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The Danish Parliament has announced that it will cancel all future licensing rounds for new oil and gas exploration and production permits in the Danish part of the North Sea and end existing production by 2050. As a major oil-producing country in the EU, Denmark’s announcement is a landmark decision towards phasing-out fossil fuels in Europe. The... Continue Reading →
(Reuters) - Vitol Group’s U.S. subsidiary agreed to pay $135 million to resolve allegations by the U.S. government that the energy trader paid bribes in Brazil and other countries to boost its oil trading business, a prosecutor told a judge in Brooklyn on Thursday. The prosecutor said $45 million of the total payment would go... Continue Reading →
(Bloomberg) --OPEC+ reached an agreement to ease its oil-output cuts next year more gradually than previously planned, giving a fragile market more time to absorb the extra supply. The group will add 500,000 barrels a day of production to the market in January -- a quarter of what would have occurred under the prior plan... Continue Reading →
Offshore wind is expanding rapidly, and as turbine and project sizes grow, demand for specialized installation vessels will soar, Rystad Energy said Thursday, however, warning that the boom might lead to a shortage of offshore wind installation vessels. "The market for vessels capable of installing large offshore wind components is quickly being outpaced by growing... Continue Reading →
U.S. oil major Exxon has lowered its expectations for oil prices for much of the next decade, the Wall Street Journal reported on Wednesday, citing internal company documents. As part of an internal financial-planning process conducted this fall, the company has cut its outlook for future oil prices for each of the next seven years... Continue Reading →
Investments from global exploration and production companies (E&P) in 2021 are projected to reach around $380 billion, almost flat year-on-year, a Rystad Energy report shows. However, about 20 per cent of this amount could be at risk. About 20 per cent or $76 billion of the estimated 2021 investments could be at risk of deferral... Continue Reading →
GeoPark announces that today its Board of Directors has approved an agreement to sell its 10% stake in the Manati gas field in Brazil to Gas Bridge. The total amount of the transaction is R$ 144.4 million, including a fixed payment of R$ 124.4 million and an earn-out of R$ 20.0 million and that the... Continue Reading →
LOC Mexico, a subsidiary of marine and engineering consultancy LOC Group has secured its third contract this year from Permaducto, an enterprise part of the Mexican oilfield services and infrastructure development firm Protexa. Under the contract, LOC Mexico will provide marine warranty survey (MWS) for two submarine pipelines, specifically KMZ-101 and KMZ-103, at Maloob field... Continue Reading →
One of the world's largest conferences and exhibitions dedicated to the offshore energy industry will be postponed next year due to the ongoing COVID-19 pandemic. The Offshore Technology Conference, which attracts tens of thousands of visitors to Houston annually, will be postponed from May 3-6 to August 16-19, the event's board of directors announced Monday,... Continue Reading →
A new opportunity that promises to move - and a lot - the chain of service providers for oil and gas in Brazil at the end of 2020. Petrobras launched a mega tender for maintenance and repair services for offshore platforms of its Campos Basin Business Unit. In recent days, the state-owned company has changed... Continue Reading →
Brazil Energy Insight 