Brazil’s state-run oil company Petrobras on April 18 provided details of a well drilled in the offshore area known as Moita Bonita, in the Sergipe Basin.
Petrobras said the 3-SES-192 well had found a natural gas deposit with a thickness of 39 m at a depth of 5,227 m and below that an oil deposit with a thickness of 24 m. It was the fifth well to find a deposit in the Moita Bonita area.
Devon Energy CEO Dave Hager said the industry in general, Devon included, has not delivered acceptable returns to investors.
Sustained lower oil prices may lead to Permian consolidation, the return of tough times to other shale plays and U.S. E&Ps helping rebalance global inventories.
Plains All American’s Cactus II pipeline became the first major energy project to be denied an exclusion to the tariff on imported steel.