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.
Chevron has been in Venezuela for nearly 100 years and has about 300 direct employees there.
Chevron Corp. said late on Oct. 18 it is optimistic about maintaining a presence in Venezuela even amid U.S. sanctions on the country and state oil company PDVSA as part of Washington's effort to oust President Nicolas Maduro.