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Each quarter more signs of market stability and industry improvements are visible with an expectation to see this trend continue, the company said. Modern harsh environment market utilization has remained greater than 95% for the full year, while there is little incremental supply entering the market, and vintage units rolling off contract are likely scrapping... Continue Reading →
November 28, 2019 - Petróleo Brasileiro S.A. - Petrobras informs that its Board of Directors approved, in a meeting held yesterday, the Strategic Plan for the 2020-2024 five-year period, in line with the company's strategic positioning, released on September 26, 2019, where we aim to be the best energy company in generating value for the... Continue Reading →
DEA Deutsche Erdoel and Wintershall Holdings completed their merger agreement, creating Wintershall Dea, at the beginning of May 2019. In its first full quarter as one company, Wintershall Dea recorded a production growth, with working interest production increasing by 6% from 578 mboe/d in 3Q 2018 to 613 mboe/d in 3Q 2019. Figures from the third... Continue Reading →
Companies that help keep Mexico’s faltering oil wells operating are waiting months to get paid and the debts are building up, complicating efforts to revive an industry whose production has plunged by half since 2004. Pemex, facing pressure from the government to slow spending, has delayed some payments to contractors for as long as seven... Continue Reading →
Malaysia's state energy firm Petroliam Nasional Bhd said on Tuesday its third-quarter profit nearly halved due to lower demand and impairment charges, and warned of further risks to demand. Profit for the July-September period at Petronas, as the company is better known, dropped to 7.4 billion ringgit ($1.77 billion) from 14.3 billion ringgit a year... Continue Reading →
The Norwegian Competition Authority last month objected the proposed merger of the two largest providers of semi-submersible accommodation rigs. The NCA said the merger would reduce competition and lead to increased cost for customers. The proposed merger, if realized, would create the world’s largest offshore accommodation company, with Prosafe currently owning and operating a total... Continue Reading →
November 25, 2019 Pre-Sal Petróleo SA (PPSA) estimates that the demand for new FPSOs could reach 28 new units to be installed between 2021 and 2030 to develop the reserves contracted under the production sharing model. There are a total of 17 exploration and production contracts signed between 2013 and this year, when TOR and... Continue Reading →
This follows SBM Offshore being chosen as the successful bidder in the public auction for equity ownership in five FPSOs back in October. Under the acquisition, SBM Offshore bought minority interests held by Constellation in entities related to the Cidade de Paraty (20%), Cidade de Ilhabela (12.75%), Cidade de Marica (5%), Cidade de Saquarema (5%), and Capixaba (20%) FPSOs. SBM Offshore was already the... Continue Reading →
November 21, 2019 Petróleo Brasileiro S.A. - Petrobras reports that today it has signed with Proquigel Química S.A., a company of Unigel Group, lease agreements of its fertilizer plants in Bahia (Fafen-BA) and Sergipe (Fafen-SE), for the total amount of R$ 177 million for a period of 10 years, renewable for the same term. Leases... Continue Reading →
Siemens AG aims to shed about 75% of its struggling power and gas unit in one of the most radical moves to date by Chief Executive Officer Joe Kaeser to untangle the sprawling conglomerate and try to boost its valuation. The Munich-based industrial giant wants to “massively deconsolidate” the division to make the parent company... Continue Reading →
Brazil Energy Insight 