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(OM) Mexico’s regulator has approved the unitized development plan for the offshore Zama oil field, according to partner Harbour Energy. The Pemex-led joint venture is now preparing to start the FEED and reassess cost estimates ahead of a potential final investment decision in 2024. Earlier this year Harbour participated in the Wintershall Dea-operated Kan-1 exploration... Continue Reading →
(Reuters) Guyana has gained a larger share of Europe's oil market this year, vessel monitoring data showed, driven by rising output by a consortium led by ExxonMobil and strong demand for light sweet crude grades amid a reshuffling of global oil flows. Western sanctions on Russian oil due to its invasion of Ukraine since last... Continue Reading →
(OET) Singapore’s offshore builder Dyna-Mac has set the wheels into motion to enable more flexibility in addressing spikes in floating production storage and offloading (FPSO) module fabrication demand and embark on a hot pursuit of global carbon capture and storage (CCS) projects, thanks to two memoranda of understanding. The first memorandum of understanding (MOU) was... Continue Reading →
Philip Lewis contributor: (OE) A fleet of newbuild specialized anchor handlers will be required to help build up the emerging floating offshore wind industry. But since the industry is still in its early days, many unknowns have made it difficult for shipyards and their partners to gear up to build this fleet. This article explores... Continue Reading →
(OM) A vast majority of operators and developers are investing in autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs) as they seek to optimize production, decrease emissions and enhance safety during operations. In a recent interview with Offshore, Oceaneering’s senior vice president of business development and chief commercial officer, Earl Childress, said, “Remote operations are continuously evolving... Continue Reading →
(Reuters) On Wednesday, Japanese oil and gas explorer Inpex raised its full-year net profit forecast by 7% and announced measures to boost the company's value and shareholder returns, including a dividend increase and share buyback. To address the country's number of undervalued stocks, the Tokyo Stock Exchange at the end of March called on companies... Continue Reading →
(OET) Offshore drilling contractor Valaris Limited and its wholly-owned subsidiary, Valaris Finance Company LLC, have disclosed a pricing of $400 million upsized private placement of additional 8.375 per cent senior secured second lien notes due 2030. The net proceeds of this offering will be used to finance the purchase of two Daewoo Shipbuilding & Marine... Continue Reading →
(OE) Vast arrays of solar panels floating on calm seas near the Equator could provide effectively unlimited solar energy to densely populated countries in Southeast Asia and West Africa. Our new research shows offshore solar in Indonesia alone could generate about 35,000 terawatt-hours (TWh) of solar energy a year, which is similar to current global... Continue Reading →
(Reuters) - BP's (BP.L) second-quarter profit slumped 70% from a year earlier to $2.6 billion, missing forecasts, as refining margins and oil trading income fell, but still allowing the energy giant to boost its dividend by 10%. Rivals Chevron (CVX.N), Exxon Mobil (XOM.N), Shell (SHEL.L) and TotalEnergies (TTEF.PA) have also reported sharp drops in quarterly earnings, hurt by a drop in energy prices from highs... Continue Reading →
China-based companies specializing in ocean-based heavy lift transport COSCO SHIPPING Specialized and Guangzhou Salvage have concluded a joint venture deal leading to the creation of a fleet of 18 semi-submersible vessels by the end of 2023. Commercial management of the fleet will be handled by the joint venture and COSCO SHIPPING Heavy Transport exclusively with... Continue Reading →
Brazil Energy Insight 