Reorganization plan of offshore driller Seadrill has been confirmed by the U.S. Bankruptcy Court for the Southern District of Texas. The confirmation of the reorganization plan by the court comes on the back of support by Seadrill’s creditors and shareholders obtained earlier this month. Read more
Diamond launches new service aimed at reducing BOP downtime
Houston-based offshore drilling contractor Diamond Offshore Drilling has launched its Sim-Stack service. According to Diamond, this is the offshore drilling industry’s first cybernetic BOP service enabling the company to continuously and accurately assess BOP status. When issues arise, the Sim-Stack service immediately determines a proper course of action while providing a third party statement of fact to... Continue Reading →
Searcher Seismic expands Argentinian seismic database
Searcher Seismic, an independent seismic data acquisition company, has expanded its Offshore Argentina Seismic and Well Database being carried out in anticipation of the 2018 Argentina Offshore Bidding Round 1. In a statement on Tuesday Searcher Seismic noted that, since late 2016, it has been collating, organizing, reimaging, interpreting, and evaluating a vast amount of... Continue Reading →
GE wins bid for R$1bn contract from Petrobras
Monday, 16 April 2018 17:47 Benefited from the new wave of orders from Petrobras, GE won its largest short-term contract in Latin America of US $ 300 million (equivalent to R $ 1.028 billion). The Brazilian unit of the American conglomerate will supply 41 gas turbines, three steam and thirteen generators, as well as services,... Continue Reading →
World’s Most Indebted Oil Major Faces $84.5 Billion Threat in Mexican Presidential Race
Five years after a landmark overhaul of energy laws stripped Mexico’s state oil-and-gas producer of its monopoly, few investors are eager for it to be restored. So pledges by front-running presidential candidate Andres Manuel Lopez Obrador to turn back the clock are causing jitters among bondholders. The spread on Pemex’s $3 billion bond due in... Continue Reading →
Búzios V FPSO undergoes further postponement
Petrobras has again postponed the tender submission deadline for chartering the Búzios V FPSO, a production unit scheduled to start operating in 2021. With the change in schedule, the new deadline was rescheduled for April 30. The postponement marks the seventh change in the bidding date. The last deadline had been set for this April... Continue Reading →
Brazil top court ruling could free Lula, derail graft fight
A decision looming before Brazil’s Supreme Court could free imprisoned former President Luiz Inacio Lula da Silva within days and deal the harshest blow yet to the South American country’s battle against corruption, prosecutors and judges say. Read more
Mideast Strife Sends Oil Bets to New High
Hedge funds have never been so invested in the global oil rebound. Their bets that Brent crude futures will climb reached a new high as growing tensions across the Middle East are putting almost half of the world’s supply at risk. The escalation of strife in the region sent the key crude benchmark to its... Continue Reading →
Rig Count Rises in U.S. as OPEC Approaches Goal to Bust Oil Glut
Explorers pushed the U.S. rig count higher for another week just as OPEC nears “mission accomplished” for wiping out the global glut of oil. U.S. working oil rigs rose by seven this week to 815, the highest since March 2015, according to data from Baker Hughes. The rig fleet has expanded in 10 of... Continue Reading →
Brazil retail magnate Rocha defies left in presidential race
Angry leftist protests outside his businesses will not deter billionaire Flavio Rocha from running in Brazil’s presidential election this year, advocating a crackdown on crime, a much smaller state and conservative family values. Read more
Brazil Energy Insight 