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Top oilfield service provider Schlumberger NV (SLB.N) on Wednesday estimated 2021 revenues would top $22.5 billion, as oil and gas prices recovered and the company tapped into a growing market for low-carbon technology. The company expects 2021 adjusted EBITDA margins of between 20.8% and 21.3%, according to a conference presentation, and free cash flow margins over 10%.
Chevron Corp, the last major U.S. oil company still operating in Venezuela, received a new U.S. government license allowing it to remain in Venezuela until Dec. 1, the Treasury Department said on Tuesday. The United States beginning in 2019 imposed sanctions barring imports of Venezuelan oil and transactions made in U.S. dollars with Venezuela's state-run... Continue Reading →
Despite projected demand recovery post-2020, the global offshore support vessel (OSV) market continues to face a utilization challenge, a joint research by Braemar ACM Shipbroking (Braemar) and Westwood Global Energy Group has shown. According to the press statement released Wednesday, over the course of 2020, estimates for total utilization for the global OSV market fell... Continue Reading →
Subsea Integration Alliance, the partnership between Subsea 7 and OneSubsea, has officially secured the EPCI contract with Equinor for the Bacalhau field in Brazil. The work scope covers the engineering, procurement, construction and installation (EPCI) of the subsea pipelines (SURF) and production systems (SPS) for the field located 185 kilometers from the coast of São... Continue Reading →
Subsea Integration Alliance, the partnership between Subsea 7 and OneSubsea, is anticipating the final confirmation of an EPCI contract with Equinor for the Bacalhau field “in the near future”. If confirmed, the work scope will cover the engineering, procurement, construction and installation (EPCI) of the subsea pipelines (SURF) and production systems (SPS) for the field located... Continue Reading →
Norwegian oil and gas company Equnior has made a final investment decision for the development of the Bacalhau field offshore Brazil. The development of the field located in the Santos Basin will cost around $8 billion. Arne Sigve Nylund, Equinor’s executive vice president for Projects, Drilling, and Procurement said: "This is an exciting day. Bacalhau is the... Continue Reading →
(PetroNoticias) The Brazilian Environment Institute (Ibama) granted the installation license for the FPSO Sepetiba, the second platform vessel to be installed in the Mero field, in the Santos Basin pre-salt. The document will be valid until May 2025 and also covers the collection and disposal system associated with the vessel. The Sepetiba FPSO should start... Continue Reading →
(PetroleoHoje) Yinson has a great chance of winning the FPSO charter contract for the Parque das Baleias Integrated System, in case Petrobras chooses to proceed with the bidding. The group presented a daily fee of US $ 647,746, which is higher than the offer in the original bid, but still below the price projected by... Continue Reading →
Offshore drilling contractor Borr Drilling is optimistic and encouraged by signs of shallow water rig market recovery amid strong tendering and contracting activity, clearly visible in the rig owner’s latest contract wins and extensions. The company and its Drilling JVs have been awarded 17 new contracts, extensions, exercised options, and LOAs/ LOIs from the start... Continue Reading →
Oilfield services provider Archer has received approval from a competition regulator in Norway for the acquisition of DeepWell. Following an offer letter from April 2021 to purchase 100 per cent of shares in DeepWell, Archer in early May signed a sale and purchase agreement to acquire DeepWell based on an enterprise value of NOK 177 million on a debt... Continue Reading →
Brazil Energy Insight 