Oslo-listed Subsea 7 has seen profit cut by close to 50 percent in the quarter ended June 30, 2018 on fewer large projects, lower margins and lower activity levels in some of its business units. The subsea engineering and construction specialist posted quarterly profit of $74 million, or $24 cents per diluted share, on revenue... Continue Reading →

Royal Dutch Shell Plc finally gave investors the share buybacks they’ve been demanding, even as profit fell short of expectations despite resurgent crude prices. The Anglo-Dutch energy producer said Thursday that it is starting a $25 billion share-repurchase program, initially buying up $2 billion of stock over three months. That should soothe investors who have grown... Continue Reading →

Total SA raised its production target for the second time this year, accelerating its emergence from an oil-market slump as rising prices deliver a surge in profit. While the return of U.S. sanctions on Iran derailed the company’s gas ambitions there, the move also boosted oil prices just as Total reaped the benefits of project startups... Continue Reading →

Norwegian oil and gas company Equinor, in its first financial report since the name change, saw its second quarter 2018 net profit drop by 15% despite an increase in revenues.  According to its statement released on Thursday, Equnior’s adjusted earnings were $4.3 billion in the second quarter 2018, up 43% from $3 billion in the... Continue Reading →

Oilfield services provider TechnipFMC recorded a decrease in both profit and revenues during the second quarter of 2018 compared to the last year’s quarter while at the same time recording the largest quarterly inbound to date for the company.  TechnipFMC informed on Wednesday that the total company net income was $105.7 million in 2Q 2018, a decrease... Continue Reading →

Rio de Janeiro, July 25, 2018 – Petróleo Brasileiro S.A. – Petrobras informs that the Brazilian Administrative Board of Tax Appeals (CARF) issued today a partially favorable decision in a fiscal administrative proceeding related to taxable income (IRPJ and CSLL) of the 2011 fiscal year in relation to the income from foreign subsidiaries located outside... Continue Reading →

Rio de Janeiro, July 25, 2018 – Petróleo Brasileiro S.A. – Petrobras in relation to the news published in the media about the shallow water disinvestment project in the Enchova and Pampo Clusters, located in Rio de Janeiro state, clarifies that this is a competitive process that follows the company’s Disinvestment Methodology, in line with... Continue Reading →

Brazilian state-controlled oil company Petroleo Brasileiro SA has chosen to enter exclusive talks to sell two shallow water mature oilfields to a group backed by EIG Global Energy Partners, two people familiar with the matter said. Brazilian energy firm Ouro Preto Óleo e Gás, backed by EIG, made the top bid for the so-called Pampo... Continue Reading →

7/25/18 Lack of interest from partners in making new investments motivated decision Chevron has shelved the project for the redevelopment of the Frade field in the Campos Basin. The venture was scheduled for 2019, but was canceled, for now, due to the lack of interest of partners to make new investments. The plans originally foresaw... Continue Reading →

7/25/18 Two other oil companies - Sweden's Maha Energy and Britain's Chariot Oil & Gas - have filed applications with the National Petroleum, Natural Gas and Biofuels Agency (ANP) to adhere to new rules that make the local content policy more flexible. In April, ANP published a resolution regulating the waiver (request for exemption from... Continue Reading →