Months after General Electric Co. considered a potential deal for Baker Hughes Inc. assets, the pair are in talks to form unspecified “partnerships” as oilfield equipment makers and service providers grapple with an extended rout in energy prices. The discussions are ongoing but GE isn’t weighing “an outright purchase,” spokeswoman Deirdre Latour said Thursday in a statement. GE... Continue Reading →
Exxon Facing Historic Reserves Reduction as Slump Persists
Exxon Mobil Corp. warned it may be facing the biggest reserves revision in its history as production sank to a seven-year low and profit slid amid a prolonged slump in energy markets. About 3.6 billion barrels of reserves in the Canadian oil sands and the equivalent of another 1 billion barrels of oil in other... Continue Reading →
Chevron Posts First Profit Since ’15 as Oil Inches Higher
Chevron Corp. posted its first profit in a year as a recovery in energy prices halted a string of writedowns that have depressed the oil explorer’s results since late 2015. The company’s third-quarter per-share profit of 68 cents exceeded the expectations of all 21 analysts in a Bloomberg survey. Even as Chevron’s U.S. wells lost... Continue Reading →
Impairments plunge NOV into red
Impaired: NOV Q3 results stuck in red Luke Johnson/Upstream 27 October 2016 04:16 GMT Eoin O'Cinneide 27 October 2016 07:58 GMT Huge impairments and a halving in revenues sent US services outfit National Oilwell Varco (NOV) to a large loss in the third quarter. Sales were unsurprisingly down in all market segments, but impairments close... Continue Reading →
Technip increases profits
Rise in profits: Technip chief executive Thierry Pilenko Anthony Guegel/Upstream Josh Lewis 27 October 2016 07:41 GMT Rise in net income comes despite a drop in revenue French engineering company Technip booked a 12.4% rise in third quarter net income while also increasing its full-year revenue guidance for its subsea division. Technip’s net income for... Continue Reading →
Brazil, UK renew co-operation pact
ANP director Chambriard: co-operation 'fundamental' to agency Reuters/Scanpix By Gareth Chetwynd in Rio de Janeiro 26 October 2016 20:26 GMT Brazil's National Petroleum Agency (ANP) has signed a memorandum of understanding with the UK Oil & Gas Authority aimed at promoting greater co-operation on regulatory questions. The MoU was signed during Rio Oil & Gas... Continue Reading →
Brazil looks to make friends with oil & gas
Business friendly: head of Brazil's Investment Partnership Programme,"rio oil" Wellington Moreira Franco Agencia Ponto/IBP By Kathrine Schmidt in Rio de Janeiro 26 October 2016 20:39 GMT A key official in the administration of Brazilian President Michel Temer took the stage at Rio Oil & Gas to pledge support for oil and gas investment in Brazil... Continue Reading →
Aker wins BP global pacts
Subsea work: in sight for Aker DNV GL Steve Marshall 27 October 2016 07:20 GMT Aker Solutions has inked a pair of global framework agreements with BP to supply subsea production systems at new field projects to be developed by the British supermajor worldwide. The first five-year deal covers potential engineering, procurement and construction contracts... Continue Reading →
Statoil Posts Surprise Loss on Low Oil Prices, Cuts Spending
Statoil ASA, the first of the major oil producers to report third-quarter earnings, posted an unexpected loss for a second quarter in a row as maintenance and exploration expenses compounded the impact of lower crude and gas prices. The company also deepened spending cuts. The adjusted loss, which excludes financial and other items, was $261 million, compared... Continue Reading →
GE Oil & Gas touts newest flexible riser tech
GE Oil & Gas: opportunities 'for the taking' in Brazil By Fabio Palmigiani in Rio de Janeiro 25 October 2016 22:32 GMT GE Oil & Gas has unveiled its next generation of flexible risers using carbon fibre thermoplastic materials, as the company continues to invest in the development of new technologies and applications for ultra-deep... Continue Reading →
Brazil Energy Insight 