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Oil and gas producer Wintershall Dea's most closely watched measure of earnings more than doubled in the third quarter, it said on Tuesday, benefiting from soaring oil and gas prices and spending cuts. The company, owned jointly by BASF and Russia's LetterOne, posted earnings before interest, tax, depreciation, amortization, and exploration expenses (EBITDAX) - a... Continue Reading →
(OE) The world’s FPSO fleet is getting older, with 55 FPSO units in the global fleet reaching the end of their design life in the next five years, with an additional five having life extension in place. With 19 more FPSOs currently being evaluated for life extension, safety issues and structural integrity concerns come to... Continue Reading →
(Reuters) - Brazilian President Jair Bolsonaro repeated on Monday that he is considering the privatization of state-run oil company Petrobras (PETR4.SA), remarks that lifted the company's share price. "This is on our radar," the far-right president said during a radio interview. "But privatizing a company is not just putting it on a shelf and whoever offers... Continue Reading →
Demand for liquefied natural gas (LNG) is expected to rise by 25 to 50% by 2030, making it the fastest growing hydrocarbon over the next decade, analysts from Morgan Stanley Research said in a note on Monday. Morgan Stanley has raised its long-term LNG price outlook to $10 per million British thermal units (mmBtu), expecting... Continue Reading →
Oil prices extended pre-weekend gains on Monday to hit multi-year highs, lifted by tight global supply and strengthening fuel demand in the United States and beyond as economies recover from pandemic-induced slumps. Brent crude futures rose by 97 cents, or 1.1%, to $86.50 a barrel by 1225 GMT, the highest since October 2018. U.S. West... Continue Reading →
The Board of Directors of 3R Petroleum has approved the holding of a public offering of the company's shares. The offering is scheduled for November 4th. -- There will be a primary offering of 36.5 million new shares, with limited efforts, but with the possibility of placing an additional 29.2 million shares. In addition, 3R... Continue Reading →
ADC Energy, an Aberdeen-based offshore rig inspection firm, has announced the completion of a trial with "a major rig owner" that found that an upgrade to Dynamically Positioned (DP) rigs power systems can reduce carbon emissions by nearly 5,000 tonnes per year. "Typical DP drilling units operate in HV split-bus, or open-bus, configuration with the... Continue Reading →
Portuguese oil company Galp Energia on Monday raised its earnings outlook for 2021 after higher oil prices and positive refining margins buoyed profitability in the third quarter. Galp said its adjusted core earnings or EBITDA in this year as a whole would exceed 2.3 billion euros ($2.7 billion), compared with its previous forecast of 2... Continue Reading →
The Papa-Terra field, in the Campos Basin, which marked the entry of 3R Petroleum in the state of Rio de Janeiro, will increase the company's proven (1P) reserves by around 35%, bringing them to a total 185.1 million barrels of oil equivalent. The company recently received from DeGolyer & MacNaughton the final result of the... Continue Reading →
(Reuters) - Setting the global average price of carbon per tonne significantly higher at $100 or more is necessary right away to incentivise net zero emissions by 2050, according to a Reuters poll of climate economists. Carbon pricing has come to the forefront of policy measures seen as ways to reduce emissions to a level... Continue Reading →
Brazil Energy Insight 