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Offshore vessel owner Seacor Marine has formed a joint venture company with China’s shipowner Cosco and has ordered eight offshore vessels. The joint venture named Seacosco Offshore entered into contracts to buy eight Rolls-Royce designed new construction platform supply vessels from Cosco Shipping Heavy Industry (Guandong) shipyard. Six of the PSVs are of UT 771WP design... Continue Reading →
Petrobras will need more drilling rigs than they need today Petrobras’ baseline rig requirement to maintain current production is estimated to be around 20 rigs. Today there are 26 rigs on contract, but only around 20 are drilling at one time. This year, the number of rigs on contract will drop to 14. Petrobras will need to tender for at least... Continue Reading →
Venezuelan debt is kicking off 2018 on a tear. The nation’s bonds, which led global losses in 2017 after the government declared it needed to restructure its debt, have returned a world-leading 12 percent. That’s four times what investors got from second-place Tajikistan, according to data compiled by Bloomberg. Read more
The world’s hottest offshore prospect for oil companies is off the coast of Guyana, where a string of major discoveries has drawn hundreds of millions of dollars in a quest for crude. The Trump administration is hoping to lure some of that investment to the U.S. with a proposal to sell leases in almost every... Continue Reading →
A fire broke out aboard a Petrobras-operated FPSO early on Tuesday, the Brazilian oil company has informed. In a statement released on Tuesday, Petrobras said the fire had been identified aboard the Cidade de Maricá, in Lula Alto Area of the Lula field, in the pre-salt area of the Santos basin. Read more
Rio de Janeiro, January 16, 2018 - Petróleo Brasileiro S.A. – Petrobras reports that the company’s average oil production in Brazil achieved a historical record for the fourth consecutive year: It reached, in 2017, the mark of 2.15 million barrels per day (bpd), 0.4% above the previous year's result. For the third year in a... Continue Reading →
UK oil major BP will take a $1.7 billion post-tax non-operating charge in the fourth quarter of 2017 as the Deepwater Horizon claims facility approaches closure. BP informed on Tuesday that the Court Supervised Settlement Program (CSSP) established as part of the Deepwater Horizon (DWH) class action settlement, related to the 2010 Gulf of Mexico well... Continue Reading →
A name, which before the Lava Jato operation was synonymous with a successful brand in Brazil, will now be in the past. Odebrecht Oil and Gas (OOG) announced today its new brand and name: Ocyan. According to the company, the change is part of its renewal cycle, with the completion of the financial restructuring. At the... Continue Reading →
01/15/2018 Rio de Janeiro, January 15, 2018 - Petrobras and Total announce today that they have finalized a decisive milestone in the realization of their Strategic Alliance, signed in March 2017, with the completion of the following transactions: - Transfer from Petrobras to Total of 35% of the rights, as well as the operatorship, of... Continue Reading →
Economic activity in Brazil expanded for a third straight month in November, the longest stretch of gains since 2014, suggesting strong momentum at the end of the year. Read more
Brazil Energy Insight 