Mexico's oil regulator approved on Monday a revamped plan for developing the once-abandoned Lakach deepwater natural gas project, presented by state oil company Pemex, in the first public session chaired by its newly appointed head. The Gulf of Mexico field holds up to 937 billion cubic feet of gas reserves. Rising costs have hindered development,... Continue Reading →
BP joins rivals with bumper $8.2 bln profit
(Reuters) - BP (BP.L) more than doubled its third-quarter profit from a year earlier to $8.15 billion and expanded its share buybacks by $2.5 billion, joining rivals in reporting bumper profits that have sparked renewed calls for energy companies to pay more taxes. London-based BP joins rivals including Shell (SHEL.L), Exxon Mobil and TotalEnergies (TTEF.PA) which also reported bumper profits last week... Continue Reading →
MODEC Confirms FPSO FEED for Exxon’s Uaru Oil Field Offshore Guyana
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 →
Offshore rig market fundamentals show strong signs of recovery
(OM) Vast opportunities—and inevitably challenges too—face the offshore global EPC and rig markets, according to analysts presenting at the recent Westwood Global Energy Group Offshore Breakfast Briefing event in Houston. The following is a recap of their presented findings and forecasts for the offshore oil and gas sector. Global offshore EPC outlook Westwood reports that... Continue Reading →
Petrobras Finds Oil in Sepia Area. Oil Column Described as One of Thickest Ever in Brazil
(OE) Brazilian oil giant Petrobras has found oil at the Pedunculo well, located in the northwest of the Sépia offshore oil field, around 250 kilometers off the coast of Rio de Janeiro, Brazil. The well was drilled at a water depth of approximately 2,200 meters. The net thickness of the well’s oil column is one... Continue Reading →
Shell Hires Helix for Well Decommissioning Work Offshore Brazil
(OE) Helix Energy Solutions Group, Inc. has secured a deepwater well decommissioning contract with Shell in Brazil. The scope of work includes plug and abandonment services on subsea wells located in the Bijupira and Salema fields. Helix will supply the Q7000 riser-based well intervention vessel, a 10k Intervention Riser System (IRS), and remotely operated vehicles. The Q7000, equipped with... Continue Reading →
Petrobras on discovery in the Aram Block
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on November 19, 2021, informs that the drill-stem test in the wildcat well 1-BRSA-1381-SPS (Curaçao), located in the Pre-salt section in the southwestern portion of the Santos Basin, has been successfully completed. The discovery in the Aram Block is located 240 km from the... Continue Reading →
Global Oil Giants Rake in Massive Profits in Third Quarter
(Reuters) Global oil-and-gas giants including Exxon Mobil, Chevron, and Equinor, posted huge profits in the third quarter, benefiting from surging energy costs that have boosted inflation around the world and hit consumers hard. Oil companies booked billions of dollars in profits as prices for crude, natural gas and fuels like gasoline hovered near record levels... Continue Reading →
Boosted by Gas Business Italy’s Eni’s Beats Expectations
Italian energy group Eni said profits in the third quarter beat expectations thanks to a strong performance from its Global Gas and LNG portfolio division (GGP). Adjusted net profit in the period came in at 3.73 billion euros ($3.72 billion), soaring from 1.43 billion euros a year ago, and beating a 3.21 billion euro consensus.... Continue Reading →
World’s First 8th Generation Drillship Starts Maiden Contract
Offshore drilling company Transocean said Thursday that its Deepwater Atlas, the world's first 8th generation drillship, had started its first contract. The offshore drilling rig, delivered by Singapore's Sembcorp Marine in June, is under a contract with Beacon Offshore Energy in the U.S. Gulf of Mexico. The Deepwater Atlas is the first of two ultra-deepwater drillships... Continue Reading →
