Venezuela’s oil industry consumes most of the country’s gas, low prices offer little incentive, and technical obstacles are belowground.
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.
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 Jacana Field is located southwest of the Tigana oil field, following the same fault trend, and appears to be a combination structural-stratigraphic trap, GeoPark said.
A test conducted with an electrical submersible pump in the Mirador formation at about 11,606 ft resulted in a production rate of about 1,100 barrels of oil per day of 30 degree API, GeoPark Ltd. said in a news release.
The companies include Portugal's Galp Energia, Petro Rio, Royal Dutch Shell, Angola state oil company Sonangol and Engie, Brazil’s oil regulator ANP said, Reuters reported.
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.
Argentina's oil output rose 1.4% and natural gas production was up 1.8% in July, thanks to rising output from state energy company YPF, the energy secretariat said, Reuters reported.
Earlier on Sept. 4, YPF said 400 oil wells and 300 gas wells had been shut down in the Loma La Lata, Loma Campana and Rincon del Mangrullo fields, resulting in a production loss of 16 million cubic meters of gas and 32,000 barrels of crude.
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.
The contract’s scope includes offshore services and covers all production processes and equipment—except drilling services—and introduces a new operating model for the field, Statoil said in a news release.
FUP oilworkers’ union threatened strike over Petrobras' plans to sell $15.1 billion of assets by year-end 2016. Another motive is objection to bill concerning the offshore Subsalt Polygon, Reuters said.
Achuar communities shut down 11 wells and took control of an airdrome in oil Block 8, operated by Argentina’s Pluspetrol, Reuters reported. Daily output of about 8,500bbl/d has stopped.
Brazil's largest oil-workers' union plans an open-ended strike protesting about 40% of cuts in investments by Petrobras and the planned sale of about US$15.1 billion of assets, Reuters said.
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.