Exxon's CEO says the company can more than double its earnings by 2025 and will invest in new oil and gas production even if policymakers adopt rules to combat climate change. Darren Woods told shareholders Wednesday that technology like biofuels will allow the company to produce energy with lower carbon emissions. Read more
Brazil oil worker strike gains steam in another blow to government
A 72-hour strike by Brazilian oil workers halted refineries and rigs on Wednesday, union leaders said, a new blow to President Michel Temer on the heels of a trucker protest that has strangled Latin America’s largest economy for over a week. The strike by workers demanding changes at state-led oil firm Petroleo Brasileiro SA is... Continue Reading →
Brazil president’s office says will preserve Petrobras’ pricing policy
(Reuters) - The office of Brazilian President Michel Temer said in a written statement on Wednesday that it was committed to the financial health of Petroleo Brasileiro SA and it would continue to preserve the state-led oil firm’s fuel pricing policies. A government source told Reuters that Temer may scrap a market-based pricing mechanism that... Continue Reading →
Production at Polvo is expected to increase 35% with the completion of the first revitalization well
05/30/18 PetroRio started production of the first well of the Polvo field's revitalization campaign, called POL-H. The forecast is that, with stabilized production, the well will produce approximately 2,600 barrels / day, representing a 35% increase in total Polvo production in the first month. The drilling began in April and is part of the revitalization... Continue Reading →
Oceaneering on the front in bidding for Drill Pipe Risers
05/30/18 Oceaneering submitted the lowest price at the Petrobras bid to contract drill pipe risers (DPR) to post-salt fields. The company's offer was approximately R$ 215 million, surpassing Schlumberger's R $ 228 million bid, which came in second place. Expro do Brasil (R $ 231 million), Weatherford (R $ 425 million) and Aker Solutions (R... Continue Reading →
Brazil has window of opportunity before peak demand for oil
IBP president José Firmo said in an event held last Friday that the country's oil and gas industry should take advantage of the "window of opportunity" that will exist in the coming years to convert the oil reserves pre-salt in wealth for society. The "window" in question refers to the time the industry will have... Continue Reading →
Brazil’s Economy Grew 0.4% in Quarter, Boosted by Agriculture
May 30, 2018 8:41 a.m. ET SÃO PAULO—Brazil’s economic expansion continued in the first quarter as the country’s vital agricultural sector expanded rapidly from the previous three-month period. Gross domestic product grew a seasonally adjusted 0.4% in the first quarter from the last three months of 2017, and expanded 1.2% from the same period a... Continue Reading →
Brazil oil workers plan strike in new blow to government, economy
Brazilian oil workers planned a 72-hour strike starting on Wednesday, despite a court order, in a new blow to President Michel Temer and an economy reeling from a truckers’ protest that has strangled Latin America’s largest economy for over a week. The planned oil strike was declared illegal by Brazil’s top labor court on Tuesday.... Continue Reading →
Oil major Total says Foz do Amazonas project still alive despite Brazil rejection
French oil major Total said on Wednesday that its plans to drill in the ecologically sensitive Foz do Amazonas basin were still alive, despite Brazil’s decision to reject its drilling application. Read more
BW Offshore: Offshore field developments to pick up
FPSO operator BW Offshore expects activities in the offshore field developments sanctions to pick up, following years of underinvestment caused by the oversupply of oil in the market. Providing its quarterly results on Thursday, BW Offshore said: “Offshore production of oil and gas is expected to decline after several years of low investments. This will... Continue Reading →
