Oil and gas company Tullow Oil is set to start drilling at its Goliathberg Voltzberg North-1 (GVN-1) exploration well, offshore Suriname, targeting 235 million barrels of oil. The news of the drilling operation startup was shared by Tullow's partner Ratio Petroleum. "Ratio Petroleum is reporting that Tullow, the operator of Block 47, has commenced the... Continue Reading →
Schlumberger CEO: Stage is Set for Oil Demand Recovery
Schlumberger on Friday joined rivals in predicting a steady recovery in the oil industry this year after the world's top oilfield services provider's fourth-quarter results beat estimates, aided partly by growing drilling demand. Easing of COVID-19 related restrictions has propelled oil demand and prices, which remain steady since a late-2020 rebound from historic lows. Brent... Continue Reading →
Subsea 7 grabs Angola contract
Subsea 7 has won a contract from Cabinda Gulf Oil Company (CABGOC) for the Sanha Lean Gas Connection (SLGC) project offshore Angola. Specifically, the project comprises the construction and installation of the Lean Gas Platform (LGP) system in Block-0 off Angola. It takes place at a water depth of approximately 70 metres. Project management and... Continue Reading →
Rystad: Oilfield services sector will struggle to repeat former glory amid energy transition push
Oil and gas supply chain companies have seen their profits squeezed since the E&P cost cuts of the previous downturn – and just as the industry could finally hope for better days, the Covid-19 pandemic caused the value of 2020’s awarded contracts to slump to a 16-year low of $446 billion, according to Rystad Energy.... Continue Reading →
Baker Hughes says energy downturn to bottom out by first half of 2021
(Reuters) - Baker Hughes Co on Thursday joined larger rival Halliburton Co to say the energy industry’s worst downturn in decades would be over by the first half of this year. Oil and gas producers have been forced to cut their budget, restructure operations and reduce employees, to tackle the COVID-19 pandemic-led fallout in energy... Continue Reading →
The last of the four relief vessels contracted by Petrobras, the Eagle Passos performs its first operation in the Santos Basin pre-salt
Eagle Passos, the last of the four new relievers hired to increase Petrobras' flow capacity, concluded this Tuesday its first oil transfer operation, carried out in the Tupi field, in the Santos Basin. The oil, collected from the P-67 and Cidade de Saquarema platforms, was subsequently unloaded from Eagle Passos to an export vessel in... Continue Reading →
Halliburton encouraged by activity recovery despite 4Q loss
Oilfield services provider Halliburton booked a loss in the last quarter of 2020. While the loss is bigger compared to 3Q 2020, it is significantly smaller in a year-over-year comparison. In a report on Tuesday, Halliburton announced a net loss of $235 million for the fourth quarter of 2020. This compares to a net loss for... Continue Reading →
The 2020 offshore rig market – a year in review
Just how bad was it? The year of 2020 has to be one of the toughest and most challenging for the offshore rig market. After starting on a high with the knowledge that the previous oil price crash was now well and truly in the past, demand, dayrates and utilization were all showing healthy improvement. The... Continue Reading →
Exxon Strikes Out at Hassa-1 Offshore Guyana
Exxon Mobil Corp said on Friday that its latest exploration well in the prolific Stabroek block off Guyana's coast did not find oil in its target area, the second setback to its drilling campaign in recent months. Exxon, which operates the Stabroek block in a consortium with Hess Corp and China's CNOOC Ltd, has made... Continue Reading →
Drilling Deals Confirmed for Two Maersk Rigs in Suriname
Following a conditional letter of the award signed with the French oil giant Total last November for the supply of two offshore drilling rigs in Suriname, Danish offshore drilling firm Maersk Drilling said Monday Total has firmed up the contracts. For Total's Suriname drilling campaign in Block 58, which has so far rather successfully been carried out... Continue Reading →
Brazil Energy Insight 