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Brazil subsalt production-sharing fields to pump 3.9 million b/d by 2031: management company

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Output from oil fields in Brazil’s subsalt frontier covered by production-sharing agreements will surge over the next decade to 3.9 million b/d by 2031, surpassing the country’s current total output of about 2.9 million b/d, the head of government...
News

SBM Offshore and Constellation complete minority ownership transaction

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SBM Offshore and Constellation Oil Services Holding S.A. said on Friday they have successfully completed the transaction regarding the sale to SBM Offshore of Constellation’s equity ownership in the lease and operating companies related to five Brazilian FPSOs. This follows...
News

Petrobras set to become world’s largest oil producer

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Brazil’s Petrobras is on track to become the world’s largest oil producer among publicly listed companies by 2030, based on Rystad Energy’s latest data and forecasts. Brazil’s biggest-ever oil auctions in November were generally deemed to be disappointing, receiving muted interest...
News

Price tag for Brazil oil blocks was too high – Petrobras CEO

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Brazil’s largest-ever auction of oil deposits conducted just over a week ago was a total flop and CEO of state-controlled Petroleo Brasileiro SA says that the astronomic price tag and regulatory uncertainties are to blame. World Oil reported that Petrobras...
News

Total announces first oil from Brazil’s offshore Iara license

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French oil giant Total announced on Friday first oil from the Iara license (Block BM-S-11A), located in the deepwater Santos Basin pre-salt in Brazil. According to a press release from the company, this development marks the start-up of the P-68,...
News

Venezuela is secretly exporting millions of barrels of oil

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(Bloomberg) -- The Dragon, a massive oil tanker flying the Liberian flag, is supposed to be floating somewhere off the coast of France, according to its last GPS signal. Instead, it’s currently thousands of miles away in Venezuela where, under...
News

Brazil oil auction a ‘total disaster’ as bidders stay away

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(Bloomberg) Brazil’s largest-ever auction of oil deposits flopped, sending the real tumbling, after state-controlled Petroleo Brasileiro SA did most of the bidding while other major oil companies stayed away. Petrobras, as the company is known, joined with China’s Cnooc Ltd....
Exploration

AAPG geosciences workshop in Suriname to focus on offshore oil potential

OilNOW -
The American Association of Petroleum Geologists (AAPG) is set to stage a Geosciences Technology Workshop (GTW) in Suriname to be held at the Torarica Hotel in Paramaribo on November 6-7, 2019. The workshop will focus on recent discoveries and exploration...
News

Apache records $170M loss in Q3 as Suriname oil search ramps up

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US-based Apache Corporation has reported a quarterly loss of $170 million or $0.45 per diluted common share for the third quarter of 2019. “During the third quarter, adjusted production exceeded guidance while capital expenditures remained on pace with our full-year...
News

BP eyes Brazil gas buildout, may swap LNG imports for domestic output

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(Reuters) BP Plc (BP.L) wants to be part of an effort to build up natural gas infrastructure in Brazil, an executive said on Tuesday, and believes a power plant it is building in Rio de Janeiro could eventually be...
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Offshore EPC contract awards projected to reach US$54 billion in 2025 amid challenges

The offshore oil and gas industry is expected to see a slight 1% year-on-year growth in engineering, procurement, and...

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