Royal Dutch Shell will participate in Brazil’s deepwater oilfield auction on Friday and is confident it can pump oil from the fields on offer for less than $40 a barrel, a top Shell executive said. Read more
IHS Markit: Lack of deepwater asset inventory challenges operators who seek M&A deals
Reduced spending for oil and gas exploration is limiting availability of quality deepwater assets for merger and acquisition (M&A) deals, according to a new report by IHS Markit, a UK-based provider of information, analytics and solutions. This lack of deepwater asset inventory is challenging E&P (exploration and production) operators who seek to acquire assets in order to... Continue Reading →
Brazil central bank set to taper rate cuts near record low
Brazil’s central bank is set to slow the pace of interest rate cuts on Wednesday, taking its benchmark rate just above an all-time low as the economy finally starts to emerge from recession. Read more
Hess Is Building a War Chest to Fund Its $4.4 Billion Guyana Find
With $2.7 billion in oilfield sales this week, Hess Corp. is making a calculated bet, giving up steady production today to help fund what could be one of the world’s biggest discoveries into the next decade. The oil explorer with operations on five continents said Tuesday that it’s selling North Sea assets off of... Continue Reading →
Helix Energy posts lower third quarter profit
Offshore energy services company Helix Energy Solutions recorded a lower profit for the third quarter 2017 impacted by operational downtime and idle time for some of its vessels. On Sunday, the company reported net income of $2.3 million for the third quarter of 2017 compared to net income of $11.5 million for the same period in 2016 and... Continue Reading →
Keppel profitable. Offshore division breaks even
Singapore’s industrial conglomerate Keppel Corporation posted a revenue of S$1,6 billion for the third quarter of 2017, an increase S$158 million or 11% above that of 3Q 2016. However, revenue from the Offshore & Marine Division, Keppel is mostly famous for, declined by S$136 million to S$380 million, 25 percent down from last year’s S$516 million because... Continue Reading →
After E&P, Engie now in talks to sell LNG business?
French energy company Engie has said it has launched a strategic review of its upstream and midstream LNG activities. The company confirmed this on Monday, following press speculation that it is in talks to sell its LNG business to its rival and compatriot, Total. Engie, formerly known as GDF Suez, on Monday confirmed it had launched... Continue Reading →
Oil majors set to compete for pre-salt acreage in Brazil
Brazil’s oil and gas agency ANP has defined the criteria for winning blocks in the 2nd and 3rd Pre-Salt Bidding Rounds set to be held on Friday in Rio de Janeiro. The two rounds will offer blocks for exploration and production of oil and natural gas, on a production sharing basis. According to the ANP,... Continue Reading →
Brazil’s Biofuel Push Is Threatened by Too Much Cheap Oil
Brazil is positioning itself as a global biofuels ambassador, fighting climate change by spurring demand for ethanol. It will be a tough sell in a world awash with cheap oil. Brazil is one of the leaders of the Biofuture Platform, a group of 20 nations that also includes the U.S., China and France. The organization was formed... Continue Reading →
Halliburton CEO Defends Fracking Business as Margins Disappoint
Fracking isn’t looking so great for the world’s biggest fracker, but the CEO of Halliburton Co. says he can pull some levers to improve profits. After lackluster margins for the company’s main business sent shares tumbling, casting a cloud over third-quarter earnings that otherwise beat estimates, Chief Executive Officer Jeff Miller said there are three things he... Continue Reading →
