The Latest

Field Development

Petrobras to Hire FPSO Platform from SBM Offshore for Búzios Field

Brazilian oil company Petrobras said it signed a letter of intent on Feb. 24 with Holland’s SBM Offshore to hire a FPSO for the Búzios field in the Santos Basin pre-salt.

February 25, 2021

Field Development

Lamprell Lands Aramco Contract for Giant Offshore Oil Field

Lamprell has been awarded an engineering, procurement, construction and installation (EPCI) contract on Feb. 24 by Saudi Aramco as part of their long-term agreement program (LTA) with Lamprell.

February 25, 2021

Exploration & Production

Exxon Mobil’s Total Reserves Fall after COVID-19 Oil Price Drop

Total reserves for all products fell to 15.2 billion barrels at the end of 2020.

February 25, 2021

Earnings

Apache Posts Lower Fourth-quarter Loss as Oil Prices Recover

U.S. oil producer Apache raised its project spending forecast to $1.1 billion for this year as oil prices have improved since its previous outlook of keeping upstream expenses below a billion dollars.

February 25, 2021

Exploration & Production

US Crude Oil Production Drops in Largest Weekly Fall Ever: EIA

Overall U.S. crude oil output fell by 1.1 million bbl/d to 9.7 million bbl/d in the week to Feb. 19, the EIA said, as Texas’ deep freeze forced most of the state’s operators and refiners to shut as components and pipelines froze.

February 24, 2021

Public Capital

Pioneer Says Output Dip Won’t Derail Variable Dividend Plans

Most Pioneer Natural Resources production in the Permian Basin is back online and storm damage repairs are “minor in the grand scheme of things,” CFO Neal Shah said.

February 24, 2021

Business

Exxon Mobil Sells UK North Sea Assets in Deal Worth over $1 Billion

The sale of U.K. North Sea upstream assets on Feb. 24 helps the U.S. oil major free up capital for projects elsewhere, says Exxon Mobil Vice President Neil Chapman.

February 24, 2021

Exploration & Production

Petrobras Gets Single Offer from SBM for Mero 4 Oil Platform

Petrobras’ business plan foresees Mero 4 entering operation in 2025 with a capacity to produce 180,000 barrels of oil a day.

February 24, 2021

Discoveries

Malaysia’s Petronas Discovers Oil at Indonesia’s Hidayah-1 Exploration Well

The well tested at about 2,100 barrels of oil per day with good crude quality, Petronas said in a statement.

February 24, 2021

Exploration & Production

Black Sea Oil & Gas to Begin Romania Offshore Gas Extraction in November

Critics warn Romania’s window to tap its offshore reserves—which could diversify gas supplies in the region and help Romania phase out coal in line with EU targets—is narrowing.

February 24, 2021