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Following IHS Markit’s cancellation of its CERAWeek conference in Houston, several other organizers of major oil and gas industry events have followed suit in the wake of the spread of the COVID-19 coronavirus. Organizers of the Offshore Technology Conference, however, said this week that, for now at least, the show will go on. Continue reading
There were 270 offshore drilling rigs in the world actively drilling for oil and gas in February 2020, a slight increase compared to January 2020 (at 268), but also a slight dip versus February 2019 (at 272). This is according to Baker Hughes' February rig counts, released Friday. International offshore rig count - not counting... Continue Reading →
March 06, 2020 Petróleo Brasileiro S.A. - Petrobras reports that it has started the opportunity disclosure stage (teaser), referring to the sale of its fuel and lubricant distribution and marketing businesses in Colombia. This project aims to sell 100% of the shares held by Petrobras International Braspetro B.V. (PIB BV) and other Petrobras subsidiaries, in... Continue Reading →
Offshore drilling contractor Vantage Drilling booked a loss in the last quarter of 2019 despite increase in revenues driven by higher utilization in both jack-up and deepwater segment. Vantage on Thursday reported a net loss attributable to controlling interest of $61.4 million for the three months ended December 31, 2019, as compared to a net... Continue Reading →
Answers to six key questions regarding protection of offshore production innovations. Congratulations! You’ve just redesigned the subsea isolation valve control system (SSIV) that your company sells for use as part of an emergency shutdown system for an offshore production site. Your sales team is eager to show your SSIV to oil production companies, but you... Continue Reading →
The outbreak of the coronavirus is set to cause extensive staffing and supply shortages as well as delays on floating production, storage and offloading (FPSO) vessels under construction in China, South Korea, and Singapore, according to energy intelligence firm Rystad Energy. Rystad said on Friday that 22 out of a global total of 28 FPSOs... Continue Reading →
By Chris Thompson, chairman of engineering firm Express Engineering We all know that the global oil and gas industry operates in a shifting and challenging business environment. Variations in supply and demand linked to global geopolitical issues have historically contributed towards uncertainty in an industry that has craved stability that has seemed out of reach.... Continue Reading →
As China’s coronavirus epidemic continues to expand and more countries are affected, the slowdown in global oil and gas consumption this year will hit suppliers who will see average prices fall below previous expectations, according to Rystad Energy’s revised forecasts. Brent crude oil prices, which Rystad Energy earlier expected to average nearly $60 per barrel... Continue Reading →
Following confirmed cases of coronavirus in Italy, the Italian oilfield contractor Saipem has advised its employees to stay at home. Saipem has also canceled and reduced to the minimum all missions to and from the risk areas abroad. As reported by The New York Times on Sunday, the country announced more than 150 cases, many in... Continue Reading →
Feb 20, 2020 MESSAGE FROM THE CEO THE FIRST YEAR OF THE IMPLEMENTATION OF A NEW STRATEGY I am pleased to share the results of a year of hard work, with the implementation of a new strategy for Petrobras, based on a transformational agenda supported by five pillars: maximization of the return on capital employed,... Continue Reading →
Brazil Energy Insight 