U.S.-based offshore drilling contractor Diamond Offshore booked a smaller profit for the third quarter of the year despite increase in revenues. During the quarter, the driller won two one-well contracts. The driller on Monday posted a net income of $10.8 million for the third quarter 2017, a decrease compared to $13.9 million in the prior-year... Continue Reading →
Sinopec’s Oil Refining Overcomes Continued Upstream Losses
China Petroleum & Chemical Corp., the world’s biggest refiner, said third-quarter profit advanced 13 percent as earnings from refining offset upstream and impairment losses. Net income at the state-owned energy producer increased to 11.5 billion yuan ($1.7 billion) in the three months to Sept. 30, the Beijing-based company known as Sinopec said in a statement... Continue Reading →
Oil & gas industry majors unite for investments in low emissions tech
The Oil and Gas Climate Initiative (OGCI) has announced its first three investments, moving forward the organization’s commitments into concrete action to spur the growth of promising low carbon technologies. Launched in 2014, OGCI is currently made up of ten oil and gas companies that pool expert knowledge and collaborate on action to reduce greenhouse... Continue Reading →
Transocean’s new drillship starts ten-year contract with Shell
Transocean-owned newbuild ultra-deepwater drillship Deepwater Pontus has started operations for Shell in the U.S. Gulf of Mexico. Transocean said in its fleet status report on Thursday that the Deepwater Pontus drillship began its ten-year contract with Shell in late October. The drillship is operating under a $519,000 dayrate and the contract end date is set for... Continue Reading →
Eni back to black in third quarter
Italian oil company Eni returned to profit in the third quarter of this year thanks to recovery in oil prices and increase in production. In the third quarter of 2017 the Italian oil company recorded a profit of €344 million compared to a loss of €562 million in the prior-year quarter. Read more
Brazil Draws Broad Interest in Offshore Oil Drilling Rights
In a sign of confidence in Brazil as a worthy place to invest, several international oil companies on Friday successfully bid for deepwater drilling rights in some of the richest oil fields of the Western Hemisphere. Read more
Chevron Joins the Oil Party as Cuts, Sales Spur Outsized Results
Chevron Corp. joined the widening array of oil explorers trampling analysts’ profit forecasts with outsized results fed by climbing crude prices and uncharacteristic frugality. Chevron posted third-quarter per-share net income that exceeded the 99-cent average of 19 estimates in a Bloomberg survey. The outcome validated Chief Executive Officer John Watson’s sweeping job cuts, project cancellations... Continue Reading →
Results of Round 2 and Round 3
Round 2 Campos Basin – Sudoeste de Tartaruga Verde – No Bids Santos Basin – Sul do Gato do Mato – winners Shell 80% Operator Total 20% Sapinhoa – winners Petrobras 45% Operator Repsol Sinipec 25% Shell 30% Norte do Carcara – winners Statoil 40% operator Exxon 40% Petrogal 20% Total bonus R$... Continue Reading →
Delay in Brazil’s pre-salt oil auction overturned
A suspension of the biggest oilfield auction in Brazil for years was overturned on Friday two hours after bidding was to start, as the government successfully appealed a federal judge’s ruling that stopped the sale of blocks in the country’s coveted pre-salt region. Read more
Exxon, Chevron third-quarter profits jump on rising commodity prices
Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), two of the world’s largest oil producers, said on Friday their quarterly profits each jumped about 50 percent, helped by rising commodity prices and lower costs. Read more
Brazil Energy Insight 