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Just days after a video of a massive ocean surface blaze near a Pemex oil platform in the Gulf of Mexico went viral, Mexico's national oil company has declared that environmental damage was avoided due to quick action by its workers. The July 2 blaze, caught on video apparently from a nearby helicopter, showed bright... Continue Reading →
Mexico chose state-owned Pemex to run a major shared oil find over the private consortium led by a U.S. oil company that first discovered it, in the latest win for President Andres Manuel Lopez Obrador's nationalistic energy policies. The disputed deposit, believed to hold some 700 million barrels of oil, is thought to straddle two... Continue Reading →
Russian oil company Lukoil has agreed to acquire a 50% operator stake in the Area 4 project offshore Mexico. The transaction value is $435 million-plus expenditures incurred in 2021 as of the transaction completion date. The completion of the transaction is subject to certain conditions, including approval by the Mexican authorities. The project includes two... Continue Reading →
(Reuters) - Brazil is growing its marine fuel oil exports to Asia's lucrative premium hubs, where rules mandating lower sulphur content have been squeezing out most of its Latin American peers, according to sources and data. Fuel oil exports are the second largest source of energy revenue for most Latin American oil producers. The tougher... Continue Reading →
Ratings agency Moody's Investors Service said on Tuesday that a credit upgrade of Mexican state oil company Petroleos Mexicanos is unlikely given its consistent negative free cash flow generation, despite a recovery in oil prices. Moody's said that its Ba2 credit rating for Pemex, as the company is known, includes the assumption of "very high... Continue Reading →
(Reuters) - Mexico wants Dutch energy giant Vitol (VITOLV.UL) to reveal the name of the state oil company official to whom Vitol paid bribes, President Andres Manuel Lopez Obrador said on Thursday. Petróleos Mexicanos, known as Pemex, is reviewing its contracts with Vitol in search of better terms after the company admitted to paying bribes... Continue Reading →
Singapore’s offshore builder Dyna-Mac has secured additional work scope from existing customers, for a total provisional contract sum of S$8 million (about $6 million), and completed projects and loaded out modules. Dyna-Mac said on Tuesday it was awarded an add-on work scope for an ongoing project in the yard. The award is for the procurement... Continue Reading →
Offshore drilling contractor Borr Drilling has made changes to the structure of its joint ventures in Mexico by exiting the integrated services JVs and becoming a majority owner in the drilling services JVs, which will continue to earn day rates, providing the company with sufficient liquidity. Borr Drilling has five rigs working for joint ventures... Continue Reading →
Offshore drilling contractor Borr Drilling is optimistic and encouraged by signs of shallow water rig market recovery amid strong tendering and contracting activity, clearly visible in the rig owner’s latest contract wins and extensions. The company and its Drilling JVs have been awarded 17 new contracts, extensions, exercised options, and LOAs/ LOIs from the start... Continue Reading →
Following a significant contract win in Brazil, United Offshore Support GmbH (UOS) announced the expansion of its Americas business into Mexico. The Germany-based company recently secured a contract with ENI Mexico, part of Eni S.p.A, to provide drilling support for the Valaris 8505 semisubmersible rig. The 2010-built UT786CD design anchor handler G.H. Atlantis will perform... Continue Reading →
Brazil Energy Insight 