Brought to you by Quest Offshore & Southern Cone Consultants
French oil services group CGG posted a 71% plunge in first-quarter core profit on Wednesday, reflecting a year of drastic spending cuts by the oil industry in the pandemic and sending its shares sharply lower. In a call with analysts, CEO Sophie Zurquiyah said the quarter had been slow as expected, but predicted more spending... Continue Reading →
A string of new projects will help boost revenues at SBM Offshore, the oil and gas services company said on Wednesday, after reporting an expected 15% drop in the first quarter due to weakness at its turnkey business. The Dutch-based company's turnkey division builds and sells floating production and storage vessels to oil and gas... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras informs that it has signed with the Companhia de Eletricidade do Amapá (CEA), a legal agreement for the termination of litigation and credit recovery by Petrobras, recognized in the amount of R$ 314 million. The agreement establishes the payment to Petrobras of R$ 132.6 million unconditionally, to be settled in... Continue Reading →
Korea Shipbuilding & Offshore Engineering has through its subsidiary Hyundai Heavy Industries secured a ~$764,5 million order for the construction of an FPSO Hull. In a stock exchange filing on Tuesday, KSOE said it had secured a KRW 854,7 billion. It said its contract partner was Singapore's Keppel Shipyard and that the delivery was for... Continue Reading →
(Reuters) Venezuelan state oil company PDVSA would need $58 billion in investment to revive its crude production to the levels of 1998 before ex-President Hugo Chavez came to power, equivalent to 3.4 million barrels per day (bpd), a document seen by Reuters shows. In the February 2021 document entitled "Investment Opportunities," Petroleos de Venezuela's (PDVSA.UL)... Continue Reading →
Petro Rio S.A. (“Company” or “PetroRio”), following best corporate governance practices, informs its shareholders and the market in general about the drilling in the Polvo Field’s (“Polvo”) Eocene reservoir, which resulted in a well (“POL-K”) with initial production of 2,500 barrels of oil per day, still in the assessment period. This highly satisfying result, following... Continue Reading →
Occidental Petroleum (OXY) came out with a quarterly loss of $0.15 per share versus the Zacks Consensus Estimate of a loss of $0.33. This compares to loss of $0.52 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 54.55%. A quarter ago, it was... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on December 11, 2020, informs that it signed with Petrom Produção de Petróleo & Gás Ltda. (Petrom) a contract for the sale of its entire 50% stake in the onshore field of Rabo Branco, located in the Sergipe-Alagoas Basin, in the State of Sergipe.... Continue Reading →
Tullow Oil's $1.8 billion bond, which was launched to help it manage a $2.4 billion debt pile, drew more interest from investors than expected after the Africa-focused producer's financial overhaul, the chief executive said on Friday. Rahul Dhir also told Reuters the firm did not plan to sell more oil and gas fields after disposing... Continue Reading →
Offshore drilling contractor Vantage Drilling believes that the shallow water activity is stabilizing and that the recovery in the deepwater market could begin later this year. The rig owner has also sold one of its stacked drillships for recycling. In its quarterly report on Thursday, Vantage revealed it had sold its 2012-built Titanium Explorer drillship and booked... Continue Reading →
Brazil Energy Insight 