Brought to you by Quest Offshore & Southern Cone Consultants
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 →
UK’s Labour Party plans to impose a reported £11bn windfall tax on oil companies, and to delist from the London Stock Exchange those companies that don’t help with climate change, its general election 2019 manifesto launched Thursday reveals. “We will introduce a windfall tax on oil companies so that the companies that knowingly damaged our... Continue Reading →
Offshore drilling company Seadrill has painted a cautiously optimistic picture for the offshore drilling market outlook, with the company seeing an opportunity for high-end floaters as well as for jack-up reactivations in 2020. At the end of the third quarter, Seadrill had 35 offshore rigs in Total, of which, 19 floaters and 16 jack-ups. Of... Continue Reading →
Billionaire investor John Fredriksen has stepped down as Chairman of offshore drilling contractor Seadrill. He will be replaced by Glen Ole Rødland, who is currently chairman of offshore flotel provider Prosafe, as well as of Aqualis Braemar. John Fredriksen, who is currently at #129 place on Forbes billionaires list with the current net worth of... Continue Reading →
