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(Reuters) Danish wind turbine maker Vestas reported on Wednesday a wider-than-expected operating loss for the third quarter, cutting its full-year outlook due to continued cost inflation and supply chain instability. Vestas cut its 2022 profit margin outlook to minus 5% from previously between minus 5% and 0%, and narrowed its full-year revenue forecast to between... Continue Reading →
(Reuters) - BP (BP.L) more than doubled its third-quarter profit from a year earlier to $8.15 billion and expanded its share buybacks by $2.5 billion, joining rivals in reporting bumper profits that have sparked renewed calls for energy companies to pay more taxes. London-based BP joins rivals including Shell (SHEL.L), Exxon Mobil and TotalEnergies (TTEF.PA) which also reported bumper profits last week... Continue Reading →
Japanese floating oil and gas production systems provider MODEC has signed a contract to perform Front End Engineering and Design (FEED) for an FPSO vessel for ExxonMobil's “Uaru” oil field development project offshore Guyana. The FEED contract award relates to the initial funding by ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), to begin... Continue Reading →
(Bloomberg) -- Investors are closely watching whom Brazilian President-elect Luiz Inacio Lula da Silva will pick to lead Petroleo Brasileiro SA to gauge how much its business strategy will change under the new, more left-wing administration. Lula, a former president who oversaw Petrobras’s expansion into the famed pre-salt region that now delivers about 70% of... Continue Reading →
(epbr) Petrobras to invest again is one of the main promises of Luiz Inácio Lula da Silva for his third term as President of the Republic. The government program states that the state-owned company must be an integrated energy company, focusing on the energy transition. -- For that, Petrobras would need to develop new projects... Continue Reading →
The U.S. Gulf of Mexico, best known to the offshore energy industry as an oil and gas province, is for the first time opening its doors to the offshore wind industry, with the U.S administration on Monday designating two areas for offshore wind development in the region. The U.S. Bureau of Ocean Energy Management (BOEM)... Continue Reading →
(OM) Vast opportunities—and inevitably challenges too—face the offshore global EPC and rig markets, according to analysts presenting at the recent Westwood Global Energy Group Offshore Breakfast Briefing event in Houston. The following is a recap of their presented findings and forecasts for the offshore oil and gas sector. Global offshore EPC outlook Westwood reports that... Continue Reading →
Global data analytics provider Verisk has agreed to sell its energy intelligence subsidiary Wood Mackenzie to Veritas Capital for $3.1 billion in cash consideration payable at closing plus future additional contingent consideration of up to $200 million. “This transaction best positions Verisk to expand our role as a strategic data, analytics, and technology partner to... Continue Reading →
(OE) Brazilian oil giant Petrobras has found oil at the Pedunculo well, located in the northwest of the Sépia offshore oil field, around 250 kilometers off the coast of Rio de Janeiro, Brazil. The well was drilled at a water depth of approximately 2,200 meters. The net thickness of the well’s oil column is one... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on November 19, 2021, informs that the drill-stem test in the wildcat well 1-BRSA-1381-SPS (Curaçao), located in the Pre-salt section in the southwestern portion of the Santos Basin, has been successfully completed. The discovery in the Aram Block is located 240 km from the... Continue Reading →
Brazil Energy Insight 