Extension of the 4.5 billion barrel Franco field is confirmed by the latest discovery from Petrobras. The company is also looking to drive production growth with its prolific pre-salt prospects.
Although Chevron was fined $28 million and had its drilling rights in Brazil suspended for the recent offshore oil spill at their Frade field, some industry experts suggest the company will be able to avoid a long-term ban.
Oil companies are hoping this latest major find will provide further justification for speeding up the permit issuing process for deepwater drilling in the Gulf of Mexico.
Reuters reports that on Friday, Petrobras (SAO:PETR3) announced that the company will produce more than any at 6 million barrels of oil equivalent a day in 2020.
A brief look at 3 oil exploration hotspots, all of which have already produced multi-billion barrel finds of recoverable crude in the last few years, and that may still hold much more.
Brazilian state-controlled energy giant Petrobras declared that it has begun refining the first oil extracted from the ultra-deep Tupi field, one of the massive, “pre-salt” discoveries in the Santos Basin. For full story, click here
Inpex Corp. and Sojitz Corporation have declared that Frade Japão Petróleo Limitada, together with its partners Chevron and Brazil’s national oil company Petrobras, has started crude oil output from the Frade Field in Brazil on June 20, 2009. For full story, click here
Petroleo Brasileiro SA, Brazil’s state-controlled oil company, reported that its plan to invest $95 million a day isn’t easy after oil dipped more than $100 a barrel since July. For full story, click here
Brazil’s crude oil major Petrobras, due to additional output from new production facilities, reported that it touched a company production record of 2,012,654 b/d on Mar. 4, surpassing by 12,420 b/d its previous high mark set on Dec. 25, 2007. For full story, click here
Brazil’s energy managed corporation Petrobras announced its plans to extract its first crude oil from the potentially huge offshore Tupi field find, below the salt layer of the Santos basin next May. President Lula da Silva, said: What will happen is very important. We’re going to extract the first barrels of oil at a depth [...]
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