January 31, 2019 Eighty years after the first oil discovery, Brazil is moving to double its production and become the main area of exploration outside the United States and the Organization of the Petroleum Exporting Countries. The pre-salt layer, discovered in 2006, already accounts for more than half of production and could make the country... Continue Reading →
PetroRio Material Fact – Acquisition of Chevron Brasil Upstream Frade
Petro Rio, in addition to the material fact disclosed to the market on October 29, 2018, has executed a Share Purchase Agreement for the acquisition of Chevron Brasil Upstream Frade - a limited liability company holding a 51.74% working interest and operatorship in the Frade Field - and of equivalent interest in assets operating in... Continue Reading →
PGS Narrows Losses
Petroleum Geo-Services (PGS), reported loss for the fourth quarter ended December 31, 2018 of $23.5 million versus loss off $195 million in the prior-year quarter. Basic loss per share was 7 cents per share, improving from 58 cents per share loss same time last year. Norway-based PGS generated $270 million in quarterly revenues... Continue Reading →
ConocoPhillips lifts 4Q profit. Sets aside $6.1 billion to spend in 2019
U.S. oil company has reported fourth-quarter 2018 earnings of $1.9 billion, an increase compared with fourth-quarter 2017 earnings of $1.6 billion. Excluding special items, fourth-quarter 2018 adjusted earnings were $1.3 billion compared with fourth-quarter 2017 adjusted earnings of $0.5 billion. Continue reading
Rystad: Guyana makes Exxon leader of 2018 exploration pack
U.S. oil major ExxonMobil was the leader of the pack among the top oil and gas explorers of 2018, boosted by its string of offshore oil discoveries in the Latin American country. “ExxonMobil was exceptional, both in terms of discovered volumes and value creation from exploration,” said Rystad Energy head of upstream research Espen Erlingsen. Continue... Continue Reading →
Baker Hughes: 4Q orders reach 3-year high. Revenue, adjusted income rise
Oilfield services giant Baker Hughes GE posted an increase in orders, revenue, and adjusted net income for the fourth quarter of 2018. The company’s 4Q revenue came in in at $6.3 billion, up from $5.8 billion, boosted by its oilfield services business which generated $3,06 billion in revenue. Overall, revenue was up 8 percent. Oilfield... Continue Reading →
PetroRio among the largest producers in Brazil
1/31/19 With the acquisition of Chevron's subsidiaries in the Frade field, PetroRio will increase its production in Brazil by more than 60%, reaching almost 30 thousand boed. In the ranking of the concessionaires, the company should jump to the seventh position, behind Petrobras and big multinationals like Shell, Petrogal, Repsol, Equinor Energy and Equinor Brasil.... Continue Reading →
ROXTEC PERFORMS SERVICES AT PETROBRAS P-68 PLATFORM
January 30, 2019 Petrobras has contracted Roxtec to carry out the quality verification of cables and pipelines on board the FPSO P-68, scheduled to start operating this year. The state company also requested that Roxtec's specialists instruct engineers and installers at Jurong Shipyard on how their sealing solutions work. Roxtec introduced the new inspection... Continue Reading →
BRAZIL HAS 145 OFFSHORE PLATFORMS IN ACTIVITY AND ANOTHER 48 INACTIVE
January 30, 2019 The most recent data from the Navy's Ports and Coasts Board help to draw a map of the offshore platforms in operation today in Brazil as well as those that are inactive. In all, there are 193 platforms, both production and drilling, of which 145 are in operation and 48 are idle.... Continue Reading →
Petrobras Board of Directors Approves Election of Directors and Officers
Rio de Janeiro, January 31, 2019 - Petróleo Brasileiro S.A. - Petrobras, following up on the Press Releases of 4th, 7th and 14th of January of 2019, reports that its Board of Directors approved the appointments of Admiral Eduardo Bacellar Leal Ferreira as Chairman of the Board of Directors of the company, and João Cox... Continue Reading →
Brazil Energy Insight 