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(Reuters) - Orsted has sold a 24.5% stake in a UK offshore wind farm for around 456 million pounds ($606 million) to funds managed by Schroders Greencoat, it said on Thursday. The world's biggest offshore wind power developer will retain a 25.5% stake and remain the operator of the West of Duddon Sands project located off... Continue Reading →
(OE) Offshore drilling company Valaris has secured over $1 billion of new contracts and extension for its drilling rigs since its previous fleet status report published mid-February 2025. Valaris’ contract backlog, excluding lump sum payments such as mobilization fees and capital reimbursements, increased to approximately $4.2 billion from approximately $3.6 billion as of February 18,... Continue Reading →
(OE) Subsea Integration Alliance, a partnership between Subsea7 and SLB OneSubsea, has secured engineering, procurement, construction, and installation (EPCI) contract by BP for the Ginger project offshore Trinidad and Tobago. For the Ginger EPCI project, Subsea7 will supply a diver-installed tie-in system, a flexible production flowline, and associated infrastructure. SLB OneSubsea will deliver four standardised... Continue Reading →
Suriname is experiencing renewed optimism for its oil industry with the approval of the GranMorgu project and significant investment from international energy companies. The country hopes to leverage its offshore oil discoveries to address economic challenges and reduce poverty, drawing inspiration from neighboring Guyana's successful oil boom. Several offshore blocks, including Block 58 and Block... Continue Reading →
(Reuters) Chinese offshore oil and gas major CNOOC first-quarter net profit fell 7.9%, weighed down by weaker oil prices, though higher output helped stem the decline. Net income for January-March was 36.56 billion yuan ($5.03 billion), versus 39.7 billion yuan in the same period last year, according to a company filing with the Hong Kong... Continue Reading →
(Reuters) - The government of President Luiz Inácio Lula da Silva expects to raise $2 billion in financing for sustainable projects through a new auction to be announced on Monday as part of the Eco Invest Brazil program, focusing on initiatives to recover degraded pastures. According to Brazil Treasury Secretary Rogério Ceron, the country has... Continue Reading →
(OE) Noble Corporation has reported that its contract drilling services revenue for the first quarter of 2025 totaled $832 million compared to $882 million in the fourth quarter of 2024, with the sequential decrease driven primarily by the benefit received in the fourth quarter of 2024 from the Noble Deliverer's early termination fee. Contract drilling... Continue Reading →
(Reuters) BP on Tuesday reported a deeper-than-expected 48% drop in net profit to $1.4 billion on weaker refining and gas trading and announced the departure of its strategy chief. CEO Murray Auchincloss is in under pressure from activist investor Elliott to improve profitability and cut costs. He has announced plans to sell $20 billion of... Continue Reading →
(Reuters) Portugal's Galp Energia reported a 29% drop in adjusted first-quarter core profit on Monday, hit by falling oil output and a decline in refining margins to less than half the levels booked a year ago. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to 669 million euros, slightly above the average of... Continue Reading →
(Reuters) - Top oilfield services provider SLB joined rivals on Friday in warning of lower spending by oil producers and tariff impacts, after missing its first-quarter profit estimates due to a significant reduction in drilling activity in Mexico. Shares of the company were largely flat after declining as much as 2% in premarket trading. SLB's report... Continue Reading →
Brazil Energy Insight 