Venezuela, gas, production, Perla, Repsol, PDVSA

Venezuela’s oil industry consumes most of the country’s gas, low prices offer little incentive, and technical obstacles are belowground.

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.

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.


Petrobras said the new well (3-BRSA-1317-RNS), known informally as Pitu North 1, is the first extension well drilled as part of the Pitu Discovery Evaluation Plan and is located 60 km off the Rio Grande do Norte state coast at a water depth of 1,844 m and with a final well depth of 4,200 m.

Contracts for various offshore blocks will get 25% discount on income taxes and be exempt from value-added tax and customs charges, Mines Minister Tomas Gonzalez said in statement, Reuters reported.

Ecopetrol and Pacific will continue jointly handling activities and initiatives with the goal of optimizing operations, infrastructure and social responsibility endeavors in the production areas of Llanos Orientales.

Blocks are in Ceará and Potiguar basins in the equatorial conjugate margin and are operated by ExxonMobil Exploração Brasil Ltda. A 3-D seismic survey is currently underway on Block CE-M-603.

Rosneft Brasil will have full control and ownership in the project, allowing it to continue the exploration program in frontier areas and joint work with Petrobras. 


State oil firm ANCAP said that the well will be drilled about 400 km (249 miles) from the seaside capital Montevideo at 3,400 m (11,155 ft) deep, Reuters reported.

The company and Brazil's two main oil union federations met on Nov. 9 without agreeing on demands that Petrobras restore cut investments and end plans to sell assets, Reuters said.

Output continues from the P-52, P-54, P-55 and P-62 floating production vessels in the field in the Campos Basin after workers joined a four-day strike, Reuters reported.

Natural gas production rose by 9.5% compared with last year and 1.9% on the previous month, reaching 97.4MMcm/d, according to data on the ANP's website, Reuters said.

Oil from Libra Field, with reserves in deep subsalt, would reach breakeven point only if prices rise above $55/bbl, said Oswaldo Pedrosa, CEO of Pre-Sal Petroleo SA, Reuters reported.


Oil workers’ union FUP recommended a contract agreement giving workers a 9.53% wage hike, back pay for half the days lost and the promise of a management-union committee, Reuters said.

Sepia Leste, 80% owned by Petrobras and 20% percent by Portugal's Galp Energia SGPS, contains an estimated 130MMbbl of recoverable oil and equivalent natural gas, Reuters said.

Petrobras said on Nov. 13 that it had chosen Mário Vinícius Claussen Spinelli as the company’s new ombudsman.

In recent days the strike has reduced output by about 115,000 barrels a day, or about 5.5 percent of daily output before the strike began Nov 1.

Members of FUP, Brazil’s main oilworkers’ union, have been on strike at Petrobras since Nov. 1 in the biggest labor action against the company in 20 years, Reuters reported.