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FEB 27, 2020 News of the consortium that is exploring the southern block of Gato do Mato. The Ministry of Mines and Energy published this Thursday (27), in the Official Gazette, its endorsement for the sale, by Shell, of 30% of the area to the Colombian Ecopetrol. The transaction was announced in October last year.... Continue Reading →
FEB 27, 2020 Petrobrás announced this week that it has applied to the Brazilian Institute of the Environment (Ibama) to receive the Installation License for the Búzios 5 platform, which will be implemented in the Santos Basin pre-salt. Currently, according to Petrobrás' annual balance sheet, the FPSO has reached 10% of physical progress completed. The... Continue Reading →
FEB 27, 2020 The ghost of Lava Jato and an unburied corpse return to frighten one of the largest economic groups operating in the country, especially in the oil and gas sector: Techint-Tenaris. Targets of the Italian Justice, the brothers Gianfelice and Paolo Rocca, in addition to Roberto Bonatti, partners of San Faustin, holding of... Continue Reading →
The upstream oil and gas sector’s biggest commercial fear from the Coronavirus (COVID-19) epidemic is its impact on demand and prices. Only a small proportion of global supply comes from the worst-affected regions. Manufacturing shutdowns and shipping bottlenecks are causing project delays. Vessels and other large components being constructed in affected shipyards have the most... Continue Reading →
Amid a raft of February orders and near-orders for floating production storage and offloading vessels, or FPSOs, comes a new report suggesting those shipyards and engineers able to piece them together may soon be feeling the strain. "The strong pace of recent orders has a downside," says Jim McCaul, a leading authority on the FPSO... Continue Reading →
February 26, 2020 Last Saturday, Petrobras began the Long-Term Test of the Farfan reservoir, one of the discoveries made by the company in deep waters of the Sergipe-Alagoas Basin. Production is being carried out from the FPSO Cidade de São Vicente, connected to a production well. Ibama's license is valid for up to 180 days... Continue Reading →
Seismic services player Polarcus posted a loss of $19 million for the fourth quarter of 2019, but the company expects to benefit from an improving backlog. According to its financial statement on Thursday, Polarcus recorded revenues of $55.3 million in the fourth quarter of 2019, compared to $58.4 million in Q4 2018. Polarcus posted a... Continue Reading →
By Chris Thompson, chairman of engineering firm Express Engineering We all know that the global oil and gas industry operates in a shifting and challenging business environment. Variations in supply and demand linked to global geopolitical issues have historically contributed towards uncertainty in an industry that has craved stability that has seemed out of reach.... Continue Reading →
Offshore drilling contractor Seadrill has seen an improvement in the offshore drilling market throughout 2019. Although the pace of the recovery has slowed down at the beginning of 2020, Seadrill expects continued market recovery over the remainder of the year. According to its report on Thursday, Seadrill’s revenues in the fourth quarter of 2019 were... Continue Reading →
As China’s coronavirus epidemic continues to expand and more countries are affected, the slowdown in global oil and gas consumption this year will hit suppliers who will see average prices fall below previous expectations, according to Rystad Energy’s revised forecasts. Brent crude oil prices, which Rystad Energy earlier expected to average nearly $60 per barrel... Continue Reading →
Brazil Energy Insight 