The TAG sale would add to growing foreign presence in Brazil’s natural gas industry as Petrobras sheds side businesses to slash debt and focus on its most profitable oil projects in deep waters of the South Atlantic. In March, China’s Shandong Kerui Petroleum signed a deal with Petrobras to invest in a natural gas processing... Continue Reading →

Oil prices rebound brought more revenues to CNOOC Limited during the first quarter of the year when the company recorded an increase of 10.8% in oil and gas sales revenues year over year.  According to its 1Q 2018 report on Friday, the company achieved total net production of 120.1 million barrels of oil equivalent (BOE)... Continue Reading →

  SÃO PAULO, Brazil (Reuters) - State oil company Petrobras on Thursday received three bids from its gas pipeline company Gas Transportadora (TAG), three sources familiar with the matter told Reuters. The offers were delivered by consortiums led by the Australian group Macquarie Group, the United Arab Emirates's sovereign fund Mubadala Development Co. and the... Continue Reading →

Under the proposed study, partners would have 60% participation in the regional blocks of the Northeast and South, but Petrobras would maintain a market share of 75%. By Daniel Silveira and Darlan Alvarenga, G1 Petrobras announced on Thursday (19) that it will reduce its participation in the oil refining market through partnerships and the sale... Continue Reading →

Switzerland’s top prosecutor is pursuing at least one bank in the country for its role in the Brazilian corruption affair known as the Carwash. Michael Lauber’s biggest problem expanding the probe is that the banks hire pretty good lawyers. Swiss law-enforcement officials have opened more than 100 criminal proceedings tied to the so-called Carwash scandal... Continue Reading →

Oilfield services provider Baker Hughes, a GE company, posted an increase in its quarterly revenues as well as growth in orders year-over-year. Before diving into the company’s financial performance for 1Q 2018, it is worth reminding that Baker Hughes completed its merger with GE’s Oil & Gas division in July 2017. Therefore, the performance comparison... Continue Reading →

Schlumberger, one of the world’s largest oilfield services providers, recorded an increase in its profit and revenues during the first quarter of 2018 when compared to the same period last year. Namely, the company on Friday posted revenues of $7.8 billion for the first quarter of 2018, an 14% increase compared to $6.9 billion in... Continue Reading →

Nearly 20 jackups left the offshore rig fleet during the first quarter of the year. A lot more are coming as rig owners throw in the towel for their old assets. As we’ve mentioned before, nobody likes scrapping jackups. They’re cheap to stack, risky and expensive to move, and generally have lower steel value than... Continue Reading →

Underpinned by higher oil prices, Singapore’s Keppel Corporation is seeing increasing confidence in offshore and marine business despite its own Offshore & Marine (O&M) division recording a loss and lower revenues in 1Q 2018. According to financial statements for 1Q 2018 by Keppel Corporation on Thursday, the Offshore & Marine (O&M) division incurred a net loss... Continue Reading →

  April 19, 2018 Petrobras has received from Ibama an operating license authorizing the start of production of FPSO P-74, the first unit to produced with a definitive system in areas known as Transfer of Rights, in the Santos Basin pre-salt. The environmental license, signed by the president of IBAMA, Suely Araújo, is valid until... Continue Reading →