(Reuters) - Norway’s BW Offshore has won approval from Brazil’s antitrust watchdog Cade to buy the Maromba oilfield from Petrobras and Chevron, according to a statement in the official gazette on Wednesday. Petrobras has a 70 percent stake in the field, while Chevron has a 30 percent stake. “The transaction represents an opportunity for BW... Continue Reading →

Exxon Mobil Corp expects its 2019 and 2020 capital expenditure to be between $63 billion and $65 billion, the U.S. oil major said on Wednesday. Exxon, which had forecast capital spending of $30 billion for 2019, has been under pressure from investors to rein in expenses as certain deals and large-scale projects continue to strain... Continue Reading →

Oil major BP and Enpro Subsea have executed a global frame agreement aimed at providing an enhanced subsea architecture and smart standardization using Enpro’s patented Flow Access Module (FAM) technology. Enpro Subsea said on Tuesday it had supplied the FAM technology to BP on the Kepler K3 project in the Gulf of Mexico, enabling project specific... Continue Reading →

DOF Subsea has been awarded various contracts, securing utilisation for vessels in the subsea IMR projects segment. The Atlantic region has been awarded a contract by the Norwegian Mapping Authority regarding Hydrographic services for the MAREANO 2019 program. The specialised survey and IMR vessel Geograph will be deployed on the project that is expected to... Continue Reading →

U.S. oil major Chevron expects significant cashflow growth and production boost over the next five years. Outlining its strategy on Tuesday, Chevron CEO Michael Wirth said: “Chevron is in an exceptional position to deliver industry-leading value to shareholders,” said Michael Wirth, Chevron’s chairman and chief executive officer. “Our advantaged portfolio is driving strong production growth... Continue Reading →

South Korea’s Samsung Heavy Industries has started construction of Teekay’s fourth shuttle tanker under the E-Shuttle Tanker series. Teekay has said that the first steel cutting ceremony for the LNG-powered vessel, to be named “Current Spirit” was held on Monday, March 4. Teekay’s E-Shuttle tanker series is expected to significantly reduce emissions and fuel consumption,... Continue Reading →

Ratings agency Standard & Poor’s on Monday slashed the stand-alone credit profile of ailing state oil firm Petroleos Mexicanos (Pemex) to ‘B-‘ from ‘BB-‘ after revising the Mexican government’s credit outlook to negative. S&P also lowered Pemex’s outlook to negative from stable and maintained its global investment grade rating at ‘BBB+’, in line with the... Continue Reading →

There’s enough as-yet-unassigned oil under the Atlantic Ocean off Brazil’s Rio de Janeiro to keep the entire world running for almost six months. So why is the crude just sitting there? A contract dispute between oil giant Petrobras and the government has been dragging on since 2013, and until it’s resolved, drillers can’t start targeting... Continue Reading →