Singapore’s Sembcorp Marine returned to profit in the third quarter 2017, posting a net profit of $2.7 million, versus a net loss of $21.8 million a year ago. The offshore rig builder’s turnover was $316.9 million, down from $888 million a year ago. The lower revenue was due to lower rig building revenue, fewer floater and... Continue Reading →
Rolls-Royce pays $25 million to Petrobras in bribery settlement
Brazilian oil giant Petrobras has received R$81 million as part of Rolls-Royce’s settlement with the Brazilian authorities related to the Lava Jato bribery scandal. Petrobras said on Monday that it received the R$81 million ($24.7M) settlement from the British company last Friday, October 27. According to multiple sources, Rolls-Royce entered into settlements with authorities in... Continue Reading →
PETROBRAS CONCLUDES WELL IN THE LIBRA FIELD
Petrobrás completed the 3BRSA1350RJS well in the Libra field in the pre-salt Santos Basin. The drilling activity was performed on a water depth of 2,098 meters, using the West Carina drill ship. In September, the oil company had already notified the National Petroleum Agency (ANP) about the discovery of hydrocarbon traces in the well.... Continue Reading →
Petrobras begins negotiation with BP towards a Strategic Alliance
Rio de Janeiro, October 31, 2017 – Petrobras informs that has signed a Letter Of Intent (LOI) with BP to jointly identify and evaluate business opportunities involving assets or ventures in Brazil and abroad, which include cooperation on upstream, downstream, gas transportation and marketing, LNG, oil trading, lubricants, aviation fuel, power generation and distribution, renewables,... Continue Reading →
BP Signals Confidence With Share Buyback as Profit Jumps
The company, which doubled third-quarter earnings from a year earlier on robust refining margins and rising production, also pared net debt for the first time in two years. The decision to initiate buybacks, which may cost as much as $400 million a quarter, underscores BP’s improving fortunes after seven tough years dominated first by the... Continue Reading →
Diamond Offshore sees profit fall, bags two new rig deals
U.S.-based offshore drilling contractor Diamond Offshore booked a smaller profit for the third quarter of the year despite increase in revenues. During the quarter, the driller won two one-well contracts. The driller on Monday posted a net income of $10.8 million for the third quarter 2017, a decrease compared to $13.9 million in the prior-year... Continue Reading →
Sinopec’s Oil Refining Overcomes Continued Upstream Losses
China Petroleum & Chemical Corp., the world’s biggest refiner, said third-quarter profit advanced 13 percent as earnings from refining offset upstream and impairment losses. Net income at the state-owned energy producer increased to 11.5 billion yuan ($1.7 billion) in the three months to Sept. 30, the Beijing-based company known as Sinopec said in a statement... Continue Reading →
Oil & gas industry majors unite for investments in low emissions tech
The Oil and Gas Climate Initiative (OGCI) has announced its first three investments, moving forward the organization’s commitments into concrete action to spur the growth of promising low carbon technologies. Launched in 2014, OGCI is currently made up of ten oil and gas companies that pool expert knowledge and collaborate on action to reduce greenhouse... Continue Reading →
Transocean’s new drillship starts ten-year contract with Shell
Transocean-owned newbuild ultra-deepwater drillship Deepwater Pontus has started operations for Shell in the U.S. Gulf of Mexico. Transocean said in its fleet status report on Thursday that the Deepwater Pontus drillship began its ten-year contract with Shell in late October. The drillship is operating under a $519,000 dayrate and the contract end date is set for... Continue Reading →
Eni back to black in third quarter
Italian oil company Eni returned to profit in the third quarter of this year thanks to recovery in oil prices and increase in production. In the third quarter of 2017 the Italian oil company recorded a profit of €344 million compared to a loss of €562 million in the prior-year quarter. Read more
Brazil Energy Insight 