U.S oil major ExxonMobil has said it added 4.5 billion oil-equivalent barrels of proved oil and gas reserves in 2018, replacing 313 percent of the year’s production. ExxonMobil’s proved reserves totaled 24.3 billion oil-equivalent barrels at year-end 2018. Liquids represented 64 percent of the reserves, up from 57 percent in 2017. Exxon’s reserves were boosted by... Continue Reading →
Petrobras – Board of Directors Approves Nomination of Member of the Board
Rio de Janeiro, February 26, 2019 - Petróleo Brasileiro S.A. - Petrobras, following up on the release dated 01/21/2019, reports that its Board of Directors, in a meeting held today, approved the nomination of Mr. Nivio Ziviani as member of the Board of Directors of the company. This nomination will be submitted to the upcoming... Continue Reading →
Dutch shell firms used to pay millions in Brazilian bribes: prosecutors
Prosecutors raided locations across the Netherlands on Tuesday as part of an investigation into the alleged use of shell companies to distribute $100 million in bribes on behalf of Brazilian conglomerate Odebrecht SA. Data and financial records were seized from half a dozen homes and businesses, the Dutch financial prosecutors said. A 48-year-old man was... Continue Reading →
How Pemex Became the Most Indebted Oil Company in the World
After more than a decade of declining production, wasteful spending and a higher tax burden than any other driller in Latin America, it’s little wonder Mexico’s Petroleos Mexicanos is the world’s most indebted oil company. Pemex’s oil output has plunged by almost half since a 2004 peak, and its proven reserves are just a quarter of what... Continue Reading →
Kosmos Energy CEO: We’re stronger than ever
“Kosmos is stronger than ever,” Andrew G Inglis, CEO of the oil company said on Monday ahead of the Capital Markets Day presentation. Kosmos, with offshore operations in Ghana, E. Guinea, Maurtania, Senegal and the U.S. Gulf of Mexico, on Monday posted a net income of $185 million for the fourth quarter of 2018, compared... Continue Reading →
Fugro Reduces Deficit
Dutch subsea and survey specialist Fugro has posted net loss of €51 million for the twelve months of 2018, against net loss of €160 million in 2017. The company’s revenue increased close to 11 per cent from €1.49 billion in 2017 to €1.65 million in 2018. Continue reading
Seadrill sees improvement in offshore drilling market with increased tendering activity
Offshore drilling contractor Seadrill is seeing continuous signs of improvement in offshore drilling market with increased tendering activity and better contract economics. Seadrill on Tuesday posted revenues of $292 million for the fourth quarter of 2018, which is a 17% increase when compared to revenues of $249 million in the third quarter of 2018. Continue reading
Latin American producers aim to stem the tide
Is the fragile market cracking under pressure? Despite some ambitious growth-oriented investments, some of the continent's traditional big guns will be facing challenges in 2019 Despite rising crude prices in 2018, many Latin American countries are still grappling with considerable debt and declining production rates. However, recent discoveries and licensing rounds have attracted a strong... Continue Reading →
Brazil’s economy almost ground to a halt in fourth quarter: Reuters poll
Sluggish consumer and business spending, uncertainty surrounding the country’s new far-right president and slowing global growth led to a sharp slowdown in Brazilian economic growth in the fourth quarter, a Reuters poll of economists showed on Monday. The extent to which Latin America’s biggest economy rebounds this year depends largely on the scale, scope and... Continue Reading →
McDermott posts $2.8 billion loss due to impairment charges
U.S.-based engineering, procurement, construction, and installation company McDermott International reported a large loss for the fourth quarter of 2018 due to a $2.2 billion impairment. McDermott on Monday reported revenues of $2.1 billion and net loss of $2.8 billion for the fourth quarter of 2018. In the fourth quarter 2017, McDermott’s revenues totaled $718 million... Continue Reading →
Brazil Energy Insight 