Exclusives

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.

Eulogio Del Pino will take over as part of a series of government changes.

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

Additional intervals of elevated mud log gas and oil florescence have been observed in the Maastrichtian section and will be further evaluated during the program. 

The nearly-285,000 gross acre license is northwest of PL032 license, which includes the Sea Lion oil discovery.  Argentina recently filed criminal charges against Noble and other E&Ps in the Falklands.

Petrobras might include presalt fields, the company’s fastest-growing deepwater oil region, in a sale plan, people with knowledge of matter said, Bloomberg said. The company faces political difficulties.

The 197(2) well, in Block 197, reached 1,669 m total depth in December 2014. It hit 78 m of continuous potential net natural gas pay.

The Calgary, Alberta-based company is using North American-originated horizontal multifrack technology in the play. Loma Montosa at Puesto Morales is one of Madalena’s four key resource plays in Argentina. 

Production

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.

The leader of Colombia's main oil workers’ union said nationwide production stoppage could begin after March 26. USO is protesting thousands of layoffs in the 1 MMbbl/d oil sector, Reuters said.

Technology

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.

Brazilian petroleum regulator ANP shut the platform March 18 after an inspection found safety problems, Reuters said. The platform produced 106 Mboe/d of natural gas and oil in January.