Finland’s Wärtsilä has successfully tested the remote control of ship operations using a combination of dynamic positioning (DP) and manual joystick control. Wartsila, in collaboration with vessel provider for the project Gulfmark Offshore, carried out the test on August 21 off the North Sea coast of Scotland. Even though the test vessel was in the... Continue Reading →
Tullow comes up dry off Suriname
Oil and gas company Tullow Oil has failed to make a commercial discovery at its Araku-1 well, offshore Suriname. The Araku-1 exploration well in Suriname has been drilled to a total depth of 2,685 meters and penetrated the objectives of the Araku prospect, Tullow informed on Friday. Read more
BRIEF-TechnipFMC reports quarterly diluted earnings per share of $0.26
Oct 25 (Reuters) - TechnipFMC Plc * TechnipFMC Plc qtrly diluted earnings per share of $0.26 * TechnipFMC Plc - excluding charges and credits of $0.13 per share, adjusted diluted earnings per share of $0.39 for quarter * TechnipFMC Plc - qtrly inbound orders of $2.5 billion, including subsea of $980 million and onshore/offshore of... Continue Reading →
Brazil’s Congress rejects corruption case against President Temer
Brazilian lawmakers rejected corruption charges against President Michel Temer on Wednesday evening, shelving a case that had threatened to oust a center-right leader who investors hope will bring Brazil’s budget deficit under control. Read more
U.S. proposes largest ever offshore oil and gas lease sale
U.S. Interior Department led by secretary Ryan Zinke has proposed the largest oil and gas lease sale ever held in the United States –76,967,935 acres in federal waters of the Gulf of Mexico, offshore Texas, Louisiana, Mississippi, Alabama and Florida. The proposed region-wide lease sale, offering an area about the size of New Mexico, is... Continue Reading →
Big Oil Learns to Squeeze Cash From Every Barre
Crude may still be languishing near $50, but Big Oil is on track to rejoin the world’s corporate elite by squeezing more cash from each barrel. The five biggest oil producers generated about $34 billion of cash from operations in the third quarter, according to estimates from Jefferies LLC. That puts each of them at... Continue Reading →
IHS Markit: Lack of deepwater asset inventory challenges operators who seek M&A deals
Reduced spending for oil and gas exploration is limiting availability of quality deepwater assets for merger and acquisition (M&A) deals, according to a new report by IHS Markit, a UK-based provider of information, analytics and solutions. This lack of deepwater asset inventory is challenging E&P (exploration and production) operators who seek to acquire assets in order to... Continue Reading →
Brazil central bank set to taper rate cuts near record low
Brazil’s central bank is set to slow the pace of interest rate cuts on Wednesday, taking its benchmark rate just above an all-time low as the economy finally starts to emerge from recession. Read more
Hess Is Building a War Chest to Fund Its $4.4 Billion Guyana Find
With $2.7 billion in oilfield sales this week, Hess Corp. is making a calculated bet, giving up steady production today to help fund what could be one of the world’s biggest discoveries into the next decade. The oil explorer with operations on five continents said Tuesday that it’s selling North Sea assets off of... Continue Reading →
Helix Energy posts lower third quarter profit
Offshore energy services company Helix Energy Solutions recorded a lower profit for the third quarter 2017 impacted by operational downtime and idle time for some of its vessels. On Sunday, the company reported net income of $2.3 million for the third quarter of 2017 compared to net income of $11.5 million for the same period in 2016 and... Continue Reading →
