Oil Areas News

Brazil's Petroleo Brasileiro SA will build its own oil platforms again from 2023, regardless of who wins the presidential election next month, an executive at the state-run oil company said.Petrobras' 2019-2023 business plan, set to be released in December, should include a resumption of platform construction thanks to the company's improving finances, Petrobras' director for production and technology development Hugo Repsold said."We will build platforms independently of who is president…

Oil majors are in talks with Mexico’s state-owned Petroleos Mexicanos (Pemex) as the struggling state-run oil producer seeks partners to develop deepwater crude in the Gulf of Mexico, reports Bloomberg. Petroleos Mexicanos is in talks with Exxon Mobil Corp., Total SA and Chevron Corp. as Mexico’s struggling state-run oil producer seeks partners to develop deepwater crude in the Gulf of Mexico. Pemex seeks Areas of Mutual Interest agreements to evaluate whether the companies have opportunities to work together in offshore areas. The talks would indicate the world’s oil majors are interested in partnering with Pemex to produce the country’s underdeveloped crude reserves or bid with Mexico’s state-owned operator in the country’s first-ever deep water auctions in December.

Oil companies were bidding on Wednesday for 95 oil areas Colombia is offering for exploration and production in an effort to raise output from around 1 million barrels per day and increase stagnant reserves. Rights for the onshore, offshore and nonconventional or shale oil areas will be awarded to bidders who offer the largest share of production to the government or based on how much companies commit to invest in lesser-explored regions. The government said earlier this year it hoped to attract $2.6 billion in investment into the oil sector through the so-called Colombia Round 2014. Colombia's last oil auction took place in 2012. The blocks on offer total more than 22 million hectares.