The Andean country’s government is currently holding its second oil auction of 2019, the cornerstone of its push to attract new oil investment.
Colombia hopes to sign 20 contracts as a result of the round, the head of the agency has said, bringing in some $800 million in potential investment.
Located in the Santos Basin offshore Brazil, the FPSO has a daily capacity of up to 150,000 barrels of oil and 6 million cubic meets of natural gas.
Tullow Oil's stock, which surged on the news from oil discoveries offshore Guyana, shed as much as 22% of its value on Nov. 13.
The only block awarded in the Nov. 7 auction went to state-run Petrobras, and China National Oil and Gas Exploration and Development Corp. (CNODC), a unit of China National Petroleum Corp.
Brazil’s government still got about 70 billion reais (US$17 billion) of signing fees from the minimum bid by Petrobras in consortium with the Chinese for the round’s biggest block, Buzios, and a lone Petrobras bid for the smallest block, Itapu.
In the Nov. 6 auction, firms are expected to pay up to US$26.5 billion in signing bonuses for fields that Brazil says may hold up to 15 billion barrels of untapped crude.
Steven Keenan, who was credited with the high-profile Alpine High discovery, resigned from his position as senior vice president of worldwide exploration of Apache Corp.
The CEO of Houston energy-focused investment bank Tudor, Pickering, Holt & Co. says it’s not time to panic as investors flee the oil and gas space, but structural change is inevitable to adapt to the new marketplace.