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The company is working to extend the life of the field, increase its recovery factor and avoid premature decommissioning.
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.
As Brazil’s offshore segment flourishes, onshore opportunities have not gained much attention. But the Brazilian government is working to make its onshore assets more attractive.
Investment and development activity picked up speed in 2017.
Karoon has been talking to suppliers to contract an FPSO unit for the field.
Libra, a giant oil field located in Brazil’s presalt area, will boost many business opportunities over the next years.
GeoPark Ltd. (NYSE: GPRK) said on Jan. 17 it has successfully completed the drilling and testing of the Uaken 1 exploration well in the Fell Block in Chile.
Amerisur Resources Plc provided an update on Platanillo-27, the fourth well on Pad 2N, in the northern extension of the Platanillo Field on Dec. 14.
Petrobras has asked Odebrecht’s offshore drilling arm to halt operations of a rig, according to a document seen by Reuters on Nov. 6, after an explosion there killed three people in June.
Indigenous villagers ended a 43-day protest that had halted production in Peru’s largest oil block after signing a deal with the government, tribal leaders and officials said on Oct. 31.
South America boasts plenty of unconventional prospects for local and foreign players to develop over the coming years, by some estimates, shale resources may amount to four times Colombia’s total reserves.
Natural gas is targeted for domestic production while heavy oil could maintain or increase Venezuela's output for exports.
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.
The natural gas treatment plant project worth nearly US$600 million is of "great significance" to the development of oil and gas for Petrobras pre-salt, according to the company press release.
With assets in Peru and Brazil, Australia’s Karoon has been progressing developments within South America’s oil and gas segment. Yet, Brazil is seen as a very strategic country for the company.
President Energy Plc said on Jan. 12 it retrieved successful results from its third and fourth workover wells at the Puesto Flores Field, Rio Negro Province, Argentina.
The deal announced Dec. 18 fits Statoil’s strategy of bolstering its presence in Brazil as it seeks to add new barrels which are becoming more difficult to obtain closer to home on the Norwegian Continental Shelf.