Post Tagged with: "Big oil companies"

Source: Reuters

Big Oil seeks refuge in Brazil from Latam regional turmoil

Source: Reuters RIO DE JANEIRO/MEXICO CITY (Reuters) – When executives arrive in Rio de Janeiro this week for Brazil’s biennial Offshore Technology Conference, they will find themselves in Latin America’s most promising market for Big Oil by far. That marks a dramatic change from only a year ago.   In early October 2018, Brazil’s current president, Jair Bolsonaro, was in a tight electoral race with Fernando Haddad of the leftist Workers’ Party. Global executives feared a Haddad victory would reverse recent pushes to provide them an opening in Brazil’s oil industry, which for years had been dominated by state-run Petroleo Brasileiro SA, or Petrobras. Elsewhere in the region, Brazil at the time had fierce competition in the race to attract capital. Business-friendly governments in Argentina and Ecuador were auctioning exploration blocks and working to lure foreign oil companies. In Mexico, leftist President Andres Manuel Lopez Obrador had not yet taken[Read More…]

Big Oil Companies Roll Up Shale Plays, Just in Time

Big Oil Companies Roll Up Shale Plays, Just in Time

Shale consolidation becoming prevalent From the Houston Chronicle The great shale oil consolidation is underway, and it’s happening just in time for the new challenges ahead. For the past decade, dozens of small, independent oil companies have perfected hydraulic fracturing and horizontal drilling to break oil out of Texas shale. They succeeded beyond their wildest dreams. The U.S. pumped a record 11.35 million barrels a day in August, according to the Energy Information Administration. That is 2.1 million barrels more than last year, setting a record for the highest year-over-year increase. The jump came along with oil prices strengthening to $75 a barrel for West Texas Intermediate. Seasoned oil executives know that when both prices and production rise, it’s time to cash out and sell to the big boys. The flurry of deals started in January when oil prices began to turn. Exxon purchased 275,000 acres in the Permian Basin[Read More…]