Exclusives

Brazil onshore presalt postsalt auctions Santos Campos basin

Of the 14 presalt fields to be auctioned during the next two years, 10 are located in the Santos Basin.

Forty British companies came to the South American country in order to reinforce networking and business expansion.

Total, Petrobras, Brazil, Santos, Maxime Rabilloud, Iara, Lapa, offshore

The French oil major looks to strengthen its portfolio with the Iara and Lapa fields.

Brazil, environment, license, Equatorial Margin, Amazon, oil, gas

Despite the Equatorial Margin’s high oil reserves potential, environmental licensing issues are causing operational delays.

Brazil, Márcio Félix, oil, gas, presalt, offshore, onshore, gas, Mayer Brown, bid, local content, Evercore

The country is working to lure investment both onshore and offshore to increase production and improve infrastructure.

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.

Exploration

Argentina's state-run oil company YPF and Schlumberger have reached a deal to invest $390 million in the Vaca Muerta shale field in Patagonia, YPF said April 12.

Brazil’s federal audit court TCU on March 15 allowed state-run oil company Petrobras to proceed with its divestment program, but required the company to restart the process except for two projects.

​Petrobras and Total have signed a $2.2 billion deal relating to the sale of interests in the Iara and Lapa concession areas as well as the Termobahia cogeneration plants, according to a news release.

Alfa holds mineral rights in southeast Texas—in the Eagle Ford and in the Edwards and Wilcox fields—as well as in Oklahoma, Kansas and Colorado, Reuters reported.

Brazil, oil, gas, onshore, marginal, rounds

Aiming to boost the onshore industry, Brazil’s government wants to triple its output.

Production

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.

Both companies will take a 50% stake in the Bajada de Añelo Field to develop a pilot program, which will be operated by Shell, YPF said in a statement. The agreement is subject to approval by provincial authorities, and Shell’s investment will come in two phases, YPF said.

MODEC said this FPSO is the 11th it has delivered to Brazil's oil and natural gas sector, and the fifth it has delivered to the presalt region. 

Venezuela currently produces just over 2.4 MMbbl/d of crude and condensates, according to ministry data, Reuters reported.

Technology

Shell said in September it planned to invest $300 million per year through 2020 in Argentina in exploration, refining, distribution and marketing, Reuters reported.

The Skandi Búzios pipelay support vessel, owned by the 50-50 joint venture formed between TechnipFMC and DOF Subsea, has started its eight-year charter contract with Petrobras, as scheduled on April 13, according to a news release.

Argentina's state-run oil company YPF will make a joint $500 million shale gas investment with BP's Pan American Energy, Total Austral SA and Wintershall Energía in the Vaca Muerta Shale.

"Continuing payment issues" in Ecuador are hurting earnings, CEO Paal Kibsgaard said in a text of a speech delivered at the Scotia Howard Weil energy conference in New Orleans on March 27.

Over the past few years, OOG has issued debt through special purpose vehicles such as Odebrecht Offshore Drilling Finance Ltd., Odebrecht Drilling Norbe VIII/IX Ltd. and OdebrechtOil & Gas Finance Ltd.