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Results from an independent prospective resource study confirm the views of Frontera and CGX Energy JV about the high prospectivity of the Corentyne North Area, Corentyne Main Area, and Demerara block, located offshore Guyana. The JV is now preparing for an exploration well in Corentyne Block slated for 2H 2021. Frontera Energy and CGX Energy,... Continue Reading →
Norwegian offshore seismic services company Axxis Geo Solutions will file for court-protected restructuring, it said Tuesday. Axxis said it had not been able to reach an agreement with all creditors in order to implement a voluntary solution to refinance the company. "Consequently, and as previously reported, the Company will file for court-protected reconstruction," Axxis Geo... Continue Reading →
Oilfield services company TechnipFMC on Tuesday said it had completed its spin-off transaction to create two independent, publicly traded companies, TechnipFMC and Technip Energies. TechnipFMC, created in 2017 through a merger between France-based Technip and U.S.-based FMC Technologies, announced its intention to separate into two independent public firms in August 2019 - one focused on upstream activities... Continue Reading →
In 2020, Norwegian oil and gas giant Equinor purchased goods and services worth NOK 150.8 billion (about $17.8 billion) from around 8500 suppliers globally. About NOK 112 billion ($13.2 billion), i.e. 74 per cent of total purchases, went to suppliers with a Norwegian billing address, Equinor said on Monday. Arne Sigve Nylund, Equinor’s executive vice president for... Continue Reading →
Norwegian marine seismic data firm PGS, in partnership with Angola's ANPG, has started a new MultiClient 3D survey in the Lower Congo Basin, near the river plume of the Congo in Angola Block 1/14. The acquisition phase will continue until April and fast-track data is expected in October 2021, the company said Monday. PGS said... Continue Reading →
COVID-19 will continue to skew the floating production systems market for the coming 24 months, while buying power for a large portion of FPSO contracts will be centered in Brazil and Guyana/Suriname. These two areas are expected to account for more than 60% of the FPSO contracts awarded between 2021 and 2025. These are the... Continue Reading →
Offshore drilling contractor Transocean has secured new contracts and extensions for its rig fleet, bringing the total backlog to $7.8 billion. The rig owner has also decided to retire the Leiv Eiriksson semi-submersible rig. In a fleet status report published last Friday, Transocean said that, as of 12 February, the company’s total backlog was approximately $7.8 billion.... Continue Reading →
Norwegian energy services player Aker Solutions has seen its loss widened in the fourth quarter 2020 on impairments and lower activity, which led to some 30 per cent revenue drop. The Oslo-listed company recognised quarterly net loss of NOK 844 million, versus net loss of NOK 129 million in Q4 2019. Revenue for the Q4... Continue Reading →
Austrian crane provider Palfinger has secured a contract with Malaysian Yinson to provide cranes, lifeboats, a rescue boat, and davits for an FPSO bound for Brazil. Yinson secured a contract from Petrobras for the delivery, operation, and maintenance of an FPSO for the Marlim 2 oil field in the Campos Basin off Brazil in March 2020.... Continue Reading →
Maritime and offshore classification society American Bureau of Shipping (ABS) has granted Approval in Principle (AiP) to South Korea's Hyundai Heavy Industries’design for a Floating Storage and Offloading (FSO) vessel that is planned for operations in Mexican waters. The two-million-barrel cargo tank capacity design was reviewed for its compliance with the ABS Guide for Floating... Continue Reading →
Brazil Energy Insight 