Oil clawed back some of its biggest drop in a generation as investors grappled with the most volatile market on record in the midst of simultaneous supply and demand shocks. Futures rose about 4% in early Asian trading on Tuesday after collapsing by a quarter on Monday -- the biggest price drop since the 1991... Continue Reading →
Covid-19 – Why the panic?
Why is the world reacting so irrationally to the Covid-19 outbreak? While we still have a lot to learn about the virus, we do know this much: It will continue to spread across the globe despite travel bans because it is highly contagious and many, if not most, suffer only mild common flu-like symptoms and... Continue Reading →
Oil plunges 30% as Saudi-Russian price fight builds
Oil markets tumbled more than 30% after the disintegration of the OPEC+ alliance triggered an all-out price-war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences. Brent futures suffered the second-largest drop on record in the opening seconds of trading in Asia, behind only the plunge during the Gulf... Continue Reading →
The show will go on, says OTC 2020 organizers
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
270 Offshore Rigs Were Active in February Worldwide
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 →
Petrobras releases teaser for sale of assets in Colombia
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 →
Vantage sinks deeper into the red despite growing revenues
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 →
Protecting Offshore Production Innovations
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 →
Rystad: Coronavirus could delay FPSOs under construction in Asia up to one year
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 →
Opinion: Driving Competitiveness in Subsea Supply Chain
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 →
Brazil Energy Insight 