pioneer well,...
News

Low O&G prices, COVID-19 will hit an already vulnerable TT hard – Ramnarine

OilNOW -
Former Minister of Energy and Energy Affairs of Trinidad and Tobago Kevin Ramnarine says that the Twin-Island Republic will be hit hard by the fall in oil and natural gas prices which is wreaking havoc in the energy market...
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...
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Guyana to engage U.S. partners on tariffs as gold, oil exports remain exempt

If Guyana has its way in talks with the United States, recently announced tariffs on Guyanese exports would be...

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