Brazilian national oil company Petrobras is set to join the the Oil and Gas Climate Initiative (OGCI), an initiative launched in 2015 by ten large oil firms to tackle climate change challenges. Petobras’ inclusion is subject to the approval of the OGCI Climate Investments Members’ Agreement by the Petrobras Board of Directors. The OGCI’s current... Continue Reading →
Brazil bribery case sinks Keppel’s profit
Singapore’s industrial conglomerate Keppel saw its full-year profit sharply cut due to the cost of the bribery settlement reached by its rig building subsidiary late in 2017. To remind, the offshore rig building firm Keppel Offshore & Marine (KOM) in December 2017 said it would pay fines totaling $422 million (USD) to three jurisdictions to... Continue Reading →
Brazil’s left sticks by wounded Lula; ‘no Plan B’
Brazil’s Workers Party and labor leaders insisted on Thursday that left-wing hero Luiz Inacio Lula da Silva would be their candidate in this year’s presidential race, despite his failure to overturn a corruption conviction that will likely bar him. Read more
McDermott-CB&I merger clears antitrust hurdle in U.S.
A merger transaction between McDermott and CB&I, estimated to be worth about $6 billion, has cleared an antitrust hurdle in the U.S. with early termination of Hart-Scott-Rodino (HSR) waiting period. McDermott and CB&I on Thursday informed that the U.S. Federal Trade Commission (FTC) has granted early termination of the waiting period under the HSR Antitrust Improvements... Continue Reading →
ANP launches pre-bidding for the 4th pre-salt auction
January 25, 2018 The National Oil and Gas Agency (ANP) will launch the pre-tender and draft contract for the 4th pre-salt auction on June 7th. The agency will hold the public hearing on February 22 to discuss the pre-edict and the drafts and receive contributions until February 18. The 4th pre-salt auction will offer... Continue Reading →
Shell Is Closing In on Exxon’s Crown
Even in the dynamic world of business, some things always hold true: the Big Mac outsells the Whopper, Google gets more searches than Bing, and Exxon Mobil Corp. is the world’s biggest public oil company. Or perhaps not. Read more
Oil Surge Loosens the Leash on Long-Delayed Drilling Plans
Rising oil prices are helping shrink a backlog of delayed drilling projects that reached a peak of 111 in January 2017. From production vessels tapping Brazil’s deep-water reserves to pipes connecting rigs to underwater wells in China, the number of ventures that received final financial approval after a delay grew to 18 last year,... Continue Reading →
Norwegian pump specialist to upgrade OSV returning from lay-up
Brazilian company Wilson Sons Ultratug Offshore has awarded Norway’s PG Flow Solutions a contract to supply equipment for recovered oil services for an offshore support vessel (OSV) returning to market after lay-up. Read more
Brent oil price tops $71 a barrel for the first time since 2014
Brent oil price rose to $71 a barrel early on Thursday, a level not seen since late 2014. According to Reuters, the prices were boosted by the weak dollar and falling crude oil inventories in the United States. Read more
Mexico Holds Oil Bids Like There’s No Tomorrow Before Election
Mexico is trying to lure as much oil investment as possible before the president who overhauled the country’s energy industry leaves. By the end of the summer, the country that until recently had a state monopoly on crude will have offered more than 100 permits to oil majors like Exxon Mobil Corp. in three auctions this year.... Continue Reading →
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