(Bloomberg) The head of Vitol Group, the world’s biggest independent oil trader, expects crude demand to come roaring back this year and next as the world emerges from the pandemic. Demand for crude will increase by 7 million to 8 million barrels a day by the end of 2022, up from current levels, and producers will... Continue Reading →
(Reuters) Italy’s Eni (ENI.MI) is considering spinning off oil and gas operations in West Africa and the Middle East into new joint ventures to help reduce debt and fund its shift to low-carbon energy, according to company and industry sources. The move is part of a major overhaul the company launched last year as it transitions into... Continue Reading →
Danish offshore drilling contractor Maersk Drilling has won a contract with Karoon Energy Ltd for the semi-submersible rig Maersk Developer to perform well intervention on four wells at the Baúna field offshore Brazil. Karoon took over Bauna from Petrobras in November 2020. The contract for the Maersk Developer is expected to start in the first... Continue Reading →
(Pulse) Korean shipyards enjoying a new heyday from revived commerce and oil activity have their hopes up for another windfall from offshore drilling facilities after years of inactivity. Korea Shipbuilding & Offshore Engineering Co. (KSOE) and Daewoo Shipbuilding & Marine Engineering Co. (DSME) are said to be bidding for a $4.6 billion worth order from... Continue Reading →
Marine engineering and propulsion company Royston has said it has recently completed engine overhaul work onboard Stena Drilling's drillship Stena DrillMAX, ahead of the rig's departure for work in Guyana. "Work on the 228m length ‘Stena DrillMAX’ saw a 48,000 running hours service on a Wartsila W16V32 engine carried out by a team of engineers... Continue Reading →
(Reuters) Joaquim Silva e Luna, the new chief executive of Brazil's Petrobras (PETR4.SA), will look to respect the company's current pricing policy and keep investing in deepwater assets, he said at his swearing-in ceremony on Monday. The comments by the former army general signaled that Petrobras' incoming administration will attempt to maintain some form of continuity... Continue Reading →
Norwegian energy giant Equinor has informed, ahead of the 2021 Annual General Meeting, that starting in 2022 it will submit its energy transition plan for advisory vote to shareholders at its Annual General Meeting. Equinor said on Monday it will update the plan every three years for an advisory vote and progress on the plan... Continue Reading →
(OE) There's one thing that's certain about the price of oil, it goes up and it goes down, but nobody knows when that will happen, Jim McCaul, an expert in the offshore floating production sector for 30 years, recently said in an interview for Offshore Engineer TV, discussing the past, the present and the future... Continue Reading →
The year 2021 has been, so far, good news for the Campos Basin. After the launch of PROMAR and the drilling of an ExxonMobil well in the region, the positive news now comes from the Anglo-Dutch company Shell. The president of the oil company in Brazil, André Araújo, participated in a conversation with journalists and... Continue Reading →
Canadian oil and gas companies Frontera Energy and CGX Energy have entered into a term sheet for a $19 million loan that will enable CGX to continue to finance its share of costs related to the Corentyne, Demerara, and Berbice blocks off Guyana. Frontera said that the loan would also allow CGX to further finance... Continue Reading →
