Exclusives

The company is slowing total spending after lowering its oil price estimate next year to $70 a barrel.

Venezuela is experiencing a growing exodus of skilled oilfield workers as real wages for engineers have fallen to about 9% of the global average, dragging down oil production at a time when slumping crude prices threaten the country’s export revenue.

Through industry's support of long-term research, solutions to today's upstream challenges are found by looking for challenges of the future.

Teekay is due to sign a LoI with Petrobras to supply an FPSO for the operator’s ultradeepwater Libra Field offshore Brazil.

The company is placing its bets on presalt, hoping to boost its overall production and generate massive cash flow.

Deepwater International

Technip has clinched a major contract worth at least $559.2 million to supply a network of flexible pipes for the deepwater Lula Alto field offshore Brazil.

The issues related to Petrobras and the ongoing corruption probe in Brazil could lead to at least four major deepwater FPSO projects hitting at least a one-year delay, according to Portugal’s Galp Energia.

QGI Oil & Gas consortium has abandoned more than $1 billion worth of modules integration work on two identical FPSO vessels destined for one of Petrobras’ developments.

Petrobras has churned out announcement of yet another ultra-deepwater discovery but this time in the post-salt. 

Petrobras has highlighted the money it is saving through the utilisation of subsea equipment support vessels (SESVs) instead of drillships and rigs to install its subsea trees in the pre-salt offshore Brazil.

Exploration

Test results confirmed two 24 m-thick light oil intervals in good-porosity reservoirs. Well 3-BRSA-1296-SES is third extension well in Moita Bonita area, discovered August 2012.

Schlumberger Ltd. and Australia's Spectrum ASA entered a cooperation agreement in which Schlumberger will acquire 50% ownership in the untapped hydrocarbon Pelotas Basin offshore Brazil.

Petrobras discovered oil in Espírito Santo Basin, onshore Brazil. The company also completed the formation test on well 3-BRSA-1286-SES in concession BM-SEAL-11, in ultradeep waters of Sergipe-Alagoas Basin.

The discovery was made while drilling well 1-BRSA-1293-AM (ANP nomenclature), which is informally known as Jusante do Anebá. Well drilling reached 2,040 m total depth.

As reported March 2, Petrobras approved a US$13.7 billion 2015 to 2016 divestment plan. It is part of financial plan to reduce leverage, preserve cash flow and prioritize investments.

Production

The BOP has been brought to surface for inspection and repairs, which are expected to take from 10 and 14 days.

Proposals in Brazilian congressional committees advocate changing Brazil’s deepwater presalt field production sharing model. Competition and no requirement to partner with Petrobras could revive Rio de Janeiro’s economy, Bloomberg said.

The C1 well in the Libra Field in the Santos Basin hit a hydrocarbon column. A consortium including Petrobras, Royal Dutch Shell, Total and Chinese companies drilled it, Reuters said.

The well in the Sergipe-Alagoas Basin reached 2,990 m. The 2012 drillstem test confirmed 41 degree API oil and good reservoir productivity.

The production of P-61 is transferred via flexible lines to FPSO P-63, which is capable of processing 140,000 bbl/d and 1 MMcm of gas, besides being able to inject 340,000 bbl of water, according to Petrobras.

Technology

Subsea 7’s work scope from aboard Seven Seas  will include engineering and installation services for client-supplied flowlines, umbilicals and subsea equipment in up to 3,000 m of water.

Argentina filed charges against several E&Ps after the 33rd anniversary of its invasion of the U.K.-held Falklands, Bloomberg said. On April 2, two companies reported exceptional Zebedee oil well discovery.

Several European companies working in Brazil with Petrobras report payment and delivery difficulties, Bloomberg said. Petrobras once invested more than $100 million per day on major Western Hemisphere crude finds.

Houston-based Harvest has tried twice to sell its Venezuelan assets. The company holds a 20% stake in Petrodelta, a joint venture with state-owned Petroleos de Venezuela SA, Reuters said.

Economist Guido Mantega resigned as president of the board of directors at Petrobras on March 23.  Luciano Galvão Coutinho was elected president. He has been a board member since 2008.