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October 30, 2019 The new oil auctions to be held by the National Petroleum, Natural Gas and Biofuels Agency (ANP) should generate demand for the installation of 50 to 60 new offshore platforms. The information was highlighted by the director general of the agency, Décio Oddone, during breakfast at OTC Brasil 2019. “All of this... Continue Reading →
Heavyweight oilfield service providers like Saipem and Baker Hughes are moving past just oil and gas projects and embracing more renewable energy projects going forward. In 2014, non-upstream oil and gas activities accounted for 22% of revenues among service suppliers. This share grew to 27% in 2018. According to Rystad Energy, the trend to accelerate... Continue Reading →
Baker Hughes has reported profit of $57 million or 11 cents per share on GAAP basis for the quarter ended September 30, 2019. The result compares with $13 million profit in Q3 2018, and $9 million loss sequentially. Adjusted net income (non-GAAP) attributable to Baker Hughes was $114 million, up 46% from same time last... Continue Reading →
Norwegian seismic services provider TGS will undertake a new 3D multi-client project offshore Argentina. TGS said on Wednesday that the Malvinas 3D survey would cover around 7,300 square kilometers of highly prospective Malvinas Basin, which saw interest during Argentina Round 1 earlier this year. The survey will employ one Shearwater vessel, with operations set to begin in... Continue Reading →
French oil major Total recorded a decrease in its 3Q 2019 profit affected by lower oil and gas prices despite an increase in production. Total’s adjusted net profit was $3.02 billion in the third quarter of 2019, a 24% decrease when compared to the same period last year and the adjusted net profit of $3.96... Continue Reading →
Repsol Sinopec Brasil considers the terms of the country’s huge “transfer-of-rights” oil auction next week unattractive, which is a main reason it is not among the 14 firms registered for a chance to bid, the firm’s top Brazil executive said on Tuesday. Asked on the sidelines of Rio de Janeiro’s Offshore Technology Conference if the... Continue Reading →
BP Plc (BP.L) wants to be part of an effort to build up natural gas infrastructure in Brazil, an executive said on Tuesday, and believes a power plant it is building in Rio de Janeiro could eventually be supplied by gas from offshore oilfields here. Speaking at Rio’s Offshore Technology Conference on Tuesday, BP Regional... Continue Reading →
The offshore decommissioning market is estimated to be valued at USD 6.2 billion in 2019 and is projected to reach USD 8.9 billion by 2027, at a CAGR of 4.8% during the forecast period. The global offshore decommissioning market is dominated by leading players that have an extensive regional presence, said ResearchAndMarkets. The leading players... Continue Reading →
Slumping revenues pushed Mexico's Petroleos Mexicanos to a net loss of 87.4 bln pesos ($4.43 billion) in the third quarter, but the struggling state oil firm said on Monday it had cut back its hefty debt load, bucking the trend of recent years. Pemex, as the company is generally known, held financial debts of $106... Continue Reading →
Affected by impairments for three retired rigs, offshore drilling contractor Transocean more than doubled its losses in the third quarter of the year when compared to the last year’s 3Q. According to Transocean’s quarterly report published on Monday, the company’s total contract drilling revenues were $784 million in 3Q 2019, compared to $816 million in... Continue Reading →
Brazil Energy Insight 