South America
Field Development
Chevron’s Venezuela Oil Joint Ventures Cut Fieldwork
Chevron holds stakes at four oil and gas joint ventures with PDVSA.
Highlights
Best Of This Week’s Drilling Activity Highlights (March 27, 2020)
A high-volume Wolfcamp producer by EOG in Loving County, Texas, and results from a Utica Shale well test in Ohio top this week’s drilling activity highlights from around the world.
Business , Exploration & Production
Petrobras Cuts Output, $3.5 Billion of Capex Amid Pandemic
In a securities filing, Petrobras said it was reducing oil production by 100,000 barrels per day (bbl/d) through the end of March due to lower global demand.
Unconventional , Shale Plays
Oil Price Crash, Coronavirus Add To Challenges For Vaca Muerta Shale
Some Argentinians want to decouple from Brent crude, a benchmark for the country, as development of its prized Vaca Muerta shale assets face continued woes.
Crude Oil , Trade , Legislation
Iraq Oil Minister Urges OPEC, Non-OPEC Emergency Meeting
In a letter seen by Reuters, Iraq's oil minister asked OPEC Secretary-General Mohammad Barkindo to help "urgently achieve" extraordinary meetings of the OPEC+ group.
Investment , Exploration & Production
Report: Oil Market Collapse Could Lop 20% Off Exploration Budgets In Brazil
Before oil prices collapsed in the wake of failed OPEC talks earlier this month, Wood Mackenzie had forecast that some $3 billion would be invested in exploration in Brazil.
Crude Oil , Trade , International
OPEC Countries Lose $500 Million A Day In Oil Price Crash
For the most part, oil is a top income source for members of OPEC and such a dramatic fall in prices will put a strain on their economies.
Crude Oil , Trade , International
OPEC’s Pact With Russia Falls Apart, Sending Oil Into Tailspin
Russia rejected a proposal on March 6, saying it was only willing to extend existing OPEC+ cuts of 2.1 million bbl/d, which were due to expire at the end of March.
Crude Oil , Trade , International
OPEC Pushing Russia To Support Additional Oil Cuts Amid Coronavirus Outbreak
OPEC members are seeking to win support from Russia to join them in new additional oil output cuts to prop up prices which have tumbled by a fifth this year because of the coronavirus outbreak.
Exploration & Production , Policy & Regulations
Guyana Votes For Leader To Manage Early Years Of Oil Boom
Voters in Guyana were heading to the polls on March 2 for an election that will decide who oversees an oil boom set to transform the poor South American country, which faces a test of whether it can sustainably manage a sudden influx of natural resource wealth.