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
Total’s Profit Jumps as Big Oil Shows Rebound From Deep Slump
Total SA posted the highest earnings from pumping oil and gas in more than two years, illustrating the improving fortunes of an industry that’s endured the deepest downturn in a generation. Read more
Statoil loss widens in 3Q
Norwegian oil major Statoil has booked a bigger loss for the third quarter 2017 compared to the one posted a year ago while its revenues and production increased during the period. Statoil on Thursday reported adjusted earnings of $2.3 billion in the third quarter, up from $0.6 billion in the same period in 2016. After... Continue Reading →
Ensco books quarterly loss as revenues slip on fewer rig days
Offshore drilling contractor Ensco booked a loss in the third quarter of this year, after reporting a profit in the same period last year. The driller’s revenues were impacted by fewer rig days and lower dayrates. The UK-based driller, which recently completed its acquisition of Atwood Oceanics, on Wednesday reported a loss of $25.4 million for... Continue Reading →
Upstream firms expect digital investments to bring faster first oil
What do upstream oil and gas companies expect to gain from investing in digital initiatives? They expect faster first oil time, and better decision making, a research conducted by Accenture and Microsoft on 300 upstream leaders in 18 countries has shown. Read more
