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Collapsing oil prices have left African producers facing not only lost revenue when they most need it to tackle coronavirus, but also a fall in hard-won market share they may never regain. The continent's producers such as Nigeria, Angola and Algeria cannot compete with the lower costs of erstwhile allies Saudi Arabia and Russia, who... Continue Reading →
Offshore drilling contractor Valaris has received contract terminations for two rigs operating offshore Angola, one from Total and the other one from Chevron, but has also secured revenue backlog of $100 million. In an update on Thursday Valaris said it continues actively working to recover or replace the blowout preventer (BOP) stack on Valaris DS-8... Continue Reading →
Norwegian energy intelligence firm Rystad Energy expects that majority of Africa’s top planned oil and gas projects that were expecting final investment decisions under an oil price assumption of between $55 and $60 per barrel will be hit hard by the current oil prices and coronavirus impact. "Now, with oil prices falling to below their... Continue Reading →
Oil and gas company BW Energy, with assets in Gabon and Brazil, has decided to cut down its planned Gabon investments by 50 percent, citing coronavirus outbreak, oil price uncertainty, and restriction on international travel. "The impact of international travel restrictions is limiting the Company’s ability to move essential personnel, subcontractors and equipment to and... Continue Reading →
Deepwater acreage will continue to attract significant company interest through 2020, said a report. According to GlobalData, a significant portion of the acreage available in Q1 2020 is located in either deep or ultra-deep water, up from the previous quarter. In Q1 2020, approximately 60% of the acreage available in licensing rounds either open or... Continue Reading →
TechnipFMC has been awarded a significant integrated engineering, procurement, construction, and installation (iEPCI) contract from BP Angola for the Platina field development, located offshore Angola. The Platina field is located in Block 18 at water depths ranging from 1,200 to 1,500 meters. TechnipFMC said on Tuesday that the contract covers the manufacture, delivery and installation... Continue Reading →
Ocean Infinity, a marine robotics company, has completed its project with Total in Angola. The project was the first time that geophysical, geotechnical, and seismic data has been gathered at the same time, Ocean Infinity said in a statement on Wednesday. This was achieved through simultaneous operations of Ocean Infinity’s autonomous underwater vehicles (AUVs) with... Continue Reading →
As New Year 2020 unfolds, there are 21 floating production, storage and offloading units (FPSO) on order, and unlike a year ago, these — and not floating liquefied natural gas (FLNG) — are the unheralded story. Driven by a decent price for oil, this buoyant market is kept strong by new players, new business models... Continue Reading →
Angolan state oil company Sonangol will begin in April to sell its stakes in several private firms, chair Sebastiao Gaspar Martins said, as part of a government bid to privatize key state assets including parts of Sonangol itself by 2022. The eleven companies include local bank Banco BAI as well as Sonamet, Sonatip, and Sonadit... Continue Reading →
Amid a raft of February orders and near-orders for floating production storage and offloading vessels, or FPSOs, comes a new report suggesting those shipyards and engineers able to piece them together may soon be feeling the strain. "The strong pace of recent orders has a downside," says Jim McCaul, a leading authority on the FPSO... Continue Reading →
Brazil Energy Insight 