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Canada’s CGX Energy and Frontera Energy, partners in the Corentyne block offshore Guyana, have revised the spud window for their second exploration well on this block since the rig, which has been hired to carry out drilling operations, has run into delays on its current assignment. Following positive results from the first well, Kawa-1, Frontera Energy... Continue Reading →
Japanese floating oil and gas production systems provider MODEC has signed a contract to perform Front End Engineering and Design (FEED) for an FPSO vessel for ExxonMobil's “Uaru” oil field development project offshore Guyana. The FEED contract award relates to the initial funding by ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), to begin... Continue Reading →
(Reuters) - Exxon Mobil Corp (XOM.N) on Friday smashed expectations as soaring energy prices fuelled a record-breaking quarterly profit, nearly matching that of tech giant Apple. Its $19.66 billion third-quarter net profit far exceeded recently raised Wall Street forecasts as sky-rocketing natural gas and high oil prices put its earnings within reach of Apple's $20.7 billion net... Continue Reading →
DOF Group has reported that its fleet achieved an average utilization of 88% in the third quarter of 2022, an increase from 83% in the same period last year, backed by “continued high activity and good performance” in subsea regions. In Q3 2022, DOF’s revenue totaled NOK 2,862 million, an increase from NOK 2,052 million in Q3... Continue Reading →
(U) UK contractor TechnipFMC is on track this year to win new orders totaling almost $7 billion from the subsea sector alone — up as much as 40% year-on-year, and the contractor’s opportunities list is at a record high. “Extending the outlook into 2023, we believe orders over the next five quarters will be at... Continue Reading →
(Reuters) - U.S. oil and gas producer Hess Corp (HES.N) reported a quarterly profit which topped Wall Street's estimates on Wednesday, on the back of higher crude prices amid tighter energy supplies following Russia's invasion of Ukraine. Oil prices have pulled back but were still trading at eight-year highs amid Western sanctions against major exporter Russia and... Continue Reading →
U.S. oil and gas major ExxonMobil has made two discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, adding to its extensive portfolio of development opportunities. ExxonMobil has made more than 30 discoveries on the block since 2015, and it has ramped up offshore development and production at a pace that... Continue Reading →
Norwegian DOF Subsea has secured a three-year contract for two multipurpose support construction vessels (MPSVs) with Esso Exploration & Production Guyana. DOF Subsea will perform inspection, maintenance, and repair (IMR), well-intervention support, and light subsea construction activities to support the “growing” subsea infrastructures in the Stabroek Block offshore Guyana. The two MPSVs, featuring 250-ton AHC cranes and work-class... Continue Reading →
(Reuters) Oilfield service firms are poised to deliver the strongest third-quarter results in years as demand for equipment and services has risen despite supply chain snags and higher costs from inflation, according to analyst forecasts. Schlumberger, Halliburton, and others have struggled to regain pricing power after a 2016 price drop. The oil market crash during the pandemic... Continue Reading →
(Reuters) Guyana has called for proposals to design, finance and build a 30,000-barrel-per-day (bpd) oil refinery, the first for the South American country as it becomes a force in crude oil production. Construction work on the facility, to be located on public land near the Berbice river, is expected to begin by the first half... Continue Reading →
Brazil Energy Insight 