Rio de Janeiro, January 18, 2017 - Petróleo Brasileiro S.A. - Petrobras informs that the process for selecting the new Governance and Compliance Executive Officer is ongoing, as the current officer, João Adalberto Elek Junior, is leaving office on April 30, 2018. According to company's governance rules, Petrobras' Board of Directors will elect the Governance... Continue Reading →
Guyana: Tullow enters phase two on Orinduik block
London-based Tullow oil has decided to enter phase two of initial period of the Orinduik Block located offshore Guyana. Tullow is the operator of the block with a 60% interest and Eco Atlantic Oil & Gas is its partner with the remaining 40% interest. The decision to enter the phase two of the initial period under the Petroleum... Continue Reading →
Rolls-Royce thinking about selling its commercial marine business
Seeking to further simplify its business, British engineering company Rolls-Royce will be conducting a review of its commercial marine unit, which might include its sale. Read more
Seacor’s new JV to buy eight PSVs in China
Offshore vessel owner Seacor Marine has formed a joint venture company with China’s shipowner Cosco and has ordered eight offshore vessels. The joint venture named Seacosco Offshore entered into contracts to buy eight Rolls-Royce designed new construction platform supply vessels from Cosco Shipping Heavy Industry (Guandong) shipyard. Six of the PSVs are of UT 771WP design... Continue Reading →
Bassoe: Demand for deepwater rigs in South America to double by 2021
Petrobras will need more drilling rigs than they need today Petrobras’ baseline rig requirement to maintain current production is estimated to be around 20 rigs. Today there are 26 rigs on contract, but only around 20 are drilling at one time. This year, the number of rigs on contract will drop to 14. Petrobras will need to tender for at least... Continue Reading →
Venezuela’s Bond Surge Shows There’s Still Faith in the World’s Biggest Loser
Venezuelan debt is kicking off 2018 on a tear. The nation’s bonds, which led global losses in 2017 after the government declared it needed to restructure its debt, have returned a world-leading 12 percent. That’s four times what investors got from second-place Tajikistan, according to data compiled by Bloomberg. Read more
Trump’s Offshore Oil Plan Will Struggle to Lure Rigs From Guyana
The world’s hottest offshore prospect for oil companies is off the coast of Guyana, where a string of major discoveries has drawn hundreds of millions of dollars in a quest for crude. The Trump administration is hoping to lure some of that investment to the U.S. with a proposal to sell leases in almost every... Continue Reading →
Fire breaks out aboard Petrobras FPSO in Santos Basin
A fire broke out aboard a Petrobras-operated FPSO early on Tuesday, the Brazilian oil company has informed. In a statement released on Tuesday, Petrobras said the fire had been identified aboard the Cidade de Maricá, in Lula Alto Area of the Lula field, in the pre-salt area of the Santos basin. Read more
Petrobras achieves record production in Brazil for the fourth consecutive year
Rio de Janeiro, January 16, 2018 - Petróleo Brasileiro S.A. – Petrobras reports that the company’s average oil production in Brazil achieved a historical record for the fourth consecutive year: It reached, in 2017, the mark of 2.15 million barrels per day (bpd), 0.4% above the previous year's result. For the third year in a... Continue Reading →
BP to take $1.7B charge as part of Deepwater Horizon settlement
UK oil major BP will take a $1.7 billion post-tax non-operating charge in the fourth quarter of 2017 as the Deepwater Horizon claims facility approaches closure. BP informed on Tuesday that the Court Supervised Settlement Program (CSSP) established as part of the Deepwater Horizon (DWH) class action settlement, related to the 2010 Gulf of Mexico well... Continue Reading →
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