French energy group Total SA said Sept. 7 it had resigned from its role as operator of five exploration blocks in the Foz do Amazonas Basin, 120 km offshore Brazil.
Some geologists have said the area may contain as many as 14 billion barrels of petroleum, more than the entire proven reserves of Mexico.
However, environmentalists have tried to prevent oil exploration in the area, which is home to a sizeable reef.
"This decision opens a period of six months during which a new operator will be appointed, and to whom the operated activities will be handed over," Total said in a statement.
Recommended Reading
US NatGas Prices Rise More Than 2% on Hot-weather Forecasts
2024-07-12 - U.S. natural gas futures rose more than 2% on July 12 after touching their lowest in close to two-months earlier.
OPEC+ Agrees to Delay October Output Hike for Two Months, Sources Say
2024-09-05 - Oil prices edged up from multi-month lows on reports of an OPEC+ delay as well as a decline in U.S. inventories, though gains were capped by persistent demand concerns.
Hurricane Threatens LNG and Power Demand as Francine Forms in GoM
2024-09-09 - LNG export plants and offshore oil platforms in the Gulf of Mexico are already taking a hit as as Francine strengthens.
New Fortress Energy Receives OK to Export LNG to Non-FTA Countries
2024-09-03 - New Fortress Energy has been authorized to export up to nearly 1.4 mtpa of LNG to non-FTA countries from its Fast LNG 1 project for a term of five years.
Pitts: Is the Permian-Mexico-Asia Gas Route at Risk?
2024-09-11 - Delayed construction of Mexican LNG projects hinders U.S. producers’ ability to improve access to thriving markets.