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Danish offshore driller Maersk Drilling returned to profit in 2018 from a loss in 2017 while its revenues decreased due to lower day rates. The driller has said in its annual report for 2018 it is seeing signs of continued recovery in the offshore drilling market. In 2018, Maersk Drilling’s revenue declined by 1% to... Continue Reading →
Brazilian pre-salt is among the regions where the company plans to conduct drilling campaigns throughout the year BP Energy plans to double its exploration activities in 2019, British oil chief Bernard Looney said in an interview with analysts. The Brazilian pre-salt will be one of the regions where the company plans to conduct drilling campaigns... Continue Reading →
The global offshore upstream supply chain saw signs of recovery in 2018, and this looks set to continue in 2019, according to global natural resources consultancy Wood Mackenzie. As project FIDs increase, demand for equipment and services are buoying the prospects for the upstream supply chain, WoodMac said. But the downturn left its mark on... Continue Reading →
French oil and gas company Total booked an increase in the fourth quarter 2018 profit driven by higher oil and gas production and increase in prices. The oil company said on Thursday it had recorded an 11% increase in net income for 4Q 2018 which amounted to $1.13 billion, compared to the profit of $1.02... Continue Reading →
The United States has asked Brazil to consider lifting tariffs imposed on its ethanol exports and is hopeful of a positive outcome, a senior official at the U.S. Department of Agriculture said on Wednesday. Brazil currently charges a 20-percent tariff on ethanol imports surpassing 150 million liters a quarter, in a bid to shield local farmers from... Continue Reading →
2/6/19/19 Total plans to abandon two wells permanently in the Lapa field, in the Santos Basin pre-salt. The information was confirmed by the ANP after contact made by BE Petróleo. One of the wells - which had a useful life expected to end this year, according to studies of corrosion prepared by Petrobras (former operator... Continue Reading →
There is a long ride ahead for the offshore support vessel owners, and some of them might not make it to the finish line. Namely, a recent study by AlixPartners has shown that a number of OSV players are looking at a potential bankruptcy. A recent study by AlixPartners confirmed that what most of the people in... Continue Reading →
Rio de Janeiro, February 6, 2019 – Petróleo Brasileiro S.A. – Petrobras, in relation to the news published in the media about possible collective arbitration by an association of investors, clarifies that it has not been notified by the Arbitration Chamber of São Paulo Stock Exchange (B3). If notified, Petrobras shall take all measures to... Continue Reading →
U.S. oil major ExxonMobil can’t stop finding oil in Guyana. After a string of discoveries in the past two years, the company on Wednesday said it had made two additional discoveries offshore Guyana at the Tilapia-1 and Haimara-1 wells, bringing the total number of discoveries on the Stabroek Block to 12. The discoveries build on... Continue Reading →
Equinor reports adjusted earnings of USD 4.4 billion and USD 1.5 billion after tax in the fourth quarter of 2018. IFRS net operating income was USD 6.7 billion and the IFRS net income was USD 3.4 billion. The fourth quarter and full year were characterised by: Solid results and strong cash flow. Net debt ratio... Continue Reading →
Brazil Energy Insight 