Offshore vessel owner Tidewater has emerged from bankruptcy after completing its reorganization. Through its reorganization plan, Tidewater eliminated approximately $1.6 billion in principal of outstanding debt, and considering the rejection of certain sale-leaseback agreements, Tidewater estimates that interest and operating lease expenses will be reduced by approximately $73 million annually. “The company believes that its... Continue Reading →
Brazil, Argentina prosecutors say governments interfering in Odebrecht probe
The top prosecutors of Brazil and Argentina are accusing their governments of interfering in the creation of a joint anti-corruption task force to investigate bribes by the Odebrecht engineering group so that politicians, many of whom are under investigation, can themselves control the exchange of evidence. Brazil's Prosecutor General Rodrigo Janot said on Tuesday the... Continue Reading →
Delay in issuing environmental licenses may affect the ANP auction result
With the main items on the agenda of the oil sector - including the end of Petrobras' obligation as a pre-salt operator, the flexibilization of local content requirements and government signaling of the extension of the special customs regime Repetro - Companies in the sector now fall on environmental licensing. In the opinion of experts,... Continue Reading →
BP Breaks Even in ‘Tough Environment’ After Debt Hits Record
BP Plc moved to calm investor concerns after debt rose to a record, saying lower oil-spill payments for the rest of the year and funds from asset sales will ease the burden. “This year debt is going up exactly in line with payments going out for Macondo,” Chief Financial Officer Brian Gilvary said Tuesday by phone.... Continue Reading →
Karoon enters deal with DEA for work in Brazil
07/31/2017 By Rick Wilkinson OGJ Correspondent Melbourne-based Karoon Gas Australia Ltd. has entered into agreements with German company DEA Deutsche Erdoel AG to review and evaluate and, if appropriate, jointly bid for oil and gas assets in selected areas offshore Brazil. As part of the arrangements, an exclusive option has been granted to DEA for the acquisition of a... Continue Reading →
Diamond Offshore returns to quarterly profit
U.S. deepwater drilling contractor Diamond Offshore returned to profit in the second quarter of the year from a loss in the prior-year period. For the second quarter of 2017, the driller on Monday posted a profit of $15.9 million, which compares to a net loss of $589.9 million in the prior-year quarter. The driller’s revenues... Continue Reading →
PROBLEMS ON THE CHRISTMAS TREE FORCES OGX TO CLOSE TUBARAO MARTELO’S WELL UNTIL A SOLUTION IS FOUND
A pressure drop on the wet Christmas tree detected by OGX at 7-TBMT-8HP, which operates at the Tubarao Martelo well, halted production. The submerged centrifugal pump was shut down and the well closed, in order to avoid possible damages. After waiting for an increase in the pressure, which would facilitate the process of resumption of... Continue Reading →
Oil production in the pre-salt exceeds for the first time the post-salt
Monday, 31 July 2017 In June 2017 oil production in the pre-salt totaled 1,352,957 barrels of oil per day, surpassing that of the post-salt, which totaled 1,321,813 bbl / d. Overall, oil production in Brazil was 2.675 million barrels per day (bbl / d), a growth of 0.8% in comparison with the previous month and... Continue Reading →
Brazil’s Temer Rallies Allies for Congress Vote on Graft Trial
Brazil President Michel Temer is rounding up allies for this week’s lower house vote on whether he’ll stand trial, marking a shift from a previous strategy to stall the congressional decision. Temer wants to hold the session rather sooner than later to return attention on economic bills needed to kick-start a sluggish economy, according to... Continue Reading →
Eni turns profitable in 2Q. Lifts oil and gas output
Italy’s Eni posted a net profit of EUR 18 million in the second quarter of 2017, an improvement from a loss of EUR 446 million reported in the second quarter of 2016. The company’s oil and gas production grew to 1.77 million barrels of oil equivalent a day, a three percent rise versus the corresponding... Continue Reading →
Brazil Energy Insight 