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South Korea’s Samsung Heavy Industries has started construction of Teekay’s fourth shuttle tanker under the E-Shuttle Tanker series. Teekay has said that the first steel cutting ceremony for the LNG-powered vessel, to be named “Current Spirit” was held on Monday, March 4. Teekay’s E-Shuttle tanker series is expected to significantly reduce emissions and fuel consumption,... Continue Reading →
Ratings agency Standard & Poor’s on Monday slashed the stand-alone credit profile of ailing state oil firm Petroleos Mexicanos (Pemex) to ‘B-‘ from ‘BB-‘ after revising the Mexican government’s credit outlook to negative. S&P also lowered Pemex’s outlook to negative from stable and maintained its global investment grade rating at ‘BBB+’, in line with the... Continue Reading →
There’s enough as-yet-unassigned oil under the Atlantic Ocean off Brazil’s Rio de Janeiro to keep the entire world running for almost six months. So why is the crude just sitting there? A contract dispute between oil giant Petrobras and the government has been dragging on since 2013, and until it’s resolved, drillers can’t start targeting... Continue Reading →
Oslo-listed FPSO operator BW Offshore is contemplating to enter into agreements to acquire 100% of the Maromba field offshore Brazil from the present owners Petrobras (70%) and Chevron (30%). BW Offshore said on Monday that the closing of the acquisition is subject to board approvals and fulfillment or waiver of conditions precedents, including approval by... Continue Reading →
Rio de Janeiro, March 1, 2019 – Petróleo Brasileiro S.A. – Petrobras, following up on the release dated 12/10/2018, announces the beginning of the binding phase related to the sale of its entire equity share in three onshore production fields (Lagoa Parda, Lagoa Parda Norte and Lagoa Piabanha), located in the state of Espírito... Continue Reading →
Petrobras intends to use the billions of reais it will receive by renegotiating the Transfer of Rights agreement to buy new assets in the surplus auction of the same. The president of the company, Roberto Castello Branco, said yesterday that he does not have the resources to de-lever the company and that the oil... Continue Reading →
Offshore driller Ensco managed to take the edge off some of its quarterly loss but remained in the red with decreased revenues ahead of its merger with Rowan. Ensco’s revenues were impacted by lower floater utilization and dayrate decline. In one of its last quarters as Ensco before it merges with Rowan, Ensco recorded a... Continue Reading →
Subsea 7 Board of Directors authorised a new share repurchase programme of up to USD 200 million. The share repurchases are to be carried out within two years and the repurchased shares will be held in treasury and will be cancelled or used to fulfill obligations under Subsea 7’s employee share-based payment schemes. Shares will... Continue Reading →
February 28, 2019 The CNPE sets forth the first bidding guidelines for excess volume, establishing payment of compensation to Petrobras by the winners The auction of the Transfer of Rights surplus will be held on October 28, providing for the payment to Petrobras, by the winning companies, of a value to offset the investments already... Continue Reading →
The Energy Research Company (EPE) presented a study showing the feasibility of implementing five small refineries in the country, that is, units with processing capacity between 5,000 b / d 20 thousand b / d. According to the survey, the region indicated for the installation of the plants would be the Northeast, which, even... Continue Reading →
Brazil Energy Insight 