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The Ministry of Mines and Energy (MME) should launch, in November, the Incentive Program for Offshore Mature Fields following REATE’s initiative for onshore fields. The program, which focuses on extending the useful life of this type of asset and postponing its decommissioning, is being conducted directly by the Secretary of Petroleum, Natural Gas and Biofuels,... Continue Reading →
A strange thing happened last Wednesday: Chevron’s market cap briefly exceeded Exxon’s cap, at $142 billion versus $141.6 billion. It was particularly remarkable given that Exxon’s market cap was just under $300 billion at the start of the year. Now, one analyst thinks it is time for drastic action. Paul Sankey of Sankey Research argued in a note last week... Continue Reading →
The state-affiliated Japan Bank for International Co-operation (JBIC) has agreed to loan $352mn to a Japanese consortium developing a floating production, storage and offloading (FPSO) unit, which will be chartered to Brazil's state-controlled Petrobras for use at the Marlim oil field in the Campos basin offshore Brazil. The loan will be co-financed by private banks... Continue Reading →
(Bloomberg) - Petroleos Mexicanos returned to capital markets Thursday for its first debt sale since January as the embattled oil producer seeks to tap improved demand from investors. Pemex sold $1.5 billion in five-year bonds with a 6.95% yield, up from the $1 billion originally offered with a guidance price in the mid-to-high 7% range.... Continue Reading →
Norwegian offshore vessel owner DOF has won a contract with the Petrobras-led Libra consortium to provide a multi-purpose support vessel for work at the Mero offshore oil field in Brazil. The Libra Consortium is led by Petrobras - with a 40% interest - in partnership with Shell Brasil (20%) ; Total (20%), CNODC (10%) and CNOOC... Continue Reading →
A strengthening Hurricane Delta dealt the greatest blow to U.S. offshore Gulf of Mexico production in 15 years, halting most of the region's oil and nearly two-thirds of its natural gas output. An already large and powerful storm, Delta could intensify further on Friday as it churns through the Gulf's prime oil-producing area. Its winds... Continue Reading →
(Reuters) - Brazil has had a boom in oil and gas auctions since 2017, before the pandemic postponed new bids, but the first wells drilled by the winners of these disputes have disappointed, which sparks alerts for the government in relation to the next rounds, Wood Mackenzie analysts told Reuters. The initial results considered "disappointing"... Continue Reading →
Singapore's Keppel Offshore & Marine Ltd (Keppel O&M) said Friday it had secured a contract valued at approximately S$600 million (USD 442 million) in the offshore renewable energy industry. Sharing the news on Friday, Keppel gave little details on the client and the type of order. It said that the contract was with "an energy... Continue Reading →
A floating offshore wind supply chain group has been formed in Scotland, as a subgroup of the Scottish DeepWind supply chain cluster, looking to ensure that the local firms benefit from the nascent but growing floating offshore wind industry. "Scotland is currently the world leader in the deployment of floating offshore wind with the Hywind... Continue Reading →
(Reuters) - A consortium formed by Brazil's 3R Petroleum and DBO Energy, linked to Norway, is in bilateral negotiations with Petrobras to acquire a group of offshore natural gas fields, according to two sources with direct knowledge of the subject. The Peroá Cluster, located on the coast of Espírito Santo, would be among the first... Continue Reading →
