Royal Dutch Shell Plc has taken Exxon Mobil Corp.’s cash-flow crown, a year after completing the biggest deal in its history. Shell generated $28.38 billion of cash flow from operations in the first nine months of the year, compared with $23.52 billion from Exxon. Chief Executive Officer Ben Van Beurden already spelled out that his main long-term... Continue Reading →
The New Latin American Oil Map
Brazil has some of the world’s top oil engineering talent, but it needs capital. The government plans several auctions of drilling rights by 2019. Read more
Pre-salt oil production up 6.6% in September
November 01, 2017, 10:23 AM Pre-salt production in September totaled approximately 1.677 million barrels of oil equivalent per day, an increase of 6.6% over the previous month. The production, from 82 wells, was 1.351 million barrels of oil per day and 52 million cubic meters of natural gas per day and corresponded to 49.8%... Continue Reading →
Anadarko narrows quarterly loss
U.S.-based oil and gas company Anadarko Petroleum Corporation narrowed its net loss for the third quarter of this year. Anadarko on Tuesday reported a net loss attributable to common stockholders of $699 million for the third quarter of 2017. This compares to a $830 million net loss in the third quarter of 2016. Read more
Sembcorp Marine sees signs of recovery in offshore drilling market
Singapore’s Sembcorp Marine returned to profit in the third quarter 2017, posting a net profit of $2.7 million, versus a net loss of $21.8 million a year ago. The offshore rig builder’s turnover was $316.9 million, down from $888 million a year ago. The lower revenue was due to lower rig building revenue, fewer floater and... Continue Reading →
BP Signals Confidence With Share Buyback as Profit Jumps
The company, which doubled third-quarter earnings from a year earlier on robust refining margins and rising production, also pared net debt for the first time in two years. The decision to initiate buybacks, which may cost as much as $400 million a quarter, underscores BP’s improving fortunes after seven tough years dominated first by the... Continue Reading →
Diamond Offshore sees profit fall, bags two new rig deals
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 →
