Guyana flag

The Guyana discovery would be on par with the combined size of a cluster of three reservoirs Exxon found in the Gulf of Mexico between 2009 and 2011, Bloomberg said.

Blocks offered target both mature plays and new frontiers. 

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.

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.


Marco Antonio Almeida, secretary of oil and gas at the mines and energy ministry, denied that current corruption scandal plaguing state oil company Petrobras was delaying the auction, Reuters said. 

Rosneft said that 10 oil basins and blocks, located onshore and offshore Brazil, would be put up for sale at the licensing round, Reuters reported. 

Petrobras’ debt and weak finances limit its ability to finance 30% of all new subsalt projects and run them as operator, Reuters said. This lessens subsalt development chances, critics say.

The Manati Field is 45% owned by QGEP. Partners are Petrobras, Brasoil and Geopark.

There could be enough undiscovered petroleum and natural gas to supply the world's current oil needs for more than five years, researchers said, Reuters reported.


Brazil’s National Petroleum Agency previously made a similar decision with Lula and Cernambi fields and seven other fields in the Parque das Baleias area, all operated by state-owned Petrobras.

The FPSO will produce from the Iracema North area of the Lula Field in the Petrobras-operated BM-S-11 block, BG Group said.

Over the next 20 years, US$38 billion will be invested in Argentina’s Vaca Muerta Shale, Neuquen province governor said, Reuters reported. Lindero Atravesado and Bandurria fields will be developed. 

Perla is located in the Cardón IV Block, 50 km offshore in shallow waters in the Gulf of Venezuela. 

Rosneft OAO weighs whether to join Venezuela’s PDVSA in the Mariscal Sucre natural gas project offshore Venezuela, Bloomberg said. Venezuela might use the gas to phase out imports from Colombia. 


Pacific Exploration and Production Corp., formerly Pacific Rubiales Energy Corp., received a two-year service contract to develop oil Block 192 from state-owned Perupetro, Reuters said.

A fire onboard the Skandi Stolmen, a supply vessel operated by Norskan Offshore, was extinguished. The vessel was operating in the Campos Field offshore Brazil.

Eulogio Del Pino, head of state oil company PDVSA, will run Venezuela’s oil ministry. The oil minister usually heads the delegation to OPEC, where Venezuela supports raising prices, Reuters said. 

Jose Formigli has more than 30 years’ experience in the Brazilian upstream sector well construction, subsea and topsides engineering. In 2014 he retired from Petrobras.

Prosafe said the contract, which begins in first-quarter 2017 with a firm period commitment of three years, will be the first for the Safe Eurus, a vessel designed and built to service the Brazilian market.