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

Thieves made off with discs containing copies of seismic data belonging to Repsol SA and Canacol Energy Ltd., Mines and Energy Minister Tomas Gonzalez said this week, according to Bloomberg.

Formally known as Well 3 SES 189, this was the third well drilled in the Poço Verde area. The well is 23.5km from the discovery well in 2.479m of water.

Block 183 contains up to 2.2 Tcf of recoverable potential gas reserves. It likely contains C5 condensates. It has two oil and gas prospects in anticlines associated with Sarayaquillo sandstones. 

Stabroek Block is 6.6 million acres (26,800 sq km), and is about 120 miles offshore Guyana. The well found more than 295 ft (90 m) of high-quality oil-bearing sandstone reservoirs. 

Madrid, Spain-based Repsol produces 18 Mcm of gas in Bolivia. The new gas discovery is in the Margarita-Huacaya Block in southern Bolivia, in the Caipipendi area.

Production

Milestone 800Mbbl/d oil production in Santos and Campos basin presalt fields was reached April 11. Petrobras’ share is about 74%. Remainder belongs to partner companies working in different presalt areas.

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.

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

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.

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.

Technology

Petrobras management supports a proposal removing its obligation to operate all offshore Brazil presalt oilfields, two people told Bloomberg. Foreign drillers would receive right to lead presalt projects.

Changes would help the most indebted oil company in the world by reducing necessary investments in future oil rounds, said PMDB Senator Ricardo Ferraco, the sponsor of the bill. 

Brazil plans to ease future fines for producers who fail to meet strict local-content guidelines as the country seeks to accelerate development of offshore oil and gas resources, Bloomberg said.

Odebrecht Oleo & Gas SA, the oil services arm of Latin America’s largest builder, looks for work outside Brazil as main client Petrobras deals with corruption case, Bloomberg said. 

Petrobras returned the BM-S-21 concession containing Caramba to Brazil’s National Petroleum Agency, Bloomberg said, according to an email. Petrobras operated the concession in the presalt with an 80% stake.