The American Petroleum Institute today joined more than 100 other energy trade groups and organizations in urging the Department of the Interior to develop a new five-year offshore leasing program that fully leverages the U.S. Outer Continental Shelf as a secure source of affordable, reliable energy.
Equinor ASA has secured new exploration acreage offshore Brazil in the Santos Basin, awarded under the country’s fifth Open Permanent Concession bidding.
Petrobras, Exxon Mobil Corp. and Chevron Corp. have won exploration rights in Brazil’s Equatorial Margin, betting that the nation’s environmental regulator will finally open the promising offshore oil region for drilling after years of delay.
Developed by Shell, U-lateral drilling offers significant benefits for an industry where efficiency is more important than ever before. By enabling rigs to drill more reservoir footage per month, reducing both the cost per foot of reservoir accessed and the cost per barrel of oil produced, the U-lateral technique allows operators to reduce drilling costs and save time while effectively increasing the production capacity of each surface rig by 50%.
Geospace Technologies Corporation have secured a Permanent Reservoir Monitoring contract award for Mero Fields 3 and 4 from Petrobras, operator of the Mero field Consortium. The contract encompasses the supply and installation of nearly 500km of the OptoSeis® Permanent Reservoir Monitoring (PRM) system covering 140 sq km of seabed area of Mero, located deep offshore in the Santos Basin, 180 kilometers off the coast of Rio de Janeiro, Brazil.
TotalEnergies, jointly with QatarEnergy, has been awarded the Ahara license following the “Algeria Bid Round 2024,” launched by The National Agency for the Valorization of Hydrocarbon Resources (ALNAFT), the first call for tender conducted under the hydrocarbon law No.19-13.
In the last 25 years, China has gone from providing less than 2 percent of Latin America’s exports to being the second largest trade partner for the region and the single biggest trade partner of South America. This skyrocketing trade relation comes on the back of China’s ambitious Belt and Road global infrastructure initiative, and gives Beijing enormous influence in critical emerging markets.
Oil prices are likely to remain capped below $80 per barrel despite the escalating Israel-Iran conflict, research firm Rystad Energy said on Monday, as Iran and Israel continue to trade strikes with the escalation now in its fourth day.
As the Israel-Iran conflict shows no signs of abating, oil supply from the Middle East could become vulnerable if the two sides decide to attack vital energy infrastructure in the region, RBC Capital Markets said, warning that energy, and oil in particular, are now “clearly in the crosshairs.”
Canada’s new Prime Minister Mark Carney faces his first real challenge to Canadian unity amid a soured relationship with the long-time trade partner and ally, the United States.
A movement to secede from Canada is growing in the oil-rich province of Alberta, which contributes a large part to Canadian economy and budget and has the highest gross domestic product (GDP) per capita among Canadian provinces.