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The 2 Nations Driving The Recovery In Offshore Oil By Tsvetana Paraskova - Apr 01, 2021, 4:00 PM CDT
Offshore oil and gas drilling is set for a rebound this year following a major 2020 pullback when exploration and production companies deferred many activities due to the pandemic and the collapse in oil prices. Lower lifting and breakeven costs at the most prolific offshore oil regions off Brazil and Guyana are setting the stage for a rebound in offshore drilling in South America, which will be one of the main growth drivers of global offshore activity this year, analysts say.
Drilling and well services spending in Latin America is forecast to grow strongly, thanks to continued offshore activity in Brazil as Brazil’s state oil giant Petrobras focuses on the deepwater pre-salt basin. The promising Guyana basin will also see new wells drilled and discoveries developed, according to the latest World Drilling & Well Services Market Forecast 2021-2025
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Why Petrobras Is One Of 2021’s Most Exciting Oil Companies By Matthew Smith - Jan 12, 2021, 4:00 PM CST
Sharply weaker oil prices and the global COIVD-19 pandemic had little material impact on Brazil’s massive offshore oil boom. Even the fact that the oil rich Latin American country is among the countries most severely impacted by the pandemic, with Brazil ranked second for cumulative deaths and third by cases globally, has done little to impede its rapidly growing oil production. Brazil’s national oil company Petrobras last week announced record 2020 hydrocarbon production. Oil output hit a new record of 2.28 million barrels daily while total hydrocarbon output reached a record 2.84 million barrels of oil equivalent per day. Those solid numbers represent an impressive 5% and 2.5% year over year increase, respectively. Petrobras’ focus on developing its pre-salt oil assets was responsible for this impressive growth. During 2020 Brazil’s nationa