Oil and gas engineering and consulting company Xodus has teamed up with stabilisation and artificial reef specialist Subcon International to help operators who decide to turn their retiring offshore assets to reefs. The partnership has come up with what it calls the Integrated Rigs to ReefsTM (IR2RTM). Read more
McDermott lifts 3Q profit, revenues
McDermott, an engineering, procurement, construction and installation company, boosted its profit and revenues during the third quarter 2017 helped by increased activity in the Middle East region. According to McDermott’s report on Wednesday, the company’s net income increased by $78.6 million in the third quarter 2017 totaling $94.7 million, as opposed to $16.1 million in the... Continue Reading →
Rowan in 3Q loss. CEO pleased with ARO JV, downplays M&A rumors
Offshore driller Rowan reported a net loss of $20.9 million in the third quarter of 2017, compared to net income of $5.5 million. Revenues for the quarter were $291.61 million, down from $379.4 million a year ago. According to Associated Press, despite the loss, the results still exceeded analysts’ expectations. They expected a loss of 42... Continue Reading →
Murphy Oil books bigger loss, ups capex guidance
U.S.-based oil company Murphy Oil saw its net loss grow during the third quarter of the year while its revenues increased. The oil company is boosting its capex guidance for the year by $50 million. Murphy on Wednesday posted a net loss from continuing operations of $66 million for the third quarter 2017, compared to $16.2 million... Continue Reading →
Big Oil’s Surprisingly Strong Quarter Explained in Five Charts
The world’s biggest oil companies are jostling for supremacy as they emerge from a life-changing downturn. Exxon Mobil Corp. and Royal Dutch Shell Plc, the two most valuable producers, are competing for top honors on who can churn out the most profit and cash. Quarterly results from Chevron Corp., Total SA and BP Plc proved the companies can... Continue Reading →
Shell Takes Exxon’s Cash-Flow Crown as Earnings Beat Estimates
Royal Dutch Shell Plc has taken Exxon Mobil Corp.’s cash-flow crown, a year after completing the biggest deal in its history. Shell generated $28.38 billion of cash flow from operations in the first nine months of the year, compared with $23.52 billion from Exxon. Chief Executive Officer Ben Van Beurden already spelled out that his main long-term... Continue Reading →
The New Latin American Oil Map
Brazil has some of the world’s top oil engineering talent, but it needs capital. The government plans several auctions of drilling rights by 2019. Read more
Pre-salt oil production up 6.6% in September
November 01, 2017, 10:23 AM Pre-salt production in September totaled approximately 1.677 million barrels of oil equivalent per day, an increase of 6.6% over the previous month. The production, from 82 wells, was 1.351 million barrels of oil per day and 52 million cubic meters of natural gas per day and corresponded to 49.8%... Continue Reading →
Engie and Pátria are among those interested in Petrobras pipeline
01/11/2017 | 08:45 France's Engie and Brazil's Pátria Investimentos are among the 20 groups interested in a controlling stake in Petrobras' pipeline network in the Northeast. Petrobras will receive the first round of non-binding proposals for a 90 percent stake in the Associated Gas Company, known as TAG, by the end of November. Other competitors... Continue Reading →
Anadarko narrows quarterly loss
U.S.-based oil and gas company Anadarko Petroleum Corporation narrowed its net loss for the third quarter of this year. Anadarko on Tuesday reported a net loss attributable to common stockholders of $699 million for the third quarter of 2017. This compares to a $830 million net loss in the third quarter of 2016. Read more
Brazil Energy Insight 