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Norwegian oil major Equinor has launched a new climate roadmap for the upcoming period of energy transition, in line with the Paris Agreement. Equinor said on Thursday that it would reduce the net carbon intensity, from initial production to final consumption, of energy produced by at least 50 percent by 2050. Also, it would grow... Continue Reading →
Guyana vigorously defended its oil contract with ExxonMobil after the deal was criticized by human-rights group Global Witness just a month before the country holds a general election. The report faulted “inexperienced” government officials for failing to press for better terms when the contract came up for renegotiation in 2016, the year after Exxon made... Continue Reading →
Schlumberger announced today an award to Subsea Integration Alliance of an exclusive contract by Equinor for the front-end engineering design (FEED) on its Bacalhau (formerly Carcará) project offshore Brazil. The contract scope brings together field development planning, project delivery and total life cycle solutions under an extensive technology and services portfolio. Continue reading
Norway's Equinor reported a smaller-than-expected drop in fourth-quarter core operating profits on Thursday as the startup of a major new oilfield partly mitigated the impact from weak European gas markets. The Oslo-listed company's adjusted earnings before interest and tax (EBIT) fell to $3.55 billion in the fourth quarter from $4.39 billion in the same period... Continue Reading →
Total beat forecasts on Thursday by keeping net adjusted profit for the fourth quarter steady at $3.2 billion despite low oil prices and fulfilled a pledge to boost dividends, lifting the French energy major's shares. Analysts had forecast net profit of about $2.7 billion. Total's shares rose about 3% before easing off their highs. Continue... Continue Reading →
Tullow Oil plans to cut a third of its staff to slash its administration costs by a fifth, or around $20 million, a source with direct knowledge of the matter said, after weak output in Ghana, delays in East Africa and lower-than-hoped-for oil quality in Guyana. The move would shrink Tullow, which industry sources told... Continue Reading →
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil, Chile and Ecuador, today announced the discovery of the new Jauke Oeste gas field in the Fell block (GeoPark operated, 100% WI) in Chile. GeoPark... Continue Reading →
Japan’s MODEC has awarded Norway’s Aibel a letter of intent (LOI) in connection with MODEC’s supply of a newbuilt FPSO to Equinor for the Bacalhau field in Brazil. MODEC has recently signed a sales and purchase agreement with Equinor to supply a floating production storage and offloading (FPSO) vessel for the Bacalhau (formerly Carcará) field offshore... Continue Reading →
Spanish oil company Repsol has exercised a one-well option under its contract for the Maersk Drilling-owned drillship Maersk Valiant for operations offshore Mexico. However, Maersk Drilling said on Wednesday that Repsol would not make use of the second one-well option included in the original contract from June 2019 for the 2014-built Maersk Valiant. Repsol has now exercised... Continue Reading →
Exxon Mobil's second lift of Guyanese crude from the offshore Liza Destiny platform is underway and has been sold on the open market, the company said on Monday. The U.S. oil major, in a consortium with Hess Corp and China's CNOOC Ltd, has discovered more than 8 billion barrels of recoverable oil and gas off... Continue Reading →
