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Montevideo, February 6th 2023 - 02:51 UTC

Tag: OilPrice

  • Thursday, November 10th 2022 - 10:30 UTC

    Guyana becoming the world's most exciting oil frontier: with a million bpd by 2030

    Exxon’s latest oil discoveries in offshore Guyana were with the Sailfin-1 and Yarrow-1 wells in the Stabroek Block.

    No end to surprises from offshore Guyana and an ExxonMobil-led consortium, which have identified at least 11 billion barrels of recoverable oil resources, and catapulted the impoverished South America country firmly onto the global oil map.

  • Friday, August 12th 2022 - 02:40 UTC

    Offshore drilling on the rebound for the foreseeable future, rig providers report

    In one of the latest outlooks on global offshore drilling, contractor giant Transocean says that the market is recovering, with momentum accelerating.

    By Tsvetana Paraskova for Oilprice.com – After years of uncertainty and stagnation, the offshore drilling market is on the rebound and is in the early innings of an up cycle in investment and activity that will outpace the 2016-2019 cycle, major services and rig providers say. Analysts and top offshore drilling executives say that offshore rig utilization and day rates are also rising in a market that is expected to tighten going forward.

  • Friday, April 19th 2019 - 09:29 UTC

    Brazil to put up new pre-salt oil blocks for auction in October

    The blocks, in the pre-salt zone off the Brazilian coast, are part of an area the government awarded for exploration and development to Petrobras a decade ago

    Brazil will hold an offshore oil deposit auction in October featuring blocks that were the object of a long-running dispute with state energy giant Petrobras. Reuters reports, citing Economy Minister Paulo Guedes, that participants in the auction will need to cough up a signing bonus of a total US$26.9 billion for the four blocks.

  • Thursday, May 17th 2018 - 18:02 UTC

    IEA: High Oil Prices “Taking A Toll” On Demand

    Venezuela's production is plummeting, and output is 550,000 bpd below it's agreed upon target as part of the OPEC deal.

    Geopolitics has taken over the oil market, driving oil prices up to three-year highs. The inventory surplus has vanished, and more outages could push oil prices up even higher. Yet, there are some signs that demand is starting to take a hit as oil closes in on $80 per barrel.