Japan’s MODEC has signed a sales and purchase agreement (SPA) with Equinor to supply a floating production storage and offloading (FPSO) vessel for the Bacalhau (formerly Carcará) field offshore Brazil. MODEC was awarded a Pre-Front End Engineering Design (Pre-FEED) contract for the FPSO in December 2018 and has now been selected as the turnkey contractor... Continue Reading →
Subsea Integration Alliance in Bacalhau (Carcara) Field SURF Award
Subsea Integration Alliance, a JV between Subsea 7 and OneSubsea, has been awarded an exclusive contract by Equinor for the Front End Engineering Design (FEED) study for the SURF (Subsea, Umbilical, Risers and Flowlines) on its Bacalhau (formerly Carcará) project, offshore Brazil. The awarded work is required to finalize the technical definition of the proposed field development... Continue Reading →
Shell’s Q4 Profits Halve to $2.9B
Royal Dutch Shell is cutting the pace of its vast $25 billion share buyback program after lower oil and natural gas prices halved its profit in the last three months of 2019, sending its shares to their lowest since July 2017. While the Anglo-Dutch energy company warned again that a slowing global economy could affect... Continue Reading →
Pemex Pushes for State Control Over Zama
Mexico's state oil company Petroleos Mexicanos wants operational control over a major offshore oil area discovered by a consortium of private companies before development gets underway, its top official said on Wednesday. Pemex Chief Executive Officer Octavio Romero told a news conference the company believes most of the crude found by the consortium, in the... Continue Reading →
Calculating Opex: Data Paints a Bigger Picture
For any new offshore oil and gas project, calculating costs is key. Operators must assess both up-front capital expenditure (capex) as well as expected ongoing operational expenditure (opex) over the life of the project and weigh these figures against expected returns to ultimately determine if the development is financially viable. However, many companies don’t calculate... Continue Reading →
Why Senegal’s Offshore Licensing Round is Significant
The long awaited first ever offshore licensing by Senegal has finally been launched as the West Africa country inches closer to achieving its national medium- and long-term hydrocarbon sector investment plan and drive to transform the upstream resource into a source of clean electricity generation. The launch of the licensing round this week in Dakar, Senegal by... Continue Reading →
BW Offshore Shaves Off BW Energy IPO Valuation
BW Offshore has slightly reduced the valuation of its planned oil and gas spin-off, the Oslo-listed company said as it presented details for the initial public offering on Wednesday. The valuation of BW Energy was shaved to a range of between $700 million and $750 million, from the $700 million to $800 million proposed in... Continue Reading →
Hess sinks deeper into the red despite higher output
U.S. oil and gas company Hess Corporation sank deeper into the red in the last quarter of 2019 despite higher production levels when compared to the prior-year quarter. Hess on Wednesday reported a net loss of $222 million in 4Q 2019 compared with the net loss of $4 million in the fourth quarter of 2018.... Continue Reading →
PPSA will calculate compensation to Petrobras in the new auction of the surplus of the Transfer of Rights
January 29, 2020 The federal government made a change to the re-bidding of the surplus of the Transfer of Rights assignment of Sépia and Atapu, in the Santos Basin pre-salt, and Pre-Salt Petroleum (PPSA) will be responsible for negotiating and defining with Petrobras the value of the indemnity that will be charged to possible partners... Continue Reading →
Oil producer Hess boosts 2020 spending on Guyana, Bakken ramp-up
U.S. oil and gas producer Hess Corp said it would spend 11% more in 2020 compared with last year, betting heavily on its assets in offshore Guyana and the Bakken shale play. The company said its 2020 exploration and production capital and exploratory budget will be $3 billion, higher than the estimated $2.7 billion allocated... Continue Reading →
Brazil Energy Insight 