Exploration/discoveries
GranTierra will refocus its investment strategy to strengthen its portfolio in Canada and Azerbaijan while Maurel&Prom, majority owned by Pertamina’s international upstream arm, grows its South American footprint in Colombia and Ecuador.
After acquiring the block more than a decade ago, Petrobras has finally found oil in the deepwater area of the Equatorial Margin with the Morpho-1 exploration well.
Sixteen companies submitted 69 bids worth $99.5 million in the Big Beautiful Gulf 3 sale.
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By 2030, deepwater production is expected to rise 60%, but after that, reduced leasing and exploration could limit this small slice of the sector. -
The Cengkih discovery will likely be tied back to the nearby Pegaga field.
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The awards are part of the third and fifth bidding rounds launched last year.
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Additional wells are planned for the GOM field in 2023 and 2024.
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The government is targeting a “fairer share” of the revenues from oil and gas developments.
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The French operator plans to drill the first exploration well on an onshore tract during 2023.
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The next drilling target will look for reserves in three different plays in Louisiana.
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Petrobras will continue to operate the assets following the selldown of working interest.
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The US supermajor has made more than 30 discoveries offshore the South American country since exploration efforts began in 2015.
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Whether its onshore or offshore, China is OK with drilling deeper to secure new gas reserves.
