Norwegian shipping company Siem Offshore is seeking help from banks to ensure its survival through the downturn. The shipowner is also looking to sell its cable lay business.  In preparation for an extended downturn in the offshore supply market, Siem Offshore Inc. has issued a request to its banks for installment relief and certain other... Continue Reading →

Can Norway dump $35 billion in oil and gas investments, and simultaneously convince that same industry to throw money into the country’s own fossil-fuel future? After the initial shock of learning that Norway’s $1 trillion wealth fund wants nothing to do with it, the petroleum industry says both are in fact possible. Read more

Based on the positive result of the last oil and natural gas bidding rounds, the Ministry of Mines and Energy (MME) launched ,in partnership with the National Organization of the Petroleum Industry (Onip) and the Federation of Industries of the State of Rio de Janeiro (Firjan), the Virtuoso Circuit program for the Oil and Gas... Continue Reading →

The Brazilian government has backed off a previous plan to fine construction and engineering conglomerate Andrade Gutierrez SA 40 billion reais ($12 billion) for its participation in a graft scheme, a national newspaper reported on Thursday. Read more

Boston-based General Electric Co. (NYSE: GE) and Houston-based Baker Hughes Inc. closed on their megamerger over the summer, combining the latter with GE Oil & Gas to form Baker Hughes, A GE Company (NYSE: BHGE). Since then, GE has announced several changes and this week unveiled a major turnaround plan. The plan includes a variety of measures — from changes to executives’ paychecks to $20... Continue Reading →

Oil shouldn’t be written off too early, despite the expected sharp rise in gas and renewables over the next 25 years. This is according to the International Energy Agency which forecasts that over the next 25 years, the growing energy needs will be met by renewables and gas first. In its World Energy Outlook 2017,... Continue Reading →

Venezuela’s grand gathering with creditors Monday lasted all of 30 minutes and didn’t produce anything of substance. To make matters worse, S&P Global Ratings declared the country in default while Fitch Ratings cited missed payments by the state oil company. Read more

Singapore’s Keppel Shipyard is expecting the arrival of a very large crude carrier (VLCC), which will be converted into a floating production storage and offloading (FPSO) unit for SBM Offshore, this month.  The FPSO unit will be used to develop the ExxonMobil-operated giant Liza field offshore Guyana. Read  more

Rio de Janeiro, November 10, 2017 - Petróleo Brasileiro S.A. – Petrobras reports that it has achieved top grade in the Governance Indicator ("IG-SEST") prepared by the Secretariat of Coordination and Governance of State-Owned Enterprises - SEST, under the Ministry of Planning, Development and Management - MPDG, with the results gathered in its 1st Assessment... Continue Reading →

Chaired by the president of the Chamber of Deputies, Rodrigo Maia, the discussion about the end of the production sharing model, the president of Shell in Brazil, André Araújo, argued that the offer of geologically attractive areas and fiscal conditions are the main pillars for an attractive regulatory framework for oil companies. Araújo spoke exclusively... Continue Reading →