• 1 min PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 4 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 5 hours Schlumberger Warns Of Moderating Investment In North America
  • 6 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 7 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 9 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 10 hours New Video Game Targets Oil Infrastructure
  • 12 hours Shell Restarts Bonny Light Exports
  • 13 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 19 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 1 day British Utility Companies Brace For Major Reforms
  • 1 day Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 1 day Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 1 day Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 1 day OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 1 day London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 1 day Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days 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
  • 3 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
  • 4 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
  • 5 days Aramco Says No Plans To Shelve IPO
Trump Just Made Iran A Wildcard

Trump Just Made Iran A Wildcard

The impact of Trump’s decision…

Erwin Cifuentes

Erwin Cifuentes

Erwin Cifuentes is a Contributing Editor for Southern Pulse Info where he focuses on politics, economics and security issues in Latin America and the Caribbean.…

More Info

Statoil Increases Brazilian Operations Despite Analyst Warnings

Offshore drilling rig

Norwegian oil producer Statoil is hoping to expand its operations in Brazil by entering a second phase of exploration at the Peregrino offshore oilfield.

As reported by Norwegian Solutions, the next phase of exploring will be done with its Chinese partner - the Sinochem Group - at Statoil’s largest non-Norwegian offshore operation. Initially explored in 2011, output at Peregrino surpassed 100 million barrels of oil for the first time last year.

The continued exploration “will add about 250 million barrels of recoverable reserves,” said a Statoil spokesperson.

“The expectation is to expand production. In all, 22 wells – 15 producers of oil and seven water injectors – should be drilled in Peregrino phase two”.

The spokesman also confirmed Statoil’s commitment to Brazil, which included around one thousand employees manning both onshore and offshore operations as well as running eleven tankers.

“Brazil remains one of the most important countries in Statoil’s international strategy. We intend to keep it that way,” the spokesman said.

Analysts have warned Statoil about boosting their investment in Brazil such as the US$2.5 billion purchase of the Petrobras’s operating interest of 66 percent in the BM-S-8 offshore license in the Santos basin.

“It’s a world class asset,” Executive Vice President Tim Dodson said to Bloomberg about the field estimated to hold between 700 million and 1.3 billion barrels equivalent of recoverable oil. Nevertheless, Norwegian oil experts warn that oil prices will need to rise to US$70 to 80 per barrel in order for Statoil to profit off the BM-S-8 site.

By Erwin Cifuentes for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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