Brazil plans to publish regulations in coming days to allow companies other than state-run Petrobras to operate some oil production-sharing contracts in the Subsalt Polygon, a source participating in discussions of the rules told Reuters.
The rules will only allow non-Petrobras companies to operate Subsalt Polygon blocks if the blocks are sold to unitize oil fields connected to existing areas already leased under concession contracts signed before new production-sharing rules took effect.
Under the production-sharing rules, Petrobras is the only company allowed to operate oil and gas E&P blocks in the Subsalt Polygon, an offshore area near Rio de Janeiro where some of the world's largest recent discoveries have been made.
Upon closing of the acquisition, WaterBridge will handle all of Centennial Resource Development's produced water in the southern Delaware Basin.
“The board and I are confident that now is the right time to transition leadership responsibilities to the next generation of talent,” Noble Corp. CEO Julie J. Robertson said in a statement.
Offshore operations in the Gulf of Mexico will thrive with improving economics, while in the shale fields ... not so much; a new generation of leaders takes over following the retirement of a slew of industry icons, and just in time to tackle investor pressure on ESG issues, continuing consolidation and the pursuit of capital; and then there's the 2020 U.S. presidential election, in which the subject of energy is likely to play a prominent role.