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.


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

There are two principal productive reservoirs, the Guadalupe and Mirador sandstones.

The well is in the northwest portion of the Libra block in the Santos Basin presalt.

Spectrum has commenced a 12,000 km (7,456 miles) multiclient 2-D seismic survey offshore the Pelotas Basin of Brazil, the company said in a news release.

Petrobras has made a discovery of new oil accumulations in concession BM-C-35.


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.

The company plans to produce in the area for six months to determine the field's long-term production capacity, and output will be limited to 15,000 bbl/d, Reuters said.

The government made shale and offshore exploration a priority amid a failure to make significant discoveries of conventional oil in recent years, Bloomberg said. 

Petrobras halted drilling at its largest oil discovery in deep waters, two people with knowledge of the matter said, underscoring the technical challenges facing the company’s new management team.


BMT Group Ltd., a maritime design, engineering and risk management consultancy, has agreed to purchase Navegação e Controle Indústria e Comércio Ltda (NavCon), a Brazilian specialist in monitoring systems for the offshore oil and gas industry, according to a news release.

Specialists are determining whether conditions are safe enough to allow search and rescue efforts to continue.

On Feb. 12, the company said that five of the 74 people onboard the Cidade de São Mateus  died, and that four are still missing.

Aldemir Bendine has been named as CEO of Petrobras after a vote Feb. 6 by the company’s board of directors, according to a news release.

State-run Petrobras’ board of directors will meet Friday to elect replacements for Foster and her management team.