Maersk Oil said on Friday that it had reached another key milestone ahead of first gas from its flagship North Sea Culzean field. All three platform jackets for the £3.3billion project have now been put in place on time and on budget, the company said.
Ecuador will not honor the Organization of Petroleum Exporting Countries’ (OPEC) agreement to cut oil output, Ecuador’s Oil Minister Carlos Perez said this week. The country, one of OPEC’s 14 member countries, is rethinking its commitment to drop oil production to 522,000 barrels a day.
BP unit and subsidiaries of France’s Total and Germany’s Wintershall have signed an investment agreement with Argentina’s state-run oil company YPF to jointly invest US$1.15 billion in the Vaca Muerta shale formation in Argentina.
Mexico will delay its next offshore oilfield auctions by a month, giving international bidders more time to evaluate recent major crude discoveries that highlight the potential value of the assets. A new billion-barrel find announced last week confirms that the Mexican side of the Gulf of Mexico is very prolific, said Juan Carlos Zepeda, Mexico’s chief oil regulator in an interview.
Premier Oil (with strong interests in Falklands' oil industry), together with its joint venture partners Talos Energy (Operator) and Sierra Oil & Gas, announced on Wednesday that the Zama-1 exploration well in Block 7, offshore Mexico, has made a world class oil discovery.
Oil and gas production in Argentina has fallen to 1981 levels, the lowest in 25 years, despite a $14 million government subsidy for the first five months of this year. From last year to May 2017, the country has produced 2,311,736 m3 of oil and just under 3.8 billion m3 of gas, which shows a drop of 6% and 1.8% respectively.
The rally in oil prices over the past two weeks came to a halt on news that OPEC is actually exporting more oil than previously thought. A month ago, oil prices appeared to be higher than they should have been, with weak demand, elevated inventories, and a recognition that the nine-month OPEC extension would be inadequate to balance the market.
Brazil has announced plans to overhaul the power market which could lead to higher rates and rid the state controlled Electrobras utility of money losing subsidiaries.
Petrobras announced that it signed a memorandum of understanding with the China National Petroleum Corporation (CNPC) to exploit energy resources in Brazil and abroad. In the statement, Petrobras said that the deal will allow the two state oil companies to benefit from each other's capacity and experience in oil and gas production.
Petrobras should cut the maximum amount of natural gas it buys from neighboring Bolivia in half in an effort to encourage domestic importers and distributors to enter the market, according to a Brazilian government study.