Houston-based offshore driller Diamond Offshore recorded a loss in the second quarter amid impairment charges and lower revenues. The driller on Monday posted a net loss $69.27 for the second quarter of this year compared to a profit of $15.95 million in the same period last year. This includes rig impairment charges totaling $27.2 million... Continue Reading →
Brazil judge suspends payment order in salary case against Petrobras
RIO DE JANEIRO (Reuters) - A Brazilian judge on Friday temporarily suspended an order requiring Petroleo Brasileiro to pay up to 17 billion reais ($4.58 billion) in a wage spat, accepting an argument by the state-controlled oil company that such a payment would risk causing it “irreparable damage.” The injunction suspends a ruling last month... Continue Reading →
Local content: Premier Oil and Imetame ask for additions. Already 85 request have been submitted
July 27, 2018 The ANP received 85 requests from 17 companies for additions to the local content clauses for contracts signed in seven rounds of exploratory areas and two auctions for areas with marginal accumulations. There are 68 requests for projects onshore and 17 offshore, especially the Libra project, which has already had partial waiver... Continue Reading →
Angola: Total brings Kaombo project online
French oil major Total has started up production of Kaombo, currently the biggest deep offshore development in Angola, located on Block 32, 260 kilometers off the coast of Luanda. Kaombo Norte, the first floating production storage and offloading (FPSO) unit, has been successfully brought on stream and will produce an estimated 115,000 barrels of oil per... Continue Reading →
Chevron earnings more than double on higher crude prices
Chevron on Friday reported earnings of $3.4 billion for second quarter 2018, compared with $1.5 billion in the second quarter of 2017. Included in the current quarter was a receivable write-down of $270 million charged to operating expense. Foreign currency effects increased earnings in the 2018 second quarter by $265 million, compared with an increase... Continue Reading →
Eni profit soars on higher output
The Italian company on Friday posted a net profit of 1.25 billion euros for the second quarter of 2018 compared to a profit of €18 million in the same period last year. Eni’s adjusted operating profit in the quarter was €2.56 billion, up by 152% when compared to the last year’s performance and adjusted operating profit... Continue Reading →
ExxonMobil sees profit rise in second quarter
U.S. oil major ExxonMobil on Friday posted its second quarter 2018 earnings of $4 billion compared with $3.4 billion a year earlier. The company’s revenues rose to $73.5 billion in this year’s quarter from $58.1 billion in the prior-year quarter. Cash flow from operations and asset sales was $8.1 billion, including proceeds associated with... Continue Reading →
Understand the SBM leniency agreement and how it affects the FPSO market
July 26, 2018 The FPSO Cidade de Ilhabela had 12 modules and integration done at the Brasa Shipyard, in Rio de Janeiro. The agreed leniency agreement between SBM Offshore and the Ministry of Transparency (CGU) and the Federal Attorney General's Office (AGU) will have a direct impact on the Mero II FPSO tender, which... Continue Reading →
Petrobras targets larger China market share with new crude oil
Brazil’s state-controlled energy company Petrobras plans to push more crude oil to top importer China by marketing a new medium-sweet grade that could be shipped from October, two sources with knowledge of the matter said. Petrobras expects to start pumping pre-salt oil from new platforms in the fourth quarter that would add to output from... Continue Reading →
2G ethanol overcoming tech glitches, competitive with oil at $70
Second-generation ethanol production is overcoming the technical difficulties that had slowed its development and is now seen as commercially competitive with oil prices near $70 per barrel, industry representatives said on Thursday. As countries worldwide prepare to deliver on their respective commitments to the Paris climate deal, growing global regulations that favor advanced biofuels and... Continue Reading →
Brazil Energy Insight 