Brazilian engineering company Odebrecht SA will not repay a bond worth 500 million reais ($144 million) due on Wednesday and is counting on bank loans to make the payment during a 30-day grace period, a person with direct knowledge of the matter said on Tuesday. Construction unit Odebrecht Engenharia e Construção (OEC) is waiting for... Continue Reading →

U.S. oil company Hess Corporation managed to significantly narrow its quarterly loss helped by higher crude prices and lower operating costs.  The oil company on Wednesday posted a $1.39 billion in revenue for this year’s first quarter compared to $1.26 billion in the prior-year quarter. Read more

U.S. oil major Chevron Corp (CVX.N) has evacuated executives from Venezuela after two of its workers were imprisoned over a contract dispute with state-owned oil company PDVSA, according to four sources familiar with the matter. Read more

Petrobras sold assets but did not lose its importance in the market. The state company plans to increase its investments this year to US $ 17.3 billion - up 30% compared to 2017 - and thus put into operation seven new platforms that promise to raise Brazilian oil and gas production to new historical records... Continue Reading →

  April 25, 2018   FPSO Petrojarl I will be responsible for the production of QGEP in the Santos Basin   Minister of Mines and Energy Moreira Franco used social networks on Wednesday to announce the release of the environmental license for the FPSO Petrojarl I, which will make an Early Production System in the... Continue Reading →

Total and Google Cloud have signed an agreement to develop artificial intelligence that will be applied to subsurface data analysis for oil and gas exploration and production. The agreement provides for programs that interpret images from seismic studies (using Computer Vision technology) and automate the analysis of technical documents (using natural language processing technology) through... Continue Reading →

April 25, 2018 PGS Offshore initiated the licensing of two campaigns to acquire 3D seismic data in the Espírito Santo and Potiguar Basins. The company's forecast is to start acquiring data in Rio Grande do Norte in October and in Espírito Santo in January next year. The Espirito Santo campaign is expected to last 330... Continue Reading →

Undeterred by recent rejection, the UK-based subsea engineering company Subsea 7 on Wednesday reaffirmed its interest in acquiring the Houston-based McDermott. To remind, McDermott recently rejected an unsolicited, non-binding proposal made by Subsea 7 to acquire its entire issued share capital. Read more

Singapore’s offshore rig builder Sembcorp Marine saw its quarterly profit dive on absence of one-off gain and lower contributions from offshore platforms section despite increase in revenues.  The company on Wednesday posted revenues of $1.18 billion for the three months to March 31, 2018. This compares with $746 million in revenue generated in 1Q 2017. Read... Continue Reading →