• 19 mins Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 7 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 12 hours British Utility Companies Brace For Major Reforms
  • 16 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 18 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 19 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 20 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 21 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 22 hours Rosneft Signs $400M Deal With Kurdistan
  • 1 day Kinder Morgan Warns About Trans Mountain Delays
  • 1 day India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 1 day Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 7 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 7 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 8 days Husky Energy Set To Restart Pipeline
  • 8 days Russia, Morocco Sign String Of Energy And Military Deals
Alt Text

Copper Prices Ignited By Chinese Demand Growth

Copper prices saw some gains…

Alt Text

Is South America Set For A Gold Rush?

A Chinese gold miner is…

Alt Text

Gold Prices Could Spike As India Resumes Imports

Gold purchases in India imploded…

This Unloved Oil Province Just Hit A Record

This Unloved Oil Province Just Hit A Record

I'm a contrarian by nature. Whenever observers are apathetic or downright hostile toward a play, I always get interested.

Especially when the fundamental data from the space is positive. Which appears to be the case in one major oil play, judging from news this week.

That's offshore Brazil. A sector that's lately gone from golden to goat with worldwide petroleum investors.

A few years ago, the Brazilian presalt play was the hottest thing going. With E&Ps and stock buyers alike lining for a chance at billion-barrel oil discoveries here.

But high costs, steep government fiscal terms, and a softening of the Brazilian economy have weighed on the play lately. With recent bid rounds attracting underwhelming interest from global oil players.

That in itself is interesting. But a key piece of data this week makes the picture downright intriguing.

That comes from Brazilian state oil producer Petrobras. Who reported that the company has just hit a production record for its presalt fields.

As of April 15, Petrobras' presalt production jumped to 428,000 barrels per day. Driven by 50,000 b/d of output from the new P-58 platform in the Campos basin. A development that came online in mid-March.

This is a timely event for Petrobras--and for Brazil's oil sector. Coming after the company had been struggling of late to ratchet up its presalt production. Which had been hampered by high costs and complex engineering for the deep wells in the play.

The new high watermark in output should thus give some comfort to the wider oil sector, and to investors. The presalt play apparently is manageable--it just took some time to get it on track.

This may help to jumpstart a "second wave" of interest in new presalt drilling and development. Especially if Petrobras can keep the production growth going.

If you like out-of-favour opportunities on the rise, this is a good place to look.

Here's to finally getting it done,

Dave Forest




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News