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The Covid-19 pandemic and the price crisis it has brought upon the oil and gas sector have hit the profitability of exploration and production (E&P) companies hard, energy intelligence firm Rystad Energy has said. Despite the recent relative oil price recovery, dozens of U.S. operators are still threatened by bankruptcies even at a WTI oil... Continue Reading →
Offshore classification company ABS has launch what it says is industry’s most comprehensive support package for offshore operators in Brazil’s complex regulatory environment, with a detailed technical advisory and two new notations. The ABS Practical Considerations for Regulatory Compliance in Brazil provides detailed guidance on navigating the unique regulatory environment in Brazil, ABS said. Continue... Continue Reading →
German oil and gas company Wintershall Dea reported a sharp drop in earnings in the first quarter of 2020, prompting it to cut costs and reduce oil and gas exploration. Production amounted to 626,000 barrel of oil equivalent per day (mboe/d) in Jan-March, unchanged from the same 2019 period, the company said in a statement... Continue Reading →
Malaysian oil and gas company Petronas has completed the farm-down of a 50% stake in an offshore Suriname block to a subsidiary of ExxonMobil. The offshore block, known as Block 52, is located north of the coast of Paramaribo, Suriname’s capital city, and is situated in the prospective Suriname-Guyana basin where several major hydrocarbon discoveries... Continue Reading →
MAY 14, 2020 Vallourec Brasil managed to extend its contract with Equinor until March 2024, in addition to expanding the scope of the agreement with the Norwegian oil company. With the new arrangement, the company will supply new products in the line of seamless steel pipes and OCTG fittings used in operations in Brazil. In... Continue Reading →
May 13, 2020 Petróleo Brasileiro S.A. - Petrobras reports that it has started the opportunity disclosure stage (teaser), regarding the sale of four termal power plants, which three are located in Camaçari-BA (UTEs Polo Camaçari) of fuel oil, and one is located in Canoas-RS (UTE Canoas), of biofuel (diesel or natural gas). The teasers, which... Continue Reading →
U.S. oil and gas producer Hess Corp on Thursday introduced deeper spending cuts after reporting a quarterly loss due to impairment charges of $2.25 billion on some oil-producing assets amid the coronavirus crisis. Stay-at-home orders designed to contain the coronavirus pandemic have forced businesses to shut down, cutting worldwide demand for oil and creating a... Continue Reading →
Mexico's oil regulator will extend the time companies have to secure needed permits and plan approvals through the end of this month because of the coronavirus pandemic, it said in a statement on Wednesday. Deadlines will be suspended until at least May 31, according to the regulator known as the National Hydrocarbons Commission. Since last month, the... Continue Reading →
Qatar's state-owned oil and gas company Qatar Petroleum has signed three farm-in agreements to acquire about 30% of Total’s participating interest in blocks 15, 33 and 34 located in the Campeche Basin, offshore Mexico. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum said: "We are pleased... Continue Reading →
Oceaneering International announced that its Remotely Operated Survey group has successfully completed an integrated rig services campaign for a major operator offshore South America, recording a milestone 150,000 hours of ROS operations and no client operations or vessel downtime. Oceaneering was contracted by Apache Corp. in June 2019 to provide Integrated Rig Services on the... Continue Reading →
Brazil Energy Insight 