The two pre-salt auctions that will be held in 2017 will offer at least 2.5 billion barrels of reserves. The figure is a conservative estimate: it considers that only 20% of the 12.3 billion barrels identified by the ANP in the areas can be recovered. Typically, the average recovery of reserves in Brazil ranges from... Continue Reading →
Brazil to sell Eletrobras control in boldest privatization yet
Brazil on Monday floated a proposal to cede control of the country's biggest power utility, Eletrobras, in the boldest privatization yet by a government struggling to close a record budget deficit, sending Eletrobras' shares soaring in after-market trading. The Mining and Energy Ministry gave Centrais Elétricas Brasileiras SA, the holding company known as Eletrobras, notice... Continue Reading →
Date set for shareholders’ vote on Ensco-Atwood merger
Offshore drillers Ensco and Atwood Oceanics, which recently agreed to merge, on Friday filed definitive proxy materials with the U.S. Securities and Exchange Commission regarding the deal. To remind, subject to certain conditions, including approval from both sets of shareholders, Ensco will acquire Atwood in an all-stock transaction. In a statement on Friday, Ensco and... Continue Reading →
Greenpeace stages protest against BP’s offshore drilling plan
Greenpeace UK activists are staging a protest in front of the UK headquarters of the oil giant BP, protesting against the company’s plans to drill near a coral reef offshore Brazil. The protesters were carrying signs which read “BP, back off the Amazon Reef” and tropical fish and jellyfish shaped inflatables, depicting the marine life... Continue Reading →
Petrobras Suffers Growing Pains in Brazil’s Freed Up Fuel Market
Zema, a 94 year-old retailer of toys and appliances in Brazil’s interior, has become an unlikely thorn in the side of state-controlled oil behemoth Petroleo Brasileiro SA. This year Zema, which also runs gas stations, got its first fuel import license and joined a fast-growing group of new players that managed to, at least temporarily, squeeze... Continue Reading →
Oil States Offshore Inspection Technology Offers Cost Reduction to O & G Industry
08/18/2017 The acquisition of offshore inspection technology expanded Oil States 'technical capacity in this field of activity, adding value and reducing operational costs related to drilling risers' logistics. With the use of advanced non-destructive techniques, international certifications and state-of-the-art equipment for both inspection and data recording, Oil States is able to provide high resolution... Continue Reading →
Maersk Stands to Get Another $7.5 Billion for Energy Divestments
Now that its oil and gas unit has been sold, A.P. Moller-Maersk A/S is planning separate divestments for the three remaining bits of what used to be a combined energy division, with estimates valuing those businesses at $7.5 billion in total. The owner of the world’s biggest container shipping line said on Monday it agreed to sell its oil and... Continue Reading →
Petrojarl I FPSO finally ready for Brazil
Upgrade work on Teekay’s Petrojarl I FPSO destined to be redeployed in Brazil after having spent almost three decades in the North Sea area, has finally been completed. Damen Shipyard, which has been working on preparing the vessel for Brazil since the early 2015, on Friday said the work had been completed and the FPSO... Continue Reading →
Total Chases Growth With $5 Billion Purchase of Maersk Oil
Total SA agreed to buy the oil and gas unit of A.P. Moller-Maersk A/S, the French company’s biggest acquisition since 1999 and another sign of the accelerating pace of energy deals after a long downturn. Total will pay Maersk with $4.95 billion of its own shares and assume $2.5 billion of the Copenhagen-based company’s debt, according to... Continue Reading →
Exxon takes Noble drillship for Guyana ride
Offshore driller Noble Corp. has found work for its Noble Bob Douglas drillship in Guyana. The contract is with ExxonMobil in Guyana and is for a three-year period. Noble did not disclose the contract dayrate. The drillship, built in 2013 by Hyundai Heavy Industries, is expected to start working for Exxon in the first half of... Continue Reading →
Brazil Energy Insight 