Rafael Ramirez, the once all-powerful Venezuelan oil czar, says the state producer he ran for almost 10 years is on the brink of collapse. He blames it on a power grab by the government that’s after him. Read more
Cost reductions lift Prosafe 1Q numbers. Flotel demand to pick up from 2019
“It is anticipated that these two markets will be key in the longer term with opportunities expected to arise first in Brazil. While proactively evaluating different market requirements, Prosafe continues its efforts on cost efficiencies and business improvement so as to ensure the company is well placed before the market upturn. Indications remain that the... Continue Reading →
Sevan Drilling off the hook in Petrobras bribery probe
Noway’s anti-corruption agency Økokrim has closed an investigation into Sevan Drilling over the company’s drilling contracts won with Petrobras between 2005 and 2008. To remind, the investigation started in 2015, when Sevan Marine, then parent company of Sevan Drilling, in 2015 said that some of its former employees might have been involved in a bribery case... Continue Reading →
Repsol boosts production, adjusted net income in 1Q
Spanish oil company Repsol reported a net income of 610 million euros in the first quarter of 2018. This was a drop compared to 689 million euros earned in the first quarter of 2017. In 1Q 2017, Repsol booked an extraordinary effect on the value of oil product inventories held as part of Spain’s strategic reserve... Continue Reading →
International oil companies schedule drilling campaigns in Brazil
The drilling activity in Brazil will regain momentum and new campaigns outside the scope of Petrobras, starting in 2019. After long years of fasting, IOCs such as Statoil, which already started a campaign, Shell, Total and Chevron prepare to start new drilling in offshore areas, some of which will mark the debut of these... Continue Reading →
100 offshore projects could be sanctioned in 2018, Rystad Energy says
A hundred offshore oil and gas projects might be sanctioned in 2018, up from 60 in 2017, and 40 in 2016, Rystad Energy, a Norway based energy intelligence group said on Thursday. Rystad said that the current tailwind in the oil market is likely to propel 100 new offshore projects this year. These projects represent... Continue Reading →
QGEP starts production from Atlanta field offshore Brazil
Brazilian independent oil company QGEP has started oil production from its Atlanta offshore field using the early production system in the form of Petrojalr 1 FPSO. QGEP on Thursday informed that the first oil from the field located in Brazil’s Santos Basin started flowing on May 2, from one well. Read more
Transocean forecasts growth of the drilling rig fleet in Brazil
Brazil may once again have a contracted fleet of offshore drill rigs of more than 40 units within the next two years, says Transocean CEO Jeremy Thigpen. "If the [private oil companies] IOCs hire drilling rigs to drill their prospects and Petrobras continues to compete to contract contracts in the coming quarters, we expect... Continue Reading →
Atlanta Field Timeline
May 3, 2018 The Atlanta field is the first 100% private project to be producing in the Santos Basin Queiroz Galvão E & P announced that it started production of the Petrojarl I FPSO, chartered with Teekay Offshore, in the Atlanta field Santos Basin, 17 years after first drilling well. Well 7-ATL-2HP-RJS is in... Continue Reading →
Noble Corp. narrows 1Q loss. CEO sees jack-up market improving
Offshore drilling company Noble Corp. is seeing improvement in the offshore rig market, with the jack-up rig market driving the demand uptick. Julie Robertson, the company’s CEO, said that when compared to the fourth quarter of 2017, “customer demand is noticeably greater, especially in the jack-up fleet.” Read more
Brazil Energy Insight 