Brought to you by Quest Offshore & Southern Cone Consultants
BP’s third-quarter results took a hit due to lower oil prices, maintenance works, hurricane impacts, and a divestment charge. Underlying replacement cost profit for the third quarter of 2019 was $2.3 billion, compared to $3.8 billion a year earlier. The result was impacted by significantly lower Upstream earnings, resulting from lower prices, maintenance and weather... Continue Reading →
Oct. 28, 2019 /PRNewswire/ -- McDermott International, Inc. (MDR) today announced substantial completion of PEMEX Exploracion y Produccion's Abkatun-A2 Platform. The production platform is located in Mexico's Bay of Campeche in the Gulf of Mexico. This milestone means the platform has now been turned over to the owner to begin commercial operations. "With substantial completion of the Abkatun-A2 Platform project... Continue Reading →
When executives arrive in Rio de Janeiro this week for Brazil’s biennial Offshore Technology Conference, they will find themselves in Latin America’s most promising market for Big Oil by far. That marks a dramatic change from only a year ago. In early October 2018, Brazil’s current president, Jair Bolsonaro, was in a tight electoral race... Continue Reading →
Offshore drilling contractor Diamond Offshore nearly doubled its losses as its revenues dropped in the third quarter of 2019 when compared to the same period in 2018. Diamond has also secured a new contract for one of its semi-submersible rigs with Woodside. Diamond on Monday posted revenues of $254 million for the third quarter of... Continue Reading →
10/25/2019 Petrobras intends to use the R $ 34 billion it will receive from the Federal Government from the auctiont of the Transfer of Rights, scheduled for November 6. The auction will offer the right to extract oil and gas in areas in the pre-salt polygon granted to Petrobras in 2010. Chief Financial and... Continue Reading →
October 28, 2019 The forecast is to invest US $ 21 billion by 2023 to maintain the Campos Basin production curve. At the same time as it sets record highs in the pre-salt, Petrobras is facing the challenge of containing the sharp natural decline of its production in the Campos Basin post-salt. The company, however,... Continue Reading →
Brazil’s state-run oil company Petroleo Brasileiro SA (PETR4.SA) is studying exiting its stake in Braskem SA (BRKM5.SA) via a share offering, an executive said on Friday, the latest in a series of proposals to separate itself from the petrochemical firm. Anelise Lara, head of Petrobras’ downstream division, divulged the potential share offering, which she said... Continue Reading →
Finland’s Wartsila (WRT1V.HE) warned on Friday of a tough outlook for 2020 due to weaker demand for its ship technology and power plants and took a surprise multi-million euros charge on project cost overruns. Shares in the engineering group plummeted to their lowest level in seven years. “We are going to have, for the next... Continue Reading →
Brazil’s benchmark interest rate will be cut to a record low of 5.00% on Wednesday, according to the unanimous view in a Reuters poll of economists, as the central bank battles to spur economic growth and prevent inflation from falling further below target. All 31 economists surveyed say the bank’s rate-setting committee known as ‘Copom’... Continue Reading →
Offshore drilling contractor Valaris, formerly known as EnscoRowan, has been awarded new contracts and extensions with BP, Murphy Oil, Premier Oil, SapuraOMV, and Saudi Aramco. In its fleet status report published on Friday, Valaris said that the 2014-built drillship Valaris DS-15 (Renaissance) had been awarded a one-well contract with Murphy in the U.S. Gulf of Mexico with... Continue Reading →
Brazil Energy Insight 