Italian oil company Eni reported a slight drop in its first-quarter profit of 2018, compared to the first quarter of 2017. The company’s first-quarter profit was 946 million euros, two percent down from 965 million euros realized in the first quarter a year ago. Worth noting, 1Q 2017 included a gain recorded on the divestment... Continue Reading →
Bassoe: You’re not an idiot if you believe in deepwater drilling
One of the questions I get asked most often is: what do you think about the market for deepwater drillships? We’ve talked a lot previously about our sunny outlook for higher-specification jack-ups and midwater harsh environment semi-subs. And although we’ve had a few good things to say about deepwater here and there, the drillship market has... Continue Reading →
Total’s adjusted profit up by 13 pct on record output
French oil major Total saw its net profit fall by 7 percent for the first quarter of the year. However, in adjusted terms, Total’s profit rose by 13 percent as its production grew by 5 percent. According to its financial statements released on Thursday, the company’s net income decreased by 7% to a $2.6 billion... Continue Reading →
Subsea 7 slips into the red over lower activity levels
UK-based subsea engineering and construction company Subsea 7 sank to a loss during the first quarter of 2018 due to lower activity levels and foreign currency loss as its revenues fell by 10 percent. Subsea 7 on Thursday posted a net loss of $18 million for the first quarter of the year compared to a... Continue Reading →
Ensco books bigger loss on lower utilization, slashed rig rates
UK driller Ensco saw its net loss deepen over the first quarter 2018 with its revenues down on lower rig utilization and dayrate decline. In the first quarter of this year Ensco’s net loss increased to $140.1 million from a $25.7 million loss in the same period last year. Revenues were $417 million in the... Continue Reading →
Petrobras Election of the Director of Governance and Compliance and reelection of the other Executive Officers
Rio de Janeiro, April 26, 2018 - Petróleo Brasileiro S.A. – Petrobras informs that its Board of Directors, at a meeting held yesterday, elected Mr. Rafael Mendes Gomes for the position of Director of Governance and Compliance. The Board of Directors elected the new Director, based on a triple list of Brazilian professionals pre-selected through... Continue Reading →
Sepia FPSO with up to five Brazilian modules
Modec receives next week proposals from Brazilian shipyards and integrators to build the FPSO it will produce for Petrobras in the Sepia field, in the Santos Basin pre-salt. The scope consists of the fabrication and integration of the flare and steam recovery modules of the platform, scheduled for completion in the second half of 2020.... Continue Reading →
Duo in subsea digitalization pact
i-Tech Services, a Subsea 7 company, and engineering company Leidos have signed a five-year digitalization partnership agreement. i-Tech said on Wednesday that the partnership would increase efficiencies in the company’s life of field capabilities by providing clients with greater insights into operations through the field lifecycle. Read more
Hess grabs new acreage next to Guyana’s Stabroek block
U.S. oil company Hess Corporation has acquired interest in new acreage offshore Guyana, which is close to the ExxonMobil-operated prolific Stabroek block where Hess also holds participating interest. Hess said on Thursday that its subsidiary, Hess Guyana(Block B) Exploration Limited, had reached agreement with Esso Exploration and Production Guyana Limited (ExxonMobil) to acquire a 15 percent participating interest in... Continue Reading →
Former Brazil finance minister Palocci strikes plea deal
BRASILIA (Reuters) - Former Brazilian Finance Minister Antonio Palocci has struck a plea deal with federal police, newspaper O Globo reported on Thursday, raising the stakes in a corruption scandal engulfing high-ranking politicians and prominent businessmen. Representatives for Palocci and the federal police were not immediately available for comment. Palocci served as Finance Minister under... Continue Reading →
Brazil Energy Insight 