Enverus Intelligence

Host Patrick Rutty and guest Tommy Liskey discuss Brazil’s record 4.6 MMbbl/d oil output, with Búzios alone topping 1 MMbbl/d and the country potentially approaching 5 MMbbl/d within five years. They then turn to whether Morpho’s light-oil discovery is genuinely commercial, particularly given the delay to the Manga follow-up well and the country’s election politics. Next they tackle Peru, where Oxy is preparing a deepwater wildcat as Chevron considers leaving the commitment block while retaining adjacent exposure. The episode closes with Sea Lion’s route toward first oil amid Argentine sanctions and supplier risks.

Outages at the Zawiya refinery and Sharara export pipeline caused by labour disputes have constrained 130,000 bo/d, impinging on Libya's 1.5 MMb/d target. BP has commenced a new exploration well in Egypt ongoing drive to grow reserves and stabilise production. Meanwhile, DNO and Genel continue their protracted battle for Capricorn Energy. North Africa senior analyst Sheikh Imran Azim Rahman joins host Bruce Walker for the podcast.

Senior Regional Manager Jimmy Boulter, Senior Regional Analyst Archie Rowland, and host Patrick Rutty discuss Eni’s latest exploration MoU over five blocks in Senegal. They then review a flurry of Côte d’Ivoire & Ghana exploration licencing, MoUs, and A&D, starting with Petrobras’ massive eight-block deepwater award and expanding to include Eni, SOCAR, Chevron, and Shell. The conversation finishes with Angola, where Chevron, Shell, TotalEnergies, and ExxonMobil have all signed deepwater blocks out of prior study agreements or MoUs – demonstrating the viability of those reconnaissance instruments.

Dane Gregoris and Steve Diederichs recap a Houston and Midland roadshow, where higher oil prices have operators testing new ways to pull more barrels out of existing rock. Surfactants, lightweight proppant and four-mile u-turn wells are all showing early promise, but the takeaway is incremental than a step change for U.S. shale oil productivity.

Europe Regional Manager Anne Jones and host Patrick Rutty talk about VET’s first gas from and future plans at their 68 Bcf Wisselshorst field in Lower Saxony, discuss commercial movements and operational delays in Greenland’s Jameson Land Basin and offer a wee bit of speculation on what comes next, and marvel at the CVX acreage and exploration-to-be juggernaut offshore Greece.

For the last decade oil pipelines moderated production growth from Canada's oil sands. That ceiling is lifting, and the constraint is moving. Dane Gregoris hosts Kyle Bertamini and Trevor Rix to talk about the five oil egress projects now on the table. Behind the pipes, there is plenty of resource but what could bite instead is producer capital discipline and diluent supply, with domestic condensate resource an order of magnitude short of bitumen.

Host Patrick Rutty connects with Senior Regional Manager Shankar Krishnan to talk about how much gas can be expected from the region’s FID’d and pre-FID projects and what’s required to keep things moving forward on INPEX’s Abadi and PTTEP’s Lang Lebah. They then turn their attention to Oil India Limited’s exploration campaign in the Andaman Sea to discuss what the initial gas shows and tests portend and – with the rig back on Vijayapuram-1 – whether the dry hole is getting an uphole test or a P&A. The episode finishes with a short bit on the India ambitions of supermajors Shell, ExxonMobil, BP, and TotalEnergies.

Enverus Intelligence host Gibson Scott sits down with Al Salazar, director of macro research, and Josephine Mills, senior macro research analyst, to break down this month's Fundamental Edge report, "You Can't Print Barrels." The team continues to hold their $100 Brent call, a position they've held since March, but the demand and supply assumptions underneath shifted sharply on Strait of Hormuz outages and Russian refinery losses. The team also cuts its Henry Hub forecast further, flags constrained Permian gas takeaway as an upside price risk, and unpacks Europe's tightening storage picture ahead of a historically strong El Niño winter. Plus: early signs of real upside from data centers in ERCOT, and a closing note on Chevron's expanded Venezuela guidance.

Following the recent Image conference in Houston and publication of our latest Venezuela Scout Insight, the scouting team joins host Bruce Walker. Victoria Phillips talks about the growing but guarded optimism in Venezuela's re-emergence, with Tom Liskey highlighting missing data and lost trust as key headwinds. Troy Grant shares his view that PDVSA and Caracas could navigate towards prominence in a re-ordered global supply market. Tom even posits that this could catalyse an exit from OPEC which would undermine even larger players in the cartel.

Host Patrick Rutty, Senior Regional Manager Tom Richards, and Senior Analyst Sheik-Imran Azim Rahman assess Syria's latest bid rounds, examining revised fiscal terms, contract lengths, and the geopolitical forces shaping the country's upstream reopening. They then discuss Shell's frontier Velox-1 exploration well offshore Egypt and what an encouraging early result could mean for the underexplored Herodotus Basin, before covering Ratio Petroleum's planned acquisition of Pharos and its significance for Israeli investment in Egypt. The episode concludes with a look at Capricorn Energy's increasingly certain future as takeover interest narrows to Genel.