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Brazil, a global leader in renewable energy with a significant potential for Ocean Thermal Energy Conversion (OTEC), is taking a major step forward in this sector. The Instituto Alberto Luiz Coimbra de Pós-Graduação e Pesquisa de Engenharia (COPPE/UFRJ) has just signed a Memorandum of Understanding (MoU) with UK-based Global OTEC, marking the beginning of a... Continue Reading →
(oilnow.gy) Hess Corporation has revealed that nearly half of the Stabroek Block’s massive 11.6-billion-barrel reserve will be tapped with six production vessels. “With the six ships that we have already sanctioned, we’re going to be developing over five billion barrels of that 11 billion barrels equivalent [and] there’s more to come,” Chief Executive Officer John Hess said... Continue Reading →
(offshore-energy.biz) Despite the challenges hitting the fossil fuel industry, demand for hydrocarbons remains steady, as confirmed by the global engineering, procurement, and construction (EPC) contracting activity across the offshore oil and gas landscape. The batch of new projects, which are expected to reach the EPC stage this year, will lead to awards worth billions of... Continue Reading →
(offshore-energy.biz) Oslo-listed energy, marine, and engineering consultancy ABL Group has enlarged its capabilities in the engineering and design segments of the maritime and offshore energy landscape by bringing Proper Marine, a Brazil-based naval architecture and engineering consultancy, into its fold, which enables the latter to merge with the Norwegian company’s design and engineering arm known... Continue Reading →
(OE) Yinson Production has entered into a definitive agreement with a consortium of global investment firms to raise pre-IPO growth capital of $1 billion to support further growth. The $1 billion pre-IPO consists of redeemable convertible preferred shares and 10% warrants, with the option to upsize to $1.5 billion within 24 months. The transaction is... Continue Reading →
(oilnow.gy) Guyana’s fourth Stabroek Block development, Yellowtail, is approximately 95% complete, according to an update from Hess’s Chief Executive Officer, John Hess. “A sail out of Yellowtail – which is a 250,000 barrel a day FPSO [floating, production, storage and offloading vessel] will be at the end of March. Should get in Guyanese waters in... Continue Reading →
(offshore-energy.biz) Malaysia’s Yinson Production, a subsidiary of Kuala Lumpur-based energy infrastructure and technology company Yinson Holdings, has highlighted that its third floating production, storage, and offloading (FPSO) unit in Brazilian waters, which recently achieved first oil, will feature a carbon management process plant to decarbonize the FPSO operations in line with the firm’s sustainability goals. The... Continue Reading →
Offshore accommodation rig provider Prosafe has signed a contract extension with Petrobras for the provision of the Safe Zephyrus semi-submersible vessel for safety and maintenance support offshore Brazil. The original 650-day firm period was due to complete in February 2025, but has been extended by 954 days, bringing in $109.7 million to Prosafe. The extension... Continue Reading →
(Reuters) - Guyana's oil exports rose 54% last year to some 582,000 barrels per day (bpd), fueled by European refiners' demand for easy-to-process sweet crudes to replace some Middle Eastern grades, according to traders and shipping data from financial firm LSEG. Since it started exporting oil in early 2020, the burgeoning oil nation has emerged as the... Continue Reading →
- PRIO S.A. (“Company” or “PRIO”) (B3: PRIO3), following best practices incorporate governance and transparency, informs its preliminary and non-audited Operational Data for the month of December. Key: (1) In the Polvo and Tubarão Martelo cluster, production was affected by the shutdown of wells TBMT-10H and TBMT-4H due to the failure of the Submerged Centrifugal... Continue Reading →
Brazil Energy Insight 