By Matthew Smith for Oilprice.com – Sharply weaker oil prices, the COVID-19 pandemic, and heightened geopolitical uncertainty have done little to blunt Brazil’s epic offshore oil boom. By September 2020 Brazil had soared to be the third-largest supplier of crude oil to China, the world’s second-largest economy.
Noble Corporation plc's ultra-deepwater drillship Noble Tom Madden has received about 6.5 years of additional contract term under the commercial enabling agreement (CEA) with ExxonMobil for work offshore Guyana.
Brazil’s state-run oil firm Petrobras reported last week a record net profit for 2019, thanks to asset sales under its strategy to divest non-core operations and focus on the deepwater pre-salt region offshore Brazil.
Brazil expects to collect some US$ 30 billion in signing bonuses this year from three upcoming offshore oil auctions set for October and November, an official revealed this week.
Brazilian state-run oil firm Petrobras is considering bidding in a new tender to explore for oil and gas offshore Israel, a leading Israeli financial news website reported on Sunday. Calcalist reported that a final decision could be announced during a four-day visit to Israel by Brazilian President Jair Bolsonaro that began on Sunday.
Colombia’s government announced it had signed two exploration and production contracts with Shell in offshore areas of the Caribbean Sea that will require the company to make initial investments of US$ 100 million.
Colombia and its state-run oil company, Ecopetrol, announced they have signed an offshore exploration and production deal for a nearly 400,000-hectare (988,000-acre) bloc in the Caribbean, the country's first new oil and gas contract in more than four years.
Hess Corporation has announced positive results from the Tilapia-1 and Haimara-1 wells offshore Guyana, bringing the total number of discoveries on the Stabroek Block to 12.“These two discoveries demonstrate the continuing exploration potential on the prolific Stabroek Block and add to the previously announced gross discovered recoverable resource estimate of more than 5 Bboe,” said CEO John Hess.
Over the past few years, Brazil has held several very successful oil auctions under production-sharing contracts in its pre-salt layer, attracting major oil companies to its prized offshore oil area.
Oil majors are set to gather in Rio de Janeiro this Friday to unveil bids for stakes in Brazil’s high potential offshore areas ahead of elections that are casting a cloud of uncertainty over the industry.