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Brazil launched a new effort at the Offshore Technology Conference to woo international investors under its reformed energy regulation system. But this new engine for exploration and production growth is still lacking some key parts. On the plus side, there has been an array of changes opening up the oil and gas business to international... Continue Reading →
Plagued by recent corruption scandals, Brazil is working to lure oil companies to new exploration contracts, offering the most offshore acreage in its history and promising to lower local content requirements, taxes and royalties for riskier investments. The South American country plans to auction off 287 exploration blocks in 10 separate bidding rounds over the... Continue Reading →
zoomKarl Johnny Hersvik, Aker BP CEO Norwegian E&P player Aker BP more than doubled its profit in the first quarter of 2017 helped by increase in production and oil prices. The company’s total operating income in the first quarter was $646 million, higher than the first quarter 2016 and income of $205 million mainly... Continue Reading →
The company recorded a net income of $94,000 for the 1Q 2017 versus a net income of $36.8 million for the same quarter of 2016. Dril-Quip said that its first quarter results were negatively impacted by after-tax severance payments of $1.3 million and a net loss from operations of TIW Corporation of $0.9 million.... Continue Reading →
Brazilian protesters torched buses, clashed with police in several cities and marched on President Michel Temer's Sao Paulo residence on Friday amid the nation's first general strike in more than two decades. Unions called the strike to voice anger over Temer's efforts to push austerity measures through congress, bills that would weaken labor laws and... Continue Reading →
Brazilian Supreme Court justice Gilmar Mendes ordered the release from jail of former mining and oil magnate Eike Batista, once the country's richest man, ahead of his trial on corruption charges, the court said on Friday. Batista has been jailed since Jan. 30 when he voluntarily returned to Rio from New York after four days... Continue Reading →
The board of Mexico's state-owned oil company Pemex on Thursday approved its second-ever deep water joint venture covering the Nobilis-Maximino block in the country's territorial Gulf waters. Pemex, which is looking for a partner to develop the block, estimates it to hold reserves of some 500 million barrels of oil equivalent (boe) based on data... Continue Reading →
By Ernest Scheyder | HOUSTON Rising crude prices helped Chevron Corp (CVX.N) and Exxon Mobil Corp (XOM.N) easily beat analysts' quarterly profit expectations on Friday, setting an upbeat tone as the two companies press ahead with shale oil and liquefied natural gas expansions. While cost cuts and asset sales provided a boost to both companies,... Continue Reading →
Exxon Mobil Corp.’s profit more than doubled in the first quarter of the year as the oil and gas giant signaled a strengthening in business amid a reprieve in commodity price depression. The results from Exxon, the largest U.S. oil company, indicate this could be the best quarter for energy companies in some time, with the... Continue Reading →
Houston-based oil and gas services company Helix Energy Solutions managed to narrow its net loss in the first quarter of 2017 and boost revenues compared to the same period in 2016. The oil services company on Sunday reported a net loss of $16.4 million for the first quarter of 2017 compared to a net loss... Continue Reading →
