Exclusives

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.

Petrobras, presalt, deepwater, oil, Bbbl, offshore

With over half a dozen operating FPSO units and more coming, Petrobras’ presalt production has soared, putting the company at an advantage to develop presalt riches.

Brazil, oil, gas, onshore, marginal, rounds

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

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

​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.

Suriname, Tullow Oil, exploration, oil, Guyana, South America, offshore

The London-based company is gearing up to drill the Araku prospect offshore Suriname and start seismic campaigns, including offshore Guyana updip of ExxonMobil’s Liza discovery.

In a securities filing on Jan. 23, Petrobras said the Federal Regional Tribunal of the Fifth Region's decision allows the company to proceed with the sale of fields in the states of Ceara and Sergipe, Reuters reported.

The state-run oil companies of Bolivia and Argentina signed a contract on Jan. 16 to jointly explore and drill an area in the Charagua area of Bolivia's Santa Cruz province.

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

Net profit in the fourth quarter of 2016 was 186 billion pesos, the company said, compared with a net loss of 6.31 trillion in the fourth quarter of 2015, Reuters reported.

The company is settling with New York City Employees Retirement System, Transamerica Income Shares, Internationale Kapitalanlagegesellschaft mbH and Lord Abbett Investment Trust, Reuters reported.

Mines and Energy Minister Fernando Coelho said the requirement that oil companies operating in Brazil buy equipment locally would be lowered by close to half, adding that the level in the exploration of offshore oil fields would be 18%.

Brunno Braga, Brazil, local content, oil, gas, Petrobras

Brazil’s proposal to ease local content rules provokes a war between Petrobras and the country’s offshore industry.

Barry Larson has stepped down as a director, effective immediately, the company said. Candidates for independent director are being evaluated.