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Partners Frontera Energy and CGX Energy plan to spend up to $130 million on their second exploration well on the Corentyne block offshore Guyana following positive results from the first well, Kawa-1. Frontera Energy is the majority shareholder of CGX and joint venture partner of CGX in the Petroleum Prospecting License for the Corentyne block.... Continue Reading →
Italy's Saipem is set to take a more cautious approach to new green business after delays to a wind farm project helped to tip the energy contractor into issuing a profit warning, two sources close to the matter said on Wednesday. Saipem, a [company specializing] in subsea exploration and construction and provider of services to... Continue Reading →
Highlights for the Year Message from the Management “We would like to thank all employees for their dedication this year, with important operational achievements such as the tieback between the Polvo and Tubarão Martelo fields, especially during the COVID-19 pandemic. They overcame various challenges and were responsible for the Company’s success. 2021 was a year... Continue Reading →
(Reuters) - Glencore's (GLEN.L) traded oil volumes fell to below 4 million barrels per day in 2021 for the first time since 2015, the company's results showed on Tuesday. The global trader and miner traded 3.86 million bpd in 2021, down from 4.2 million bpd a year earlier, showing it has not recovered volumes after the peak... Continue Reading →
(Reuters) - Italian energy services group Saipem said on Tuesday it would submit an updated strategic plan for approval by the board on March 15. Sapem, which presented its 2022-2025 plan last October, issued a surprise profit warning at the end of last month and pulled its outlook. The company, controlled by energy group Eni... Continue Reading →
Offshore drilling contractor Transocean has secured more work for four of its drillships and one semi-submersible rig, with some getting better day rates than before, pushing its backlog up to $6.5 billion. Transocean published its latest fleet status report on Monday, revealing new contracts and extensions for its fleet of drilling rigs with an aggregate incremental backlog... Continue Reading →
(OE) FPSO leasing company BW Offshore has decided to record an impairment to the book value of the FPSOs BW Athena, Espoir Ivoirien, Sendje Berge, Petróleo Nautipa and Umuroa amounting to $66.6 million in the fourth quarter of 2021 as well as $23.8 million for the loss on the sale of the Joko Tole FPSO.... Continue Reading →
(Reuters) - European banks are providing billions of dollars of funding to expand oil and gas production, a report on Monday showed, despite International Energy Agency guidance against new facilities in order to slow global warming. Last year, 25 of the region's leading banks collectively provided $55 billion to energy companies planning to expand oil... Continue Reading →
(PN) The entry into operation of the first definitive system in the Mero field, in the Santos Basin, will help to jumpstart the global production of French company TotalEnergies. The European oil company announced in its report of the financial and operating results for 2021, that it expects a 2% growth in its hydrocarbon production,... Continue Reading →
(Rigzone) The world’s oil supermajors are pumping out cash as if crude was already trading at $100 a barrel. BP Plc, Shell Plc, TotalEnergies SE, Exxon Mobil Corp. and Chevron Corp. just generated the highest free cash flow since the start of 2008 -- when oil first climbed above $100 a barrel. Crude isn’t that... Continue Reading →
