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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 →
(offshore-energy.biz) U.S. subsea engineering and applied technology firm Oceaneering International has achieved a revenue of $675 million in the first quarter of 2025, a 13% increase year over year, outperforming expectations due to “resilient utilization of remotely operated vehicles (ROVs) and strong vessel activity”. For Q1 2025, Oceaneering reported an operating income of $73.5 million, a... Continue Reading →
(Reuters) Italian energy group Eni on Thursday reported a smaller than expected 11% yearly drop in adjusted net profit for the first quarter. Adjusted net profit came in at 1.41 billion euros ($1.60 billion) between January and March, down from 1.58 billion euros in the first quarter of 2024, but above an analyst consensus of... Continue Reading →
(Reuters) Dutch geological data specialist Fugro it would cut more jobs and shift focus to different business segments after confirming a drop in first-quarter revenue on Thursday, hit by a pause in new U.S. offshore wind projects. The company also cited a highly volatile global market environment. Sales fell 11.1% to 450 million euros ($510.12... Continue Reading →
