3R Petroleum's Board of Directors approved the price per share of R$33.00 for the oil company's share offering. The Board also approved the effective increase in the company's capital stock in the total amount of R$ 2,168,100,000.00, through the issuance of 65,700,000 new common, registered, book-entry shares with no par value. Within the scope of... Continue Reading →
CGG Q3 2021 numbers up as reservoir optimisation activities increase
France-based geophysical services company CGG has reported a segment revenue of $270 million for the third quarter of 2021, up 35% year-on-year and 71% sequentially. In Q3 2021, CGG’s Geology, Geophysics and Reservoir (GGR) segment revenue was at $168 million, up 12% year-on-year and 53% sequentially, and the segment’s operating income was $30 million. Multi-Client segment... Continue Reading →
PetroRio reports net income of R$125 million in the third quarter of 2021
Completion of the tieback between the Polvo and Tubarão Martelo fields, in the Campos Basin, allowed for a reduction in operating costs ("OPEX") of US$ 50 million per year The third quarter results evidenced PetroRio's successful strategy of increasing production levels and rationalizing costs, with excellence in environmental responsibility, safety and operational efficiency. The largest... Continue Reading →
Highest fleet utilisation since 2019 nearly quadruples Prosafe revenues
Offshore accommodation rig provider Prosafe has achieved the highest quarterly fleet utilisation rate since 2019, nearly quadrupling its revenues and shrinking net loss when compared to the third quarter last year. In its 3Q 2021 report on Thursday, Prosafe said that its fleet utilisation rate in the third quarter of 2021 was 70.9 per cent compared to... Continue Reading →
Analysis: Ramping up rates: Emerging central banks feel inflation pain
(Reuters) - Finding themselves at the sharp end of a global inflation shock, emerging market central banks are expected to raise interest rates at a pace not seen in more than a decade -- moves bound to aggravate debt problems and hurt equity markets. Soaring price pressures have seen rate hike expectations shift up even... Continue Reading →
BP says global oil demand has passed 100 million barrels per day
(Bloomberg) --As world leaders discuss the fight against climate change, global oil demand has bounced back above the key level of 100 million barrels a day last seen before the Covid-19 pandemic, according to BP Plc. Fossil fuel consumption is recovering despite growing urgency in the effort to curb emissions of greenhouse gases. The resurgence... Continue Reading →
Offshore drillers see meaningful improvement in market environment
Two giant offshore drilling contractors, Transocean and Valaris, are encouraged by continued and meaningful signs of improvement in the market environment and an increase in rig day rates and contract durations. Previously, reasons for optimism were also visible in the rig owners’ recent fleet status reports, where both companies reported on a number of new contracts... Continue Reading →
Rystad: Offshore Wind Spending Closing the Gap on Oil and Gas Investments
Offshore wind spending is closing the gap on oil and gas investments and is expected to surpass them in several important countries by 2030, with the U.S. to see the fastest growth in offshore wind investment, Norway's Rystad Energy said Monday. "While global O&G capital expenditure will rise nominally in this timeframe, anticipated growth in... Continue Reading →
EXCLUSIVE BlackRock raises $673 mln for climate-focused infrastructure fund
(Reuters) - BlackRock Inc (BLK.N) told Reuters it has raised a target-beating $673 million for an infrastructure fund with backing from the French, German and Japanese governments to invest in climate-focused projects such as renewable energy in emerging markets. The world's largest money manager hopes the fund, to be announced on Tuesday and dubbed the Climate Finance... Continue Reading →
‘Cash Machine’ BP Sees Profit Surge
BP added more than a billion dollars to its share buyback program on Tuesday as it likened itself to a "cash machine" benefiting from higher oil and gas prices and a strong trading performance in the third quarter. Natural gas and power prices around the world surged this autumn as tight gas supplies collided with... Continue Reading →
