Brazil environmental agency Ibama will decide on French oil firm Total’s application to drill in the environmentally sensitive Amazon river basin before the end of May, and possibly as soon as the end of March, an agency official told Reuters on Wednesday. Ibama last August ordered Total to provide information missing from its application for... Continue Reading →
How General Electric gambled on fossil fuel power, and lost
Last March, executives at General Electric Co’s power-plant business gave Wall Street a surprisingly bullish forecast for the year. Despite flat demand for new natural gas power plants, they said, GE Power’s revenue and profit would rise. But GE’s forecast turned out to be a mirage. Rather than rising, GE Power’s profit fell 45 percent... Continue Reading →
Baker Hughes surges as GE says it’s keeping stake through pact
HOUSTON (Bloomberg) -- Baker Hughes has cleared one obstacle on its recovery path. General Electric Co. told investors Wednesday it has no plans to alter its majority ownership stake in the world’s third-biggest oilfield services and equipment provider prior to the end of their two-year lockup period in 2019. The announcement by Jamie Miller, CFO... Continue Reading →
CCI CableService picks up electrical cables supply deal for Liza FPSO
CCI-CableService Italy, a marine and offshore electrical cable manufacturer, has been awarded an electrical cables supply deal by SBM Offshore for ExxonMobil’s FPSO Liza Destiny. The FPSO is being constructed by Keppel Shipyards in Singapore. It is being converted from a very large crude carrier (VLCC). SBM Offshore will lease the FPSO Liza Destiny to... Continue Reading →
TechnipFMC’s 4Q loss deepens
Oilfield services provider TechnipFMC saw its revenue for the fourth quarter 2017 fall to $3,6 billion, a 15.9 percent compared to $4,38 billion in the fourth quarter of 2016. Net loss for the quarter deepened to $153,9 million, versus $100,6 million a year ago. Adjusted EBITDA, which excludes charges and credits, was $573.1 million, an increase... Continue Reading →
Ocean Rig CEO: Rig inquiries rising, but worst not over
Oil companies have recently posted positive quarterly results, the oil prices have risen from the 2016 lows of below $30 a barrel, however, the worst might not be over for some offshore drillers. This is according to Pankaj Khanna, the recently appointed CEO of Ocean Rig, an offshore drilling company. Read more
Guyana: Orinduik block may hold more than 1 billion BOE
Tullow Oil and partner Eco Atlantic have identified leads on the Orinduik block offshore Guyana with the potential to contain more than one billion barrels of oil equivalent. Tullow is the operator of the block with a 60% interest and Eco Atlantic Oil & Gas is its partner with the remaining 40% interest. Read more
Offshore Oil Recovery Begins in the World’s Harshest Environments
Explorers are once again testing the waters in their search for oil, according to Transocean Ltd., the world’s biggest offshore rig contractor by market value. Drillers worldwide are forecast to boost new commitments for all types of offshore work by 140 percent this year, Jeremy Thigpen, Transocean’s Chief Executive officer told analysts and investors in... Continue Reading →
Petrobras contracts maintenance for new pre-salt platforms
Petrobras has launched a tender to contract maintenance services for the P-66, P-67, P-68, P-69 and P-70 platforms in the Santos Basin pre-salt. The contracts will last from one year and a half to three years. Among these units, only the P-66 is in operation in the Lula Sul field, while the others are scheduled... Continue Reading →
Antwerp starts partnership with Açu Port
Prumo Logística officialized its partnership with the Port of Antwerp International (PAI), a subsidiary of the port of Antwerp, the main port of Belgium. As part of the agreement, the Belgian complex became a shareholder of Açu Port in the North Coast of Rio de Janeiro, and will advise the Brazilian installation commercially and operationally. The... Continue Reading →
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