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Offshore Drilling company Diamond Offshore posted a net loss of $74 million for the fourth quarter of 2019. The result is an improvement compared to a loss of $79 million in the fourth quarter of 2018, and also compared to the third quarter 2019 loss of $95 million. Diamond Offshore's revenue grew to $276 million... Continue Reading →
Organization of Petroleum Exporting Countries (OPEC) has recommended extending oil production cuts until the end of 2020 due to the negative impact of the coronavirus outbreak on global oil demand. The Minister of Energy of Algeria and President of the OPEC Conference in 2020, Mohamed Arkab, has said that following an extraordinary meeting of the Joint... Continue Reading →
Australia-based Searcher Seismic has completed its offshore Peru OpenSeis 2D & 3D seismic dataset as part of its offshore Peru multi-client campaign. The ‘Offshore Peru OpenSeis Seismic Dataset’ consists of both 2D and 3D vintage seismic data which has been rectified in a post-stack reprocessing method. The data package comprises of 44,389 kilometers of 2D... Continue Reading →
Colombia's Ecopetrol and Anglo-Dutch energy giant Royal Dutch Shell have teamed up to develop three blocks in the Caribbean, the state-owned oil company said on Friday. Under the deal, Shell will acquire a 50% operating-stake in the Fuerte Sur, Purple Angel and COL-5 blocks, which are found in deep-water areas of the Colombian Caribbean. Continue... Continue Reading →
The worldwide offshore rig count in January 2020 has dropped by 14 units sequentially, but rose by two units year-over-year, according to a rig count report by Baker Hughes Company. BHGE splits its rig counts into international and North America rig counts, which combined make the worldwide rig count. The international rig count for January 2020 was... Continue Reading →
February 7, 2020 Brazil will receive 10% of the Norwegian oil company's investments in the next two years Equinor plans to drill five high-impact exploratory wells in Brazil over the next two years, the company's vice president and chief financial officer, Lars Christian Bacher, said on Thursday during a conference call with analysts. High-impact wells... Continue Reading →
National Oilwell Varco beat estimates for its fourth-quarter profit on Thursday, as the oilfield services provider cut costs to counter an ongoing decline in North American drilling activity. Lower crude prices and investor demand for higher returns have forced U.S. oil and gas companies to hold off on drilling, hurting earnings of companies that provide... Continue Reading →
Offshore wind will constitute 25% of total wind demand in 2028, up from 10% in 2019 and will narrow the gap with offshore upstream oil and gas in terms of capital expenditure deployment, said the analyst firm Wood Mackenzie. The possibility of offshore wind becoming cheaper than coal, gas and nuclear in most major countries... Continue Reading →
Aker Solutions will likely see a 14% drop in revenue in 2020, reversing the gains made last year, the company said while reporting a decline in fourth-quarter earnings on Friday. Earnings before interest, tax, depreciation and amortization (EBITDA), excluding one-offs, fell to 434 million Norwegian crowns ($47.04 million) in the final quarter of 2019 from... Continue Reading →
Feb 6, 2020 Oil company will quote for the campaign in the Baúna field, in the Santos Basin Karoon will launch, in the coming weeks, a bid for the charter of a rig anchored in Brazil. The drilling unit will be used in the Baúna project, in the Santos Basin, for a period of six... Continue Reading →
Brazil Energy Insight 