Shell posts $10 billion profit as trading offset lower energy prices

(Reuters) - Shell (SHEL.L) on Thursday posted first-quarter net profit of $9.65 billion, topping analysts' forecasts, as strong earnings from fuel trading and higher liquefied natural gas (LNG) sales offset cooling energy prices. The stronger-than-expected profits followed a string of forecast-beating results from rivals including BP (BP.L) and Exxon Mobil (XOM.N) as the sector continues to benefit from strong demand and price volatility.... Continue Reading →

May 4, 2023 0

Petrobras: Highlights on production and sales in 1Q23

In 1Q23, average oil, NGL and natural gas production reached 2.68 MMboed, 1.1% higher than 4Q22, mainly due to the start of the ramp-up of P-71, in Itapu field, in Santos Basin pre-salt, the start-up of 8 new wells in Campos Basin and higher production efficiencies in the platforms. Pre-salt production reached a new monthly... Continue Reading →

May 4, 2023 0

‘Hydrogen Hubs’ to the Fore

Barry Parker, Contributor (OE) The path to decarbonization is defined by partnership and fueled by government funding. This month we examine the players, partnerships, and evolution of Hydrogen Hubs in the Gulf of Mexico. The Green Shipping Challenge, organized by the United States and Norway at COP 27 held in late 2022, brought about dozens of... Continue Reading →

May 3, 2023 0

A New Generation of WTIVs

Wendy Laursen, Contributing Writer (OE) WTIVs have always been fuel-hungry. Now they are being tasked with installations that are further, deeper and heavier. Offshore wind farms continue their march into deeper water, further from shore, with turbines that can now reach more than 270 meters high with blades 120 meters long. Designers and OEMs are pushing... Continue Reading →

May 3, 2023 0

Mexico’s Pemex posts narrower first quarter profit of $3.15 billion

(Reuters) - Mexican national oil company Pemex posted a narrower first quarter net profit of 56.75 billion pesos ($3.15 billion), the state-owned company reported in a filing with Mexico's main stock exchange on Wednesday. During the year-ago period, the Mexican oil giant's profits totaled about $6.2 billion. Revenues during the first three months of the... Continue Reading →

May 3, 2023 0

Colombia oil regulator to invest $135 mln in renewable energy

(Reuters) - Colombia's National Hydrocarbons Agency (ANH) will invest more than $135 million in growing its knowledge of renewable energy options, the agency's new president Clara Guatame said at an industry event in the Caribbean city of Barranquilla on Wednesday. The government of leftist President Gustavo Petro has set its sights on weaning Colombia from... Continue Reading →

May 3, 2023 0

Offshore Wind Giant Keeps 2023 Guidance Unchanged

(Reuters) Denmark's Orsted, the world's No. 1 offshore wind farm developer, on Wednesday reported first-quarter operating profit in line with expectations, and confirmed its full-year guidance given earlier in the year. First-quarter earnings before interest, tax, depreciation and amortization (EBITDA) excluding new partnerships fell 12% to 6.91 billion Danish crowns ($1.02 billion), compared with the... Continue Reading →

May 3, 2023 0

TotalEnergies to Invest in Seventh FPSO Offshore Angola

TotalEnergies, Sonangol, and Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG), have signed a heads of agreement related to the future development of the Cameia and Golfinho fields, located on Blocks 20 and 21 in the Kwanza basin, offshore Angola. "This heads of agreement is an important milestone towards a final investment decision expected in... Continue Reading →

May 3, 2023 0

MISC reveals ‘world’s first’ future-proof newbuild FPSO sporting mega-module topsides

Malaysia’s shipping giant MISC Berhad (MISC), an owner and operator of offshore floating and energy-related maritime solutions and services, has unveiled – what it deems to be – the world’s first future-ready newbuild floating production storage and offloading (NBFPSO) vessel at the Offshore Technology Conference (OTC) in Houston. MISC reported on Tuesday, 2 May 2023,... Continue Reading →

May 3, 2023 0

OTC 2023: Marlim Field re-vamp offshore Brazil close to startup

(OM) Brazil has all the ingredients in place to lead the world in terms of low-emission/high-profit oil and gas production, according to Carlos Travassos, chief engineering, technology and innovation officer at Petrobras. He spoke at the Offshore Technology Conference (OTC) yesterday on the panel “Brazilian Energy Outlook: Strengthening the Offshore Activities.” Travassos cited the company’s... Continue Reading →

May 3, 2023 0