Following the announcement of a proposed merger between offshore drillers Maersk Drilling and Noble Corporation on Wednesday, a Noble shareholder said it would vote against the deal. The combination is a primarily all-stock transaction where the shares of the combined company will be distributed equally between the current shareholders of Noble and Maersk Drilling. The... Continue Reading →
Prosafe gains support for restructuring plan in Norway
Offshore accommodation rig provider Prosafe has achieved what it says is an important milestone in its financial restructuring following the approval of its plan in Norway. Prosafe’s financial restructuring process is on track with formal support from all lenders already received. The extraordinary general meeting approved the solution on 27 September 2021, the Singapore scheme was sanctioned... Continue Reading →
BW Offshore bags contract extension for Nigerian FPSO
FPSO operator BW Offshore has been awarded a contract extension for a vessel operating in waters offshore Nigeria. BW Offshore said on Monday that the Sendje Berge FPSO has won a one-year extension with Addax Petroleum Exploration (Nigeria). The firm period has been extended to the fourth quarter of 2022. The Sendje Berge FPSO is located on... Continue Reading →
Argentina, Fortescue unveil $8.4 bln green hydrogen investment plan
(Reuters) - Australian mining billionaire Andrew Forrest is planning what could be up to an $8.4 billion "green hydrogen" investment in Argentina, the South American country's government said on Monday after a meeting between the businessman and President Alberto Fernandez. Forrest, whose Fortescue Metals Group Ltd (FMG.AX) aims to become carbon-neutral by 2030, is a major backer... Continue Reading →
Petrobras Financial Performance in 3Q21
In 3Q21, Petrobras posted excellent operating and financial results. According to CEO Joaquim Silva e Luna, “It is with great honor that I share with you the results achieved. We reached our debt target much earlier than planned and we are sharing part of the wealth generated with society and our shareholders through taxes, dividends,... Continue Reading →
Shell vows to halve scope 1 and 2 emissions by 2030
Oil major Shell has set a new target to reduce its Scope 1 and 2 emissions by 50 per cent compared to 2016 levels by 2030, regardless of the outcome of its appeal against the Dutch Court’s ruling. Shell announced an absolute emissions reduction target of 50 per cent by 2030, compared to 2016 levels on... Continue Reading →
Keppel Offshore & Marine faces $820m lawsuit from EIG Funds
Keppel Offshore & Marine (KOM), a subsidiary of Singapore’s Keppel Corporation, is being sued by the eight funds managed by EIG Management Company, with a claim of almost $820m over the loss of an investment. The civil action by EIG Funds is being heard in the US District Court, Southern District of New York. In... Continue Reading →
Seadrill Gets Court Approval to Cut Debt, Exit Bankruptcy
Offshore driller Seadrill Ltd on Tuesday obtained court approval for its reorganization plan, clearing the way for it to emerge from bankruptcy. U.S. Bankruptcy Judge David Jones in Houston signed off on the plan during a virtual hearing. Under the plan, creditors will exchange $4.9 billion in debt for equity in the company. Seadrill will... Continue Reading →
Petrobras Probe Shows How Glencore’s Chemoil Paid Bribes for Ship Fuel
(Bloomberg) -- Brazil’s years-long Carwash probe into payoffs to secure business with Petroleo Brasileiro SA in the early 2010s revealed how a unit of commodities-trading giant Glencore Plc allegedly secured maritime fuel supply contracts. (Bloomberg) -- Brazil’s years-long Carwash probe into payoffs to secure business with Petroleo Brasileiro SA in the early 2010s revealed how... Continue Reading →
Suriname state oil firm, Chevron sign offshore oil output sharing contract
(Reuters) - Suriname state oil company Staatsolie on Wednesday said it had signed a 30-year production sharing contract with U.S. producer Chevron Corp (CVX.N) for the South American country's offshore Block 5. Chevron Exploration Suriname Ltd and a consortium by TotalEnergies and Qatar Petroleum (QATPE.UL) in June submitted favorable bids for shallow-water exploration in Blocks 5, 6... Continue Reading →
Brazil Energy Insight 