Exclusives

The promise of big discoveries offshore South America is set to continue for years to come.

Potiguar Basin, Brazil oil and gas

Some companies are showing interest in the Potiguar Basin as Petrobras looks to sell some onshore blocks in the basin.

Nelson Queiroz Tanure, PetroRio, Polvo Field, Brazil oil and gas, FPSO Polvo

The company is working to extend the life of the field, increase its recovery factor and avoid premature decommissioning.

OTC, Guyana oil and gas, Suriname oil and gas, ExxonMobil

The promise of big discoveries offshore South America set to continue for years to come.

Petrobras debt, Petrobras asset sales

Despite the amount of money generated by sales so far, the company’s current financial situation still worries investors.

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

The French oil major wants to explore Brazil’s Foz do Amazonas Basin, but Brazil's environmental agency rejected its license application on May 29 for a fourth time.

An auction of oil by the Brazilian government from coveted offshore presalt fields has only attracted the interest of one bidder, Royal Dutch Shell, a person familiar with the matter said on May 24.

Tullow had planned an initial investment of $200 million to develop the offshore blocks off of Peru’s northern coast, according to Perupetro.

Petrobras, as the firm is known, said in a securities filing it would sell stakes of between 20% and 50% in four blocks in the area, transferring rights to explore, develop and produce oil.

Echo Energy plc said May 18 it has successfully completed the drilling of the ELM-1004 exploration well at the company’s Fracción C asset, onshore Argentina and a gas discovery for the first well in its four well exploration campaign.

Production

The new wells will join nine which are already operating at the field.

Echo Energy Plc has commenced drilling on its first exploration well in a four well back-to-back campaign in the company’s Fracción C asset, onshore Argentina, the company said on May 9.

The results were the best first-quarter showing in four years, the company said in a regulatory filing.

Due to the field’s high production potential, four more production units will be destined for this field between 2018 and 2021, the company said.

Rockhopper Exploration, Sea Lion Field, Premier Oil, Falkland Islands oil and gas, North Falkland Basin, oil and gas FID

Developers of the field, located in the North Falkland Basin, hope to sanction the first phase of the project by year-end 2018 as costs fall.

Technology

A key plank of CEO Pedro Parente's turnaround campaign for Petrobras and a condition for his taking the job in 2016 was freedom to control fuel prices.

Brazilian oil workers began a 72-hour strike on May 30 in a new blow to President Michel Temer following a nationwide trucker protest that has strangled Latin America’s largest economy for over a week.

The rules passed by the Senate allow PPSA to conclude contracts with trading agents on the government’s behalf or sell the oil directly.

While ConocoPhillips started seizing assets this month, CEO Ryan Lance is telegraphing that the company intends to escalate its campaign against PDVSA across the globe.

The suit is the latest in a recent series of legal filings seeking to press the cash-strapped oil firm and its refining subsidiary for payment, with actions in recent days by U.S. oil producer ConocoPhillips.