07/16 Closing Prices / revised 07/17/2024 08:15 GMT |          07/16 OPEC Basket  $84.44   -$0.87 cents 07/16 Mexico Basket (MME) $74.97   -$1.06 cents  | 06/31 Venezuela Basket (Merey)  $69 23   -$1.22 cents| 07/16 NYMEX WTI  August CLQ24  $80.76 -$1.15 cents  | 07/16 ICE Brent Sept  BRNU24 $83.73 -$1.12 cents  | 07/16 NYMEX Gasoline Aug RBQ24 $2.48 -0.6 %  |  07/16 NYMEX  Heating Oil  Aug  RBQ 24   $2.47  -1.8% | 07/16 Natural Gas August NGQ 24    $2.19 +1.4%  | 07/12 Active U.S. Rig Count (Oil & Gas)    584  -1  | 07/17 USD/MXN Mexican Peso   17.6789 (data live)  | 07/17 EUR/USD   1.0910 (data live)  | 07/17 US/Bs. (Bolivar)   $36.5060000 (data BCV)

BP Prepares to Drill in Brazil Where Other Majors Have Failed to Find Oil – Bloomberg

    BP set to start a well this month at Pau Brasil prospect.  London-based major hasn’t produced oil in Brazil since 2012
BP set to start a well this month at Pau Brasil prospect. London-based major hasn’t produced oil in Brazil since 2012 (Bloomberg)

Peter Millard, Bloomberg News

RIO
EnergiesNet.com 03 05 2024

BP Plc is preparing a deepwater well in Brazil in the latest attempt to break a streak of bad luck by oil majors who have paid billions for exploration rights and have little to show for it. 

The London-based major is getting ready to drill at the Pau Brasil field in Brazil’s so-called pre-salt region, BP said in a response to questions. BP has a contract to start using the Valaris DS-15 drillship on March 24 for a daily rate of $410,000, according to information on Valaris Ltd.’s website.   

The pre-salt holds the country’s most productive fields, but exploration efforts have fallen flat in recent years. Majors including Shell and Exxon Mobil Corp. have spent billions to acquire concessions and carry out exploration campaigns at pre-salt blocks without announcing significant discoveries, and have even returned some of the blocks to Brazil’s oil regulator, known as ANP. Brazil’s oil production is expected to start declining in the 2030s unless new deposits are discovered.

For BP, Pau Brazil is its next shot at gaining a foothold in a major oil producing nation. BP hasn’t produced any oil in Brazil since it sold a small field in 2013. 

Then in 2020 it sold two deepwater discoveries it bought in 2011 as part of a $3.2 billion acquisition of Devon Energy Corp.’s exploration portfolio in Brazil. The following year it exited an environmentally sensitive region known as Foz do Amazonas off Brazil’s northeastern coast where it was having difficulties getting drilling permits. 

Bloomberg.com 03 04 2024

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

 
 
Scroll to Top