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The number of independent companies participating in the upcoming bid rounds is expected to grow as operators increase investments in Brazil.
Several recent OTC presentations indicate that the huge South American country is ready to start anew.
Brazil is facing another political crisis, but its oil and gas sector will be fine, ANP says.
Energy Minister Fernando Coelho Filho sat with Hart Energy and other media during a roundtable at OTC to share thoughts on issues facing Brazil’s oil and gas industry.
The existing contract, which has a take or pay clause, stipulates that Petrobras must import between 24 MMcm/d and 32 MMcm/d of gas from Bolivia.
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 minister did not say where the company would exercise its rights, but he said it would not do so in all of the areas up for auction in the presalt region.
Even while Ecopetrol booked a profit, production fell 3.3% in the first quarter. The decline was attributed to operational difficulties caused by National Liberation Army (ELN) attacks on the Cano Limon-Covenas Pipeline, Reuters reported.
The field produced between 10,000 barrels per day (Mbbl/d) and 12 Mbbl/d before it stopped output in 2016 when Petroperu closed its 1,106-km (687-mile) pipeline after the first of what would become a dozen oil spills in 2016, Reuters reported.
Anadarko, the operator, said the well hit 79 m to 110 m (260 ft to 360 ft) net of natural gas pay.
The data license covers deep and shallow-water areas in the basin near prolific geological trends, including the Cantarell and Ku-Maloob-Zaap reservoirs, the release said.
Separately, Frontera Energy said it had reached an agreement with natives of Peru's Amazon region over the development of an oil field involved in a dispute over land-use.
With a daily capacity to process 150,00 bbl of oil and to compress 6 MMcm of gas, the P-66 is located at a water depth of 2,150 m about 290 km offshore Rio de Janeiro.
The government issued a decree that allows Ecopetrol to hire workers from anywhere in the municipality of Acacias, while protesters want jobs given only to residents in the area immediately next to the fields, Reuters reported.
Efficiencies have pushed break-even prices to below $40 per barrel, a significant gain for Argentina, which has struggled to attract capital since crude prices started to decline in 2014.
The Cano Limon Field, operated by Occidental, produces around 50,000 barrels per day. The 780 km (485-mile) Cano-Limon Covenas pipeline can carry up to 210,000 barrels per day.
The U.S. Supreme Court handed a victory to Chevron by preventing Ecuadorean villagers and their American lawyer from trying to collect on an $8.65 billion pollution judgment.
Bolivian President Evo Morales said the government had dismissed the president of state oil company YPFB, citing an allegedly flawed $149 million contract to purchase drilling equipment.
Brazilian state-run oil company Petrobras said an employee of a service provider for Odebrecht Óleo e Gas died after injuries sustained in an explosion on the NS 32 drillship, according to a statement on June 9.
Residents of Cumaral municipality in Meta province voted by a large majority to ban crude exploration, drilling and production.
Francisco Velasquez was detained on May 13 and he remains behind bars in the city of Barcelona in the eastern state of Anzoategui, the prosecutor’s office said in a statement.