Exclusives

Rafael Cruz, Petrobras, Lula, field, oil

Production from the field is pushing Petrobas closer to its 1-MMbbl/d presalt goal

Brazil, opportunity, Mayer Brown, Operation Car Wash, assets, oil, production, Petrobras, offshore, divest

The corruption scandal hits debt-laden Petrobras hard during one of the worst downturns in the oil and gas sector’s history. But it’s not all bad news for potential investors.

A novel scale inhibitor formulation optimizes artificial lift in mature, calcium-rich wells in an Argentine field.

Like in many shale plays around the world, players interested in the Vaca Muerta Formation must overcome steep learning curves and find adequate financing. But the prize is there. 

Cow, McClendon, JV, American Energy Partners, Argentina, Vaca Muerta, shale, YPF, farm in, Jessica Garrison, Stratas

The Oklahoma City company and Argentina's state-run firm plan to invest more than US$500 million in developing the Vaca Muerta Shale over the next three years.

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

More than half of the oil and gas discovered in the Carcara prospect is believed to extend beyond the BM-S-8 Block, in which Statoil bought a stake, Reuters reported.

GeoPark said the well was drilled 780 m north of the Jacana 3 appraisal well further down dip to a bottom-hole location below the previous lowest-known oil, where it hit oil in the Guadalupe Formation.

Ecuador produces an average of 540 Mbbl/d, including output by private producers, Reuters reported. 

The BuriedArray system will be used for microseismic monitoring for four lateral wells in the Neuquén Basin.

The agreement will give Statoil 66% ownership and operator status in a block that is home to Carcará, a prospect that Statoil says contains 700 million to 1.3 billion barrels of oil and equivalent natural gas.

Production

Ecuador s also one of the world's most biodiverse nations, boasting Amazon rainforest, Andean mountains and the Galapagos Islands, Reuters reported.

Net profit at the company fell nearly 48% in the second quarter to 787 billion Colombian pesos (US$270.6 million), Reuters reported. 

"Incahuasi is one of the largest gas and condensate fields brought onstream in Bolivia," Arnaud Breuillac, head of the group's E&P unit, said in a statement.

Oboe-1 further appraises the Clarinete gas field structure and adds 38 Bcf of additional gas reserves to Canacol's portfolio of 3-P gas reserves of 419 Bcf.

Jacana 4 was drilled in 8.8 days at a total drilling and completion cost of $2.9 million.

Technology

Now, six years after the stock-for-oil swap, the world's oil prices are below $50/bbl and recently sunk below $28/bbl, raising questions whether Petrobras can develop the resources profitably, Reuters reported.

The number may rise by month-end, the deadline for the plan proposed. Around 12,000 employees, or 21% of its workforce, are eligible.

Prosecutors say about $1.8 billion worth of bribe money has been recovered from offshore accounts in 36 countries, Reuters reported. 

The company will supply two 200hp FCV 4000D work-class ROV systems and subsea tooling, which are installed on the Maersk Venturer drillship, and a field support vessel.

Lowered output volume and lower global oil prices have forced President Nicolas Maduro to choose between paying external debt or supplying the dollars needed to sustain imports of basic goods, Reuters reported.