Deepwater Exploration

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  1. Total taking charge of Lapa offshore Brazil under Petrobras alliance

    Offshore staff PARIS – Total and Petrobras have signed an assets package agreement in the framework of their strategic alliance announced in October. It reinforces the cooperation between the two companies both upstream and downstream, covering operations, research, and technology. The two companies will strengthen their technical cooperation upstream by jointly assessing the exploration potential in prospective areas in Brazil and the development of new technologies.  In addition, Total will partner with Petrobras in two presalt licenses in the Santos basin: in BMS-11, which contains the Iara field currently under development, Total will acquire a 22.5% interest from Petrobras (subject to partner and regulatory approvals), while in BMS-9, where the Lapa field just entered production, Total will become operator, taking a 35% stake. The companies will pool their deepwater experience to jointly develop solutions for long subsea tiebacks , reservoirs with high carbon-dioxide content, and digital geosciences data management. Total will also offer Petrobras the option of taking a 20% stake in the Perdido Belt deepwater exploration block 2 it was recently awarded offshore Mexico. Currently, Petrobras and Total jointly participate in 19 consortia worldwide in exploration and production. They are co-developers of the giant Libra field in the presalt Santos basin; the Chinook field in the US Gulf of Mexico; and the deepwater Akpo field offshore Nigeria . Dr. Valentina Kretzschmar, director, Corporate Research at analyst Wood Mackenzie, commented:  “Following a period of deep cuts, which helped bring down Total’s cash flow breakevens to a sustainable level, the company is now shifting its strategy towards more aggressive business development. “A rebound in oil prices, combined with a new phase of strong cash flow growth, will fuel Total’s new business development opportunities. “ Presalt deepwater Brazil offers access to low-cost, long-life resources, and will help shift Total’s portfolio to the lower end of the cost curve - in line with the company’s strategy.” 12/22/2016

    Online Articles

    Online Articles

    Thu, 22 Dec 2016

  2. Exxon drills dry hole offshore Liberia

    The first well drilled offshore Liberia has proven a disappointment to operator ExxonMobil Exploration and Production Liberia Ltd. and partner Canadian Overseas Petroleum Ltd., showing no hydrocarbons.

    Online Articles

    Online Articles

    Mon, 19 Dec 2016

  3. Total to buy $2.2 billion in Petrobras upstream, downstream assets

    Total SA has agreed to acquire $2.2-billion in upstream and downstream assets from Petroleo Brasileiro SA (Petrobras) as part of the firms’ strategic alliance announced in October.

    Online Articles

    Online Articles

    Wed, 21 Dec 2016

  4. Petronas details deepwater Mexico work plans

    Petronas has won shares of two blocks in the Salina basin offshore Mexico under the country’s first auction of its deepwater exploration areas.

    Online Articles

    Online Articles

    Thu, 22 Dec 2016

  1. ConocoPhillips to reduce deepwater exploration spending

    Online Articles

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    Fri, 17 Jul 2015

  2. Fifth deepwater exploration well under way offshore Romania in the Black Sea

    ExxonMobil and OMV’s deepwater exploration program continues in the Romanian sector of the Black Sea.

    Online Articles

    Online Articles

    Thu, 5 Nov 2015

  3. ConocoPhillips to cut deepwater exploration spending

    ConocoPhillips (NYSE:COP) plans to reduce deepwater exploration spending with most of the cuts coming in Gulf of Mexico operations.

    Online Articles

    Online Articles

    Fri, 17 Jul 2015

  4. Mexico’s Pemex will halt some deepwater exploration projects

    The head of Mexico’s state-run oil company said Feb. 18 that he will delay starting some much-anticipated deepwater exploration projects due to the decline in worldwide crude oil prices.

    Online Articles

    Online Articles

    Thu, 19 Feb 2015

  5. ConocoPhillips plans further capex reduction for deepwater exploration

    ConocoPhillips reported plans to further reduce its capital expenditures for deepwater exploration , with the “most significant reductions” coming from its operated program in the Gulf of Mexico. The company did not specify by how much capex would be decreased, however.

    Online Articles

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    Thu, 16 Jul 2015

  6. Teachers bring deepwater exploration to classrooms through CITGO STEM Academy

    Houston-area educators were introduced to members of the Nautilus Corps of Exploration from the Ocean Exploration Trust for an opportunity to learn innovative ways to engage their students in science, technology, engineering and mathematics (STEM) concepts.

    Online Articles

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    Tue, 14 Jun 2016

  7. BHP Billiton names GoM as a deepwater exploration focus

    BHP Billiton provided an update on its exploratory program, outlining what it calls its “value-focused approach.”

    Online Articles

    Online Articles

    Mon, 27 Jun 2016

  8. Anadarko Petroleum makes leadership changes

    Darrell Hollek has been named executive vice president, operations and Ernest Leyendecker has been named executive vice president, international and deepwater exploration .

    Online Articles

    Online Articles

    Tue, 23 Aug 2016

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