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(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 →
(OM) Iberia is well positioned to compete with—or even replace—Northern Europe’s existing energy industrial hub as sectors in Spain and Portugal can call on abundant sunshine, strong winds and mature gas infrastructure as well as a wealth of industry and managerial expertise. With reliable gas supply from North Africa, lower power prices compared to the... Continue Reading →
Barcelona-based floating wind technology developer X1 Wind said Friday its floating platform had been successfully installed at the PLOCAN test site in the Canary Islands. "As summer trade-winds abated, a suitable weather window allowed X1 Wind and partners from the EU-backed PivotBuoy Project to complete the installation process, connecting the fully-functional floating wind prototype to... Continue Reading →
Italian energy group Eni said profits in the third quarter beat expectations thanks to a strong performance from its Global Gas and LNG portfolio division (GGP). Adjusted net profit in the period came in at 3.73 billion euros ($3.72 billion), soaring from 1.43 billion euros a year ago, and beating a 3.21 billion euro consensus.... Continue Reading →
(Reuters) Equinor on Friday posted forecast-beating record profits for the third quarter driven by all-time-high European gas prices amid the Ukraine war, and said it would raise its dividend payment while reducing full-year output guidance. The oil and gas producer's adjusted earnings before tax for July-September rose to $24.3 billion from $9.77 billion a year... Continue Reading →
DOF Group has reported that its fleet achieved an average utilization of 88% in the third quarter of 2022, an increase from 83% in the same period last year, backed by “continued high activity and good performance” in subsea regions. In Q3 2022, DOF’s revenue totaled NOK 2,862 million, an increase from NOK 2,052 million in Q3... Continue Reading →
(U) UK contractor TechnipFMC is on track this year to win new orders totaling almost $7 billion from the subsea sector alone — up as much as 40% year-on-year, and the contractor’s opportunities list is at a record high. “Extending the outlook into 2023, we believe orders over the next five quarters will be at... Continue Reading →
(Reuters) - Spanish energy group Repsol (REP.MC) said on Thursday it will raise its dividend and buy back more shares than previously announced after its third quarter net profit doubled on the back of higher oil and gas prices. Repsol's board agreed to raise its 2023 dividend by 11% to 0.70 euros per share and buy back... Continue Reading →
Italy's Saipem improved its guidance for the full year after third-quarter adjusted core earnings and revenue beat analysts' expectations. The energy contractor reported on Thursday an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of 215 million euros ($216.74 million) compared with an analysts' consensus of 136 million euros. EBITDA was negative for 25... Continue Reading →
(Reuters) TotalEnergies posted a sharp jump in its third-quarter net profit compared with a year ago, as it joined other energy giants in its sector to have benefited from higher oil and gas prices, although it also booked a new Russia-related impairment. TotalEnergies' third-quarter adjusted net income stood at $9.86 billion. That compared with $4.77... Continue Reading →
Brazil Energy Insight 