Brought to you by Quest Offshore & Southern Cone Consultants
(Reuters) - Chinese refiner Sinopec posted a 52.1% year-on-year decline in net profit to 8.54 billion yuan ($1.2 billion) for the third quarter because of lower oil prices and weak refining margins. The world's largest refiner by capacity, Sinopec's third-quarter revenue was 790.4 billion yuan, down 9.8% from a year earlier, the company said in... Continue Reading →
(Reuters) Portugal's Galp Energia on Monday posted a 22% fall in third-quarter adjusted core profit, hit by lower oil output and a sharp drop in refining margins, but earnings still beat estimates for the period. The energy firm reported adjusted earnings before interest, taxes, depreciation and amortization of 820 million euros ($885 million), beating the... Continue Reading →
(oilnow.gy)Guyana is set to witness the startup of its fourth oil development, Yellowtail—one of the largest investments ever made in the country. Priced at US$10 billion, this project is spearheaded by ExxonMobil and its Stabroek Block partners Hess and CNOOC. The Yellowtail project will feature the ONE GUYANA floating production storage and offloading (FPSO) vessel,... Continue Reading →
(oilnow.gy) SBM Offshore’s Chief Executive Officer, Øivind Tangen confirmed that the upcoming Jaguar floating production storage and offloading vessel (FPSO) will be executed with the same team and expertise that handled the Liza Unity FPSO. “We inherently bring all the learnings from [Liza] Unity and the execution of [Liza] Unity into that project,” said Tangen said in an... Continue Reading →
(oilnow.gy) Moody’s Ratings has upgraded Suriname’s long-term local and foreign-currency issuer ratings from Caa3 to Caa1. The outlook is now positive, reflecting the anticipated economic benefits from a significant offshore oil project. This change is driven by TotalEnergies’ recent decision to proceed with the GranMorgu oil project in Block 58, which holds 750 million barrels of recoverable reserves. The... Continue Reading →
(oilprice) Argentina’s shale province has been touted for years as the next Permian that would make the South American country a net exporter of energy after decades of import dependence. The Vaca Muerta shale basin is estimated to be the world’s second-largest shale gas deposit and the fourth-biggest resource of shale oil. However, Argentina’s... Continue Reading →
The Almirante Tamandaré platform ship has arrived in Brazil. The unit will be installed in the Búzios Field, in the pre-salt layer of the Santos Basin, off the coast of Rio de Janeiro. An FPSO (floating production, storage and offloading unit) platform, Almirante Tamandaré is the first high-capacity unit to be installed in the field,... Continue Reading →
(Reuters) - Miner BHP Group said on Friday it has reached a R$170 billion ($29.93 billion) final settlement with Public Authorities in Brazil for reparation of Samarco's Fundão dam failure. A federal judge in Brazil had ruled in February that BHP and Vale and their joint venture, Samarco, must pay up to 47.6 billion reais in... Continue Reading →
(Reuters) - Italian energy group Eni (ENI.MI), opens new tab will increase its share buyback programme by 25% to 2 billion euros ($2.2 billion), it said on Friday, after beating third-quarter profit expectations. It reported an adjusted net profit of 1.27 billion euros, topping the 1.08 billion expected by analysts in a poll compiled by the company... Continue Reading →
SBM Offshore announces it has completed the divestment of a 13.5% ownership interest in the special purpose companies related to the lease and operation of the FPSO Sepetiba to China Merchants Financial Leasing (Hong Kong) Holding Co., Limited (CMFL). This follows the announcement on February 10, 2022, of an agreement whereby CMFL would acquire its... Continue Reading →
Brazil Energy Insight 