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As the world continues to demand energy sources, there is mounting pressure on hydrocarbon producers to find new reserves and extract more from existing assets. In recent years, the industry has made noticeable advancements in recovery techniques, using efficient technology to extend the life of mature fields. As these facilities are extended beyond their original... Continue Reading →
Houston-based offshore services company Helix Energy Solutions managed to return to quarterly profit on the back of higher revenues driven by higher utilization and integrated services in the Gulf of Mexico. The company on Monday reported net income of $7.9 million for the fourth quarter of 2019 compared to a net loss of $13.7 million... Continue Reading →
The decommissioning market is making a comeback, with new fields of opportunity, and challenges, opening. TSB Offshore President Will Speck shares insights on the path ahead. The level of activity offshore both Australia and Brazil are likely to be similar, he adds, although each has its own challenges. For instance, Australia’s geography imposes logistics challenges... Continue Reading →
Integrated subsea contracts took center stage in 2019 and had a breakout year with 20 such contracts signed, representing a record-high of over 150 subsea trees awarded under such deals. "After hitting rock bottom in 2016, the subsea equipment market has gradually recovered, reaching over 300 awards of subsea trees in both 2018 and 2019... Continue Reading →
Following confirmed cases of coronavirus in Italy, the Italian oilfield contractor Saipem has advised its employees to stay at home. Saipem has also canceled and reduced to the minimum all missions to and from the risk areas abroad. As reported by The New York Times on Sunday, the country announced more than 150 cases, many in... Continue Reading →
U.S.-based Kosmos Energy sank to a loss in the last quarter of 2019 despite a significant increase in revenues compared to the same period of 2018. According to its report on Monday, Kosmos generated a net loss of $35.8 million in the fourth quarter of 2019 compared to a profit of $185.6 million in the... Continue Reading →
Chevron’s future growth prospects may be dimming after the oil explorer pumped more crude than it discovered or bought last year, eroding its portfolio of untapped fields. New finds, acquisitions and expansions of existing oil and natural gas holdings were equivalent to just 44% of the company’s 2019 production, according to a regulatory filing on... Continue Reading →
February 21, 2020 Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 02/10/2020, informs the beginning of the non-binding phase related to the sale of 100% of its shares in Nitrogen Fertilizer Unit III (UFN-III). Potential buyers qualified for this phase will receive a descriptive memorandum with more detailed information about the... Continue Reading →
Offshore marine transportation firm Harvey Gulf International Marine says it has been able to achieve success in the turbulent offshore market by constantly reinvented itself to fit the industry demands. Most recently, “reinvention” has meant branching out to secure more work in international markets. This is not the first time Harvey Gulf has ventured away... Continue Reading →
DOF Subsea, a wholly-owned subsidiary of DOF Group, reported loss in the fourth quarter of 2019 of NOK 30 million ($3.2 million), compared to loss of NOK 458 million ($49.1 million) in the corresponding period in 2018. Full-year result for 2019 came out negative, with loss of NOK 1.13 billion ($121.4 million), against loss of... Continue Reading →
Brazil Energy Insight 