Exclusives

Rio Oil & Gas, Brazil, Campos Basin, natural gas, energy transition, Petrobras, Luiz de Abreu Neto, presidential election, International Gas Union, Luis Bertrán, Glenda Rangel, Brazil’s Ministry of Mines and Energy (MME) Secretary of Petroleum, Natural Ga

The future of the Campos Basin, growing importance of natural gas in the energy transition and concerns about Brazil’s upcoming presidential elections were hot topics during a recent oil and gas conference.

An NOC announces plans to drill thousands of wells in the NCS in the coming decades.

Brazil’s Presalt Oil Auction Achieved 100% Of Blocks Acquired

Brazil’s 5th presalt production sharing round, held 10 days before the country’s upcoming presidential elections which outcome is unpredictable, attracted several oil majors.

Peregrino, Brazil, offshore, Equinor, presalt, Tim Dodson

Hart Energy spoke to Tim Dodson, executive vice president of exploration for Equinor, during the recent ONS2018 conference about the growing importance of Brazil to the company’s exploration portfolio.

Brazil, renewable, energy, solar, wind, Petrobras, Equinor, Total, Shell

The South American country is offering companies a chance to invest in renewable energy areas such as wind and solar.

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

GeoPark Ltd. (NYSE: GPRK) announced on Nov. 27 an agreement to acquire the LG International Corp. interest in GeoPark’s Colombian and Chilean operations and subsidiaries.

Colombian state-run oil company Ecopetrol said on Nov. 27 it will invest between $3.5 billion and $4 billion in 2019, slightly above this year as it bolsters spending on exploration and production projects.

PGS said it plans to use two Ramform Titan-class vessels for an estimated total duration of about  13 vessel months.  Acquisition is scheduled to start in the second half of November.

By offering all four offshore oil blocks, Brazil's cash-strapped government raked in $1.71 billion, days ahead of the most uncertain presidential vote in a generation.

A Brazilian auction of rights to develop additional oil-producing areas in the country’s so-called transfer-of-rights region is unlikely this year, Brazil’s Deputy Mining and Energy Minister Marcio Felix said on Aug. 21.

Production

Argentina is due to begin exports of LNG from a part of its vast Vaca Muerta shale gas resource next year through FLNG vessel provided by Exmar.

The FPSO, located in the Buzios 2 oil field, will be able to produce up to 150,000 barrels per day of oil and six million cubic meters of natural gas, the company’s statement said.

A decision by Petrobras (NYSE: PBR) not to invest in drilling new wells has derailed Chevron Corp.’s (NYSE: CVX) plan to resume exploration in a Brazilian offshore field, people familiar with the matter said on Oct. 30.

Petrobras said it had started production on its eighth platform in the offshore Lula Field, as it ramps up output from Brazil's Santos Basin in the coveted pre-salt oil play.

Venezuela is tapping at least five new top executives to state oil company PDVSA, six sources said on Oct. 17, but the changes are unlikely to halt the unraveling of the OPEC member's oil industry under military management.

Technology

Brazil's incoming far-right government on Nov. 19 tapped a University of Chicago-trained economist with experience in the oil sector to be the chief executive of state-controlled Petroleo Brasileiro SA, amid a debate over privatization of the company's assets.

Brazil’s state-controlled oil company Petroleo Brasileiro SA (NYSE: PBR) reported a surge in third-quarter net profit, helped by a pick-up in oil prices and the weakening of the real currency, the company said on Nov. 6.

ConocoPhillips received $345 million in cash and commodities last quarter from Venezuelan state oil firm PDVSA as part of a first installment under a settlement to satisfy a $2 billion arbitration award.

TGS and Spectrum have joined forces and expanded the Santos 3-D program to 15,000 sq km (5,791 sq miles) over the prospective southern Santos Basin offshore Brazil, the companies said on Oct. 16.

The company also said it expects to generate substantial free cash flow in 2018, allowing it to initiate a dividend in the first-quarter of 2019.