(OE) An offshore wind hub is coming to the site of the former Avondale Shipyard in Louisiana as the region ramps up to service the growing renewable energy industry in the U.S. Gulf of Mexico. New Orleans-based Gulf Wind Technology (GWT) announced Monday it is collaborating with energy supermajor Shell to establish a research, training... Continue Reading →
On 9 March, the Biden-Harris administration released the President’s Budget for Fiscal Year (FY) 2024, with funds for federal agencies’ activities in offshore wind proposed to be increased. The budget also supports the agencies’ work on the next National OCS Oil and Gas Leasing Program, however, in terms of corporate support, it eliminates tax subsidies... Continue Reading →
(Reuters) Malaysia's state oil firm Petroliam Nasional Berhad on Monday posted a 55% jump in quarterly profit on higher energy prices and bigger sales volume, but warned of moderating prices for this year due to an expected slowdown in the global economy. Petronas, as the company is known, reported a profit of 24.4 billion ringgit... Continue Reading →
(OE) Oslo-listed FPSO provider BW Offshore has agreed to sell the laid-up FPSO BW Opportunity to an undisclosed third party for $125 million. BW Offshore said Friday that the sale was subject to conditions precedent and is expected to be completed by the end of the first quarter of 2023. In parallel, BW Offshore said... Continue Reading →
3R Petroleum Óleo e Gas S.A. (“3R” or “Company”) (B3: RRRP3) hereby presents its results for the fourth quarter (“4Q22”) and year of 2022. Except as indicated otherwise, the financial and operational information herein described is presented on a consolidated basis, in Brazilian Reais (R$), and in accordance with International Financial Reporting Standards (IFRS). HIGHLIGHTS... Continue Reading →
(Reuters) - Mexico's heavily-indebted state oil company Pemex will seek to avoid pricy capital markets even as it faces billions in maturing debts this year and next, its chief executive told Reuters, saying Pemex had been "punished" by ratings agencies despite measurable improvements in its operational numbers. With its financial debt totaling nearly $108 billion... Continue Reading →
(OM) The latest analysis from McKinsey & Co. reveals that oil and gas industry costs could increase between 6% and 10% in 2023 due to labor uncertainties and raw materials inflation. The analysis finds that primary operation tasks, such as regular inspections and maintenance, are becoming more expensive as labor rates grow upwards of 9% per... Continue Reading →
(Reuters) West-Africa focused Tullow Oil reported a 2022 free-cash flow of $267 million on Wednesday, up from $245 million the previous year and in line with forecasts, supported by increased equity in its Ghana operations and higher oil prices. It plans to invest $400 million this year, mainly on its flagship fields in Ghana, expecting free cash flow to... Continue Reading →
(Reuters) Negotiations for the construction of a $30 billion liquefied natural gas (LNG) terminal between Tanzania, Norway's Equinor and Britain's Shell are complete and contract preparations are underway, Tanzania's energy ministry said. The development of Tanzania's vast offshore gas resources has been held up for years due to regulatory delays. Last June, all three parties... Continue Reading →
The offshore oil and gas sector is back and is set for the highest growth in a decade in the next two years, with $214 billion of new project investments lined up, the Norwegian energy industry intelligence firm Rystad said in a report Tuesday. According to Rystad, the annual greenfield capital expenditure (capex) will break the... Continue Reading →
