Esgian Rig Analytics Market Roundup (Week 25)

In case you missed it, you can access our previous Rig Market Roundup here.

Drilling Activity and Discoveries

Oslo-listed BlueNord announced on Monday the start-up of drilling operations on the Harald East Middle Jurassic well (HEMJ) in the Danish North Sea. Using the Shelf Drilling (North Sea) jackup Shelf Drilling Winner (ex-Noble Sam Turner), the HEMJ was spudded in the Harald East area, near the Norwegian border. The extracted gas will be exported through the Tyra East facilities. “In a success case, the well could deliver production by the end of 2024,” BlueNord stated. The well’s expected gain is estimated to be up to 8 mmboe net to BlueNord, with approximately 80% of this expected to be gas. The Danish Underground Consortium (DUC), a joint venture involving TotalEnergies (43,2 %), BlueNord (36,8 %) and Nordsøfonden (20%), reached a FID on HEMJ drilling in January.

Occidental Petroleum (Oxy) encountered non-commercial hydrocarbons at the Orange #1 exploration well on Mississippi Canyon Block 216 in the US GOM and the well has been plugged and abandoned. The company is now evaluating results following logging operations at the Ocotillo #1 exploration well on Mississippi Canyon Block 40. Both wells were spud in the second quarter of 2024 with Diamond Offshore 12,000-ft drillship Ocean BlackHawk. Oxy subsidiary Anadarko recently extended the rig’s contract by two years. Oxy is the operator of Orange with a 50% interest, while Murphy holds the remaining 50%. Oxy operates Ocotillo with a 33% interest, with Murphy and Chevron holding 33% and 34% interests, respectively.

Murphy Oil Corporation is currently drilling the Mormont #3 well in the US GOM and expects the well to come online in the third quarter of 2024. The company is also completing the Neidermeyer #1 sidetrack, which is also to come online in the third quarter of 2024. During the second quarter of the year, Murphy also brought the Khaleesi #4 well online. Murphy recently extended its contract for Noble 12,000-ft drillship Noble Stanley Lafosse into late 2025.

Diamond Offshore semisubmersible Ocean Apex arrived at the Fletcher-5H well site off Australia over the weekend to start its P&A contract with Santos. The 6,000-ft Ocean Apex recently completed its contract with Inpex in Australia and left Inpex’s Bassett Deep 1 well location in the Browse Basin on 6 June 2024. Diamond Offshore, which will merge with Noble Corp. next year, confirmed Monday the rig had started its decommissioning campaign for Santos. Santos has a 12-well P&A campaign lined up for the rig, which will be deployed across its Mutineer, Exeter, Fletcher, and Finucane fields within permits WA-54-L, WA-26-L, and WA-27-L.The permit areas are within Commonwealth waters, approximately 160 km (99 mi) north of Dampier, in water depths ranging from 130 to 160 m (427 to 525 ft). This campaign is expected to end during the first quarter of 2025.

Vietnam’s PVEP-POC is preparing to start drilling operations next month as part of the third phase of the Dai Hung field development. The company recently awarded a contract to the Vietnamese contractor PV Drilling for the provision of equipment and bundled services for the drilling and completion program of development wells. PVEP-POC plans to start the drilling campaign in late July 2024, aiming to achieve the first oil target in the fourth quarter of 2024, according to the approved Field Development Plan. The Dai Hung Field Development – Phase 3 Project includes a drilling program for 12 production wells, injection wells, well repair operations, and the sidetracking of the DH-21XP well in the DH-02 area, with a duration of 480 days. PV Drilling confirmed to Esgian that it will provide technical services but not the rig itself for this drilling program. The 400-ft Shelf Drilling Perseverance jackup rig, currently undergoing contract preparation in Singapore, will be deployed for the project and is expected to mobilise in July to start drilling for PVEP-POC. PV Drilling will provide bundled services, including 11 Well Technical Services, and long lead items.

Wintershall DEA has made a gas condensate discovery in the North Sea offshore Norway. The discovery was made while drilling the 35/11-27 S exploration well targeting the Cuvette prospect. Transocean semisubmersible Transocean Norge was used for the drilling operation. According to Wintershall, the exploration well, spudded in April, encountered gas condensate in sandstones of Middle and Upper Jurassic age, with estimated recoverable volumes of 9 to 22 million barrels of oil equivalent (mmboe) in the primary Middle Jurassic target and 7 to 16 mmboe in the shallower Upper Jurassic target. The Cuvette discovery is located south of the Wintershall Dea-operated Vega Central field. Wintershall, with licence partners Petoro and DNO, will now evaluate if the gas condensate discovery can be fast tracked into production utilising existing infrastructure in the Vega / Gjøa area. The rig moved off the well site on Monday and is now in Frøysjøen to prepare for the next well. For the rest of 2024 and 2025 the Transocean Norge is scheduled to complete the Maria Phase 2 wells and start the drilling of the Dvalin North development wells in 2026. Earlier this month, Wintershall awarded the rig a three-well contract extension. The estimated 140-day programme is expected to start in the first quarter of 2028 in direct continuation of the rig’s current programme.

Equinor’s Barents Sea exploration well 7220/2-2, targeting the Snøras prospect has proven dry. The well is located in the production licence 1080 and was drilled by Transocean semisubmersible Transocean Enabler. The objective of the wildcat well was to prove petroleum in Early Jurassic reservoir rocks in the Stø Formation. The well encountered the Stø Formation with a total thickness of around 66 metres (217 feet), 63 metres (207 feet) of which was sandstone with very good reservoir quality. The well is classified as dry with traces of hydrocarbons. The well 7220/2-2 was drilled to a vertical depth of 821 metres (2,694 feet) below sea level, and was terminated in the Nordmela Formation in the Early Jurassic. Water depth at the site is 427 metres (1,401 feet). The well will be permanently plugged and abandoned. In 2014, Equinor and the partners made the Isfjell (7220/2-1) gas discovery, to the north of the Snøras well. In production licence 532, south of Snøras, the same partnership has made several discoveries. These discoveries are being considered for tie-back to the Johan Castberg field, where production start is planned for late 2024.

Aker BP has discovered gas in the exploration well 7324/6-2 targeting the Ferdinand Nord prospect in the Barents Sea, offshore Norway. The well was drilled by Saipem semisubmersible Scarabeo 8 and is the first well drilled in the production licence 1170. According to the Norwegian Offshore Directorate, preliminary estimates indicate that the size of the discovery is between 0.52 – 0.75 million standard cubic metres (Sm3) of recoverable oil equivalent (o.e.). This corresponds to 3.3 – 4.7 million bbls o.e. The well 7324/6-2 was drilled to a vertical depth of 1246 metres (4088 feet) below sea level, and was terminated in the Snadd Formation in the Upper Triassic. The water depth at the site is 422 metres (1384.5 feet). The well has been permanently plugged and abandoned. The partners in the licence are assessing the discovery together with other discoveries and prospects in the area with a view toward a potential development. Aker BP is the operator of the licence, with partners Equinor, INPEX Idemitsu Norge, and Petoro.

Demand

Posco International E&P Malaysia is starting a site survey operation over the PM 524 block offshore Malaysia this week. On behalf of the company, the MV Sapura Wira vessel will carry out a survey over the block located offshore Terengganu. The survey is expected to run until 25 July 2024. Posco was awarded the Block PM 524 rights in November 2021, with Petronas Carigali the sole partner with a 20% stake. It is understood that Posco plans to drill one well in the block in 2025 using a jackup.

Conrad Asia Energy now expects to reach a Final Investment Decision (FID) on its Mako gas field development in Indonesia in the fourth quarter of 2024, rather than mid-year 2024 as previously targeted. The project scope still includes an initial phase of development (“Phase 1”) and a potential subsequent phase (“Phase 2”). Phase 1 consists of six wells: two dry-tree wells and four subsea wells. These will be connected via subsea umbilicals, risers, and flowlines to a conductor support frame, which will then connect to a mobile offshore production unit (MOPU) facility equipped with gas processing and compression capabilities. Gas from the MOPU is expected to be evacuated via a 60 km pipeline to a subsea manifold in the adjacent Kakap PSC. From there, it will be transported through the WNTS to Singapore and potentially to Batam, if a connecting spur-line is built by a domestic gas buyer. The planned development wells are targeted to deliver 120 mmscfd (100%) for a plateau period of seven years, with production decline thereafter. Capital costs for Phase 1 are currently estimated at US$325 million. Work has been underway to finalise gas sales agreements between the Mako Joint Venture, the Indonesian Government and Regulator, and a Singapore-based customer. Conrad’s chairman stated on Monday that the conclusion of these agreements is imminent. He added that Conrad would now focus on balancing its risk-reward profile by selling down interests and progressing financing options identified for Mako.

Baron Oil, the operator of the Chuditch PSC in Timor-Leste, announced Wednesday that the licence had entered Contract Year Three, which includes a commitment to drill an appraisal well (Chuditch-2) on the Chuditch gas field. This drilling obligation was previously contingent on seismic data reprocessing confirming the presence of a significant structure associated with the field. The 3D seismic reprocessing project, and subsequent data interpretation and other technical studies were recently completed. According to Baron Oil, Chuditch has been demonstrated to be a field of significant scale, interpreted to be over 20 km long with a Pmean Contingent Resource of 1.16 Tcf of gas. Baron Oil operates the PSC through its SundaGas subsidiary, holding a 60% working interest in partnership with state-owned joint venture partner TIMOR GAP Chuditch Unipessoal Lda (“TIMOR GAP”). To fund the drilling in the offshore block, Baron Oil said that it was in talks with potential funding partners, which include potential strategic investors in the Chuditch project, and enterprises interested in developing and/or marketing the gas resources. Baron said its board was confident that financing would be in place in time to enable the drilling of the Chuditch well in early 2025. The well site is located 5.1 km (3.1 mi) from the original Chuditch-1 discovery well, in a water depth of 68 m (223 ft), and 286 m east-northeast of the initial location. Regarding the jackup rig to be used for the project, the company said in May it was in talks with the operator of a rig it considers suitable for the drilling of the well.

Six oil and gas companies have secured exploration licences to store CO2 in four areas in the North Sea, offshore Norway. Two of the licences have been offered to Equinor. One licence has been offered to a group consisting of Vår Energi, OMV (Norge), and Lime Petroleum, while another licence has been offered to a group consisting of Aker BP and PGNiG Upstream Norway. The licences are offered with a binding work programme which includes mileposts that ensures fast and efficient progress or return of the areas if the licences do not carry out the storage project, the Norwegian government said. Aker BP (90%) and PGNiG (10%) have been offered the Atlas licence, located near the Aker BP-operated Yggdrasil area. The licence comes with a work programme that includes reprocessing 3D seismic data, conducting geological studies, and a drill-or-drop decision after two years. Vår Energi, OMV (Norge), and Lime Petroleum have been offered the Iroko licence, located northeast of the Vår Energi-operated Balder field and about 130 kilometres west of the coast from Haugesund. The licence has the potential to store up to 7.5 million tonnes of CO2 annually for at least 30 years, totalling approximately 215 million tonnes. The two licences offered to Equinor, referred to as Albondigas and Kinno, are each expected to have the capacity to store around 5 million tonnes of CO2 per year when in operation.

Mobilisation/Rig Moves

Stena Drilling 10,000-ft drillship Stena Forth has arrived in Las Palmas, Canary Islands, where it will join several other floating rigs undergoing surveys and contract preparations ahead of future work. Stena Forth left Egypt in early May 2024 and will undergo regulatory surveys at a yard in Las Palmas before moving to Morocco to drill the Anchois East appraisal / development well for Energean. Read more about other rigs currently in the Canary Islands here.

ARO Drilling 300-ft jackup ARO 3002 has returned to Saudi Arabia after spending around two months at a yard in Bahrain undergoing maintenance. The rig is expected to resume work with Saudi Aramco in the near future. ARO 3002, formerly known as J.P. Bussell, is owned by ARO Drilling, a joint venture between Saudi Aramco and Valaris. The rig’s contract with Saudi Aramco is firm into January 2026.

Following the rig’s delivery in late May 2024, ARO Drilling 350-ft jackup Kingdom 2 is en route to Saudi Arabia, where it will soon begin its maiden eight-year charter for Saudi Aramco. The LeTourneau Super 116E Class rig was built in the UAE and is the second ARO Drilling newbuild to be delivered, following Kingdom 1 in late 2023. The rigs were built by International Maritime Industries, an Aramco sponsored joint venture with Bahri, Hyundai Heavy Industries and Lamprell. ARO Drilling itself is a joint venture between Valaris and Aramco. ARO Drilling and International Maritime Industries plan to build 20 jackups in total, with future units in this newbuild program expected to be constructed in Saudi Arabia.

Diamond Offshore has stated that its planned merger with Noble Corp. will not affect the timing of its planned shipyard project for Ocean BlackRhino in Las Palmas in the Canary Islands, currently scheduled for the fourth quarter of 2024. Noble Corp. is acquiring Diamond Offshore in a stock plus cash transaction, aimed to close by the first quarter of 2025. Ocean BlackRhino will spend around 80 days out of service in the fourth quarter of 2024 for its five-year special periodic survey and managed pressure drilling upgrade. Ocean BlackRhino is currently working for Woodside offshore Senegal. The rig will move to work for Apus Energy offshore Guinea-Bissau from August to October 2024, then head to Las Palmas for the yard stay. Following the completion of its time in the shipyard, Ocean BlackRhino will move to Cote D’Ivoire for a one-well contract with Foxtrot.

The ME-ADS-owned 300-ft jackup Sea Challenger has arrived off Sharjah, UAE onboard the heavy lift vessel Seaway Albatross, following mobilisation from Greece.The rig was towed from Sharjah to Khalifa Port, located between Abu Dhabi and Dubai. It is expected to perform some class recertifications and contract preparation before departing for India to start its drilling campaign with Oil and Natural Gas Corporation Limited (ONGC). The work scope is three years, and the contract commencement is estimated by Q4 2024.

Odfjell Drilling managed semisub Hercules is en route to Canada after a brief stop in the Canary Islands. Scheduled to reach Canada in early July, the 10,000-ft unit will then drill a well for Equinor.The rig spent recently spent around 10 days at the Hamilton Y Cía yard in Las Palmas, following the completion of work for Galp offshore Namibia around late April 2024. The rig’s contract with Equinor was fixed in August 2023 and is for one firm well with one optional well. Exploration well Sitka C-02 will be drilled on EL1156 in around 2,900 ft of water in the Flemish Pass area offshore Newfoundland. A potential second well would be within five to seven km of Sitka C-02. Completion is expected within six months, contingent on well results. Hercules is owned by SFL Corporation.

Shelf Drilling jackups Shelf Drilling Achiever and Main Pass IV have been loaded onto heavy lift vessel Seaway Hawk and are being moved from Saudi Arabia to West Africa, where they are to be marketed for work.The 300-ft Main Pass IV and 350-ft Shelf Drilling Achiever are two of four Shelf Drilling units that had their contracts with Saudi Aramco suspended this year. The company stated in May that it was actively marketing Main Pass IV, Shelf Drilling Achiever and Shelf Drilling Victory for work, while Main Pass I would remain stacked during the suspension period. One of Shelf’s West Africa-based jackups recently had its project cut short. 300-ft jackup Trident VIII suffered structural damage in April 2024 while working for Chevron offshore Nigeria and is currently out of service. The rig had started a one- year contract with Chevron in August 2023.

PV Drilling jackup PV Drilling VI arrived and docked in the MTRA Area-A, Kemaman Anchorage, Peninsular Malaysia earlier this week.The rig arrived at Kemaman from a well site offshore Sarawak, where it recently completed drilling activities at the Bokor-E (BODP-E) platform for Petronas Carigali, 40 days ahead of schedule. During its 21-day stay at the anchorage, the PV Drilling VI team will conduct preparation and maintenance tasks facilitated by Eastern Pacific Marine Services Sdn Bhd (EPMSSB) to ensure its operational efficiency. PV Drilling VI, capable of drilling up to 30,000 feet in water depths of up to 400 feet, is on a long-term contract with Petronas Carigali.

Other News

Etu Energias, SA has acquired a 5% interest in Block 32, 9% in Block 14, and 4.5% in Block 14K offshore Angola from Galp. The sale and purchase agreement was announced in February 2023. Block 32 is located offshore Luanda and is operated by TotalEnergies. Block 14 is offshore Cabinda and is operated by Chevron affiliate Cabinda Gulf Oil Company. Block 14K is operated by Chevron. Etu Energias is an Angolan oil company and was previously known as Somoil. Galp recently agreed to sell off its 10% interest in Area 4 offshore Mozambique to ADNOC.

Longboat Energy has agreed to sell its 50.1% holding in Longboat Japex Norge (LJN) to its joint venture partner Japan Petroleum Exploration Co. Ltd (“JAPEX”). The sale marks Longboat Energy’s exit from Norway, with the proceeds directed towards its operations in Malaysia. Longboat said the decision to sell was influenced by a lack of suitable acquisition opportunities, disappointing performance of the Statfjord Satellites, and slow progress on monetising the Kveikje discovery (LJN, 10%). These factors contributed to a near-term projected working capital shortfall in Longboat Japex Norge which could have result in Longboat forfeiting some-or-all of its shares in LJN. Longboat will sell its 50.1% interest in LJN to JAPEX for $2.5 million in cash plus the assumption of the entire debt drawn by LJN under the Acquisition Bridge Facility provided to the joint venture by JAPEX. Net drawings to Longboat under the Acquisition Facility are currently $8.5 million ($17 million gross). JAPEX will also assume all financial obligations associated with Longboat Japex Norge including all staff and running costs going forward and has amended the Acquisition Facility pre-completion to allow further drawings to manage the immediate working capital needs at Longboat Japex Norge. The transaction is expected to be completed in Q3 2024. If the transaction does not complete, Longboat will face limited liquidity in H2 2024 and will require additional funding. Failure to meet additional working capital needs could result in forfeiting some or all of its shares in LJN. “The transaction consideration, along with ongoing efforts to cut Longboat’s cost base, are forecast to provide capital to run the company through the end of Q1-25,” Longboat said. Longboat intends to use the proceeds from the transaction to fund its working capital requirements and ongoing operations in Malaysia as part of the company’s plan to pivot its efforts to building a business in Southeast Asia. The company operates Block 2A (52.5%, op) located offshore Sarawak in eastern Malaysia which contains the Kertang prospect.  The company has recently commissioned ERCE to undertake a competent persons report (“CPR”) to confirm the potential size and risk associated with Kertang, “believed to be one of the largest undrilled structures in Malaysia.” It is anticipated the CPR will be published at the end of June. “Following recent increased interest levels in exploration for world-scale fields, multiple large companies have approached Longboat regarding Block 2A. Having consulted with Petronas, the Company now intends to run a farm-out process during H2-24 to identify a suitable partner,” Longboat said. Also in Malaysia, an Area of Mutual Interest (“AMI”) in Shallow Water Sarawak was signed earlier this year, between Longboat and another international E&P company active in Malaysia to pursue discovered resource opportunities (“DROs”) being offered by Petronas. Longboat said Monday it had provisionally been granted an award, subject to the successful negotiation of certain key contractual terms, for acreage in shallow water offshore Sarawak containing several material, undeveloped gas fields capable of near-term development.

Diamond Offshore is continuing to pursue work for drillships West Dorado, West Draco and Tidal Action under its recently signed marketing agreements and will continue to operate and compete as an independent company until its merger with Noble Corp. closes. Diamond Offshore stated that the marketing agreements for the three drillships will remain in place, subject to the right of the drillship owners to end the contract early. Dorado and Draco are owned by Eldorado Drilling and Tidal Action is owned by Hanwha Ocean. Diamond Offshore can market Dorado and Draco in Brazil, Latin America, West Africa, Malaysia and Indonesia and Tidal Action in the US GOM. Dorado was delivered in April 2024 and is currently in Indonesia. Draco expected to be delivered from Samsung Heavy Industries in South Korea this year, while Tidal Action is currently under construction in South Korea. Speaking last week, Noble President and CEO Robert Eifler said that Noble is not opposed to managing these rigs and Diamond President and CEO Bernie Wolford said that Diamond is uniquely positioned to put these rigs to work. Noble is expected to complete its acquisition of Diamond Offshore in Q1 2025 or earlier.

Paratus Energy said Wednesday it would launch a private placement of new shares and list’s the company’s shares on Euronext Growth Oslo. Paratus is the principal holder of a group of energy service companies including its 100% ownership of Fontis (previously known as SeaMex), its 50% interest in Seabras, and a 24.2% equity ownership stake in Archer Ltd. Fontis is an offshore drilling company with a fleet of five jackup drilling rigs under contracts in Mexico. Seabras is a subsea services company, with a fleet of six multi-purpose pipe-laying support vessels (PLSV). Archer is a global oil services company providing drilling services, well integrity & intervention, plug and abandonment, and decommissioning services. Paratus Energy’s largest shareholder is Hemen Investments Ltd., which currently holds 32% of the shares. Additionally, Lodbrok Capital LLP, through different funds, holds 20.2% of the shares. The net proceeds from the offering will primarily be used for general corporate purposes and to increase balance sheet flexibility. Subject to receiving the relevant approvals from the Oslo Stock Exchange, as well as prevailing equity capital market conditions, the company is expected to have its first day of trading on Euronext Growth Oslo by the end of Q2 2024. Paratus Energy plans to pursue an uplisting to the Oslo Stock Exchange as soon as practicable after thereafter.

Awilco Drilling and Keppel FELS (now Seatrium) have agreed to settle all claims, disputes, and amounts owing between them arising from the termination of the newbuilding contracts for two semisubmersible drilling rigs. Awilco Drilling ordered two harsh-environment semisubmersible drilling rigs from Keppel FELS in 2018 and 2019 through its subsidiaries AR1 and AR2, respectively. The contracts were eventually terminated, leading to monetary claims and counterclaims through two arbitration cases. In April 2023, Keppel FELS, now part of Seatrium, won the first arbitration case against AR1 related to the termination of the contract for the construction of the Nordic Winter (Hull No. B379) semisubmersible drilling rig. In November 2023, Awilco Drilling’s subsidiary AR2 won the second arbitration case stemming from the termination of the construction contract for the Nordic Spring (Hull No. 382) rig. In a statement on Wednesday, Awilco Drilling announced that, together with AR1 and AR2, it had entered into an agreement with KFELS (now Seatrium New Energy Limited) and RigCo Holding Pte Ltd (“RigCo”) to settle all claims, disputes, and amounts owing between them arising from the B379 and B382 newbuilding contracts. Awilco Drilling said the parties have mutually agreed that AR2 will be paid $57 million, which will result in full and final settlement of all matters arising from the B382 newbuilding contract, rig, and arbitration. Additionally, there will be mutual releases between Awilco Drilling, AR1, and AR2 on one hand, and KFELS and RigCo on the other, from any and all claims in connection with AR1 and the B379 newbuilding contract, rig, and arbitration. Worth noting, Dolphin Drilling secured marketing rights for the two drilling rigs in 2021; however, the two harsh-environment semisubmersible units have yet to be delivered.

Energean has agreed to sell its assets in Egypt, Italy and Croatia to an entity controlled by Carlyle International Energy Partners (“Carlyle”) for an enterprise value (“EV”) of up to $945 million. Energean said the EV represented more than a threefold return since the portfolio was acquired for $284 million in 2020 as part of Edison E&P transaction. Energean’s portfolio of assets in these countries has net working interest 2P reserves of 150 mmboe (70% gas) (D&M YE23 CPR) and 2023 net working interest production of 34 kboe/d (37% gas). Looking ahead, Energean plans to maintain and expand its footprint in the Mediterranean and beyond, targeting the wider Europe, Middle East, and Africa (“EMEA”) region, especially where there is long-term policy support for gas and displacement of coal. The company also intends to focus on creating a Carbon Storage Hub in Greece and the wider Mediterranean region via its EnEarth subsidiary. Regarding the assets being acquired, Bob Maguire, Co-Head of Carlyle International Energy partners, said the company would transform these assets into “a scalable E&P platform in the Mediterranean, through the execution of near-term developments, unlocking organic growth opportunities, M&A, and accelerating the delivery of existing  decarbonisation plans.” Carlyle highlighted that the portfolio being acquired includes interests in Cassiopea, Italy’s largest gas field in terms of reserves, and Abu Qir, one of the largest gas producing hubs in Egypt. Carlyle said it would establish “a standalone, leading E&P company in the Mediterranean, through organic growth initiatives and M&A.” As part of the transaction, Tony Hayward, (ex-CEO of BP, current Executive Chairman of SierraCol) will become chairman of the company, focused on scaling its operations in the region. The completion of the transaction is currently expected to occur by the end of 2024.

Magda Chambriard took office as president of Brazilian state oil company Petrobras in a ceremony on 19 June 2024. Speaking at the event, Chambriard said investments in exploration and production are essential to finance the energy transition. Under Petrobras’ Strategic Plan, Chambriard said that the company’s oil and gas and refining assets would receive “consistent and timely investments” as it progressively reduces carbon emissions and works towards reaching zero emissions by 2050. Chambriard also stated that it is essential to develop Brazil’s exploratory frontiers in the Equatorial Margin and South of Brazil, always with “rigorous” safety standards and in compliance with environmental legislation and licensing processes.  Petrobras’ Board of Directors elected Chambriard as president of the company on 25 May 2024. Chambriard began her career at Petrobras in 1980 and took a role at Brazilian regulatory agency ANP in 2002.

Image credit: SFL Corporation