(Reuters) - Deep in the Oman desert lies one of BP's more lucrative projects, a mass of steel pipes and cooling towers that showcases the British energy giant's pioneering natural gas extraction technology. The facility earned BP Plc (BP.L) more than $650 million in profits in 2019, according to financial filings reviewed by Reuters. Yet the oil... Continue Reading →
Karoon, Pitkin Settle Peru Differences
Australian oil and gas firm Karoon Energy has reached a settlement agreement with Pitkin Petroleum over a dispute related to Block Z-38, offshore Peru. Back in May, Pitkin Petroleum sent a notice of the dispute to Karoon Energy, related to the joint operating agreement in respect of Block Z-38, offshore Peru in which the two... Continue Reading →
SBM Offshore closes largest project financing in its history
FPSO operator SBM Offshore has completed the project financing of FPSO Sepetiba for a total of $1.6 billion, which is the largest project financing in the company’s history. The project financing was secured by a consortium of 13 international banks with insurance cover from Export Credit Agencies (ECA): Nippon Export and Investment Insurance (NEXI) and... Continue Reading →
Tullow Swings to Profit. CFO to Step Down
Africa-focused Tullow Oil's finance chief Les Wood will step down by the end of March, the oil and gas company said on Wednesday, after it swung back to profit in the first half of 2021. Tullow, which has been operating in Africa since 1986, said profit after tax came in at $93 million for the... Continue Reading →
Brazil’s CBO buys rival player Finarge in $94 million deal
Brazil’s offshore vessel operator CBO has closed the acquisition of compatriot player Finarge Apoio Maritimo, taking over five AHTS vessels in the transaction. Finarge is a Brazilian shipping company founded in 2008 as a subsidiary of the Italian company Finarge SRL, which was established in 1981 by the Italian company Rimorchiatori Riuniti S.p.A. Finarge is... Continue Reading →
Petrobras on Petros Plan 3
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on July 21, 2021, informs that, as scheduled, it concluded today the settlement of the Term of Commitment entered into with Fundação Petrobras de Seguridade Social (Petros) relating to the migration process of the Renegotiated and Non-Renegotiated Petrobras System’s Petros plans (PPSP-R and PPSP-NR)... Continue Reading →
Neptune Energy, Harbour Energy consider merger valued near $10 billion
(Bloomberg) --Neptune Energy Group Ltd., the private equity-backed explorer, is considering options including a merger with Harbour Energy Plc that could create one of Europe’s largest independent oil and gas companies, people familiar with the matter said. Neptune, part-owned by Carlyle Group Inc. and CVC Capital Partners, is working with an adviser as it studies... Continue Reading →
Schlumberger expects to “materially grow” margins and cash flow in near to medium term – CEO
(Reuters) - Schlumberger NV (SLB.N), the world's leading oilfield service provider, expects to materially grow its margins and cashflow over the medium and short term horizons, Chief Executive Officer Olivier Le Peuch said on Wednesday. The company expects to reach adjusted EBIDTA margins of 25%, or a 500 basis point expansion from pre-pandemic levels, over that... Continue Reading →
Mexico Could Use IMF Funds to Pay Pemex Debt
Mexican President Andres Manuel Lopez Obrador said on Monday his government is tackling the debt burden of state oil company Petroleos Mexicanos (Pemex) and hinted he would try to use funds from the International Monetary Fund (IMF) to do so. Asked at a regular government news conference how his government would help Pemex in the... Continue Reading →
Seadrill on track for Chapter 11 emergence
Bankrupt offshore drilling contractor Seadrill Limited is on track for Chapter 11 emergence following court approval of its disclosure statement for the reorganisation plan. Seadrill filed for Chapter 11 back in February 2021 and has been working since then on a plan to emerge from bankruptcy. In late July, the rig owner hammered out the reorganisation plan with its... Continue Reading →
