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The Norwegian competition authorities have rejected the proposed merger between offshore accommodation companies Prosafe and Flotel. The proposed combination would create the world’s largest owner of semi-submersible accommodation rigs with Prosafe currently owning and operating a total of nine offshore accommodation units, and has options for delivery of two newbuilds, while Floatel’s fleet counts five... Continue Reading →
Oct 24, 2019 MESSAGE FROM THE CEO The company's performance in 3Q19 is already starting to reflect the implementation of our value creation strategy. Oil and gas production reached a record level of 3.0 MMboed in August, when a daily record of 3.1 MMboed was also reached. The ramp-up of the new platforms significantly influenced... Continue Reading →
Following its recent two oil discoveries, Tullow Oil and its partners in the Orinduik block located offshore Guyana are reviewing multiple prospects on the block and working to approve the budget for the 2020 drilling campaign. Tullow is the operator of the Orinduik block with a 60% Working Interest while Total and Eco Atlantic have... Continue Reading →
Brazil’s Senate Constitutional and Legal Affairs Committee on Tuesday approved the text of a pension reform bill, paving the way for a second and final plenary vote later in the day that will finally enact the landmark bill into law. Brazilian markets rallied and stocks hit an all-time high as the government’s key policy this... Continue Reading →
Brazil’s Supreme Court began debating on Thursday whether to overturn a three-year-old rule that convicted criminals must go to prison right after losing their first appeal and not wait until they have exhausted their appeal options. The rule contributed to the success of Brazil’s biggest corruption investigation, the so-called Car Wash operation that put dozens... Continue Reading →
October 17, 2019 - We posted a solid operating performance in 3Q19, delivering significant growth in oil, NGL and natural gas production, which reached 2,878 kboed, 9.3% higher than 2Q19, led by the 17.0% increase in pre-salt production, which reached 1,367 kboed, representing 60.4% of oil production in Brazil. Pre-salt’s performance is due to the... Continue Reading →
Oct 15, 2019 The National Bank for Economic and Social Development (BNDES) intends to lead the structuring of a model that enables the construction of gas pipelines to drain future gas production from pre-salt fields, which in addition to financing the works will include the search for investors for the ventures, a bank superintendent told... Continue Reading →
Brazilian conglomerate Odebrecht SA’s advisors plan to propose a delay in the bankruptcy plan vote by creditors, two people with knowledge of the matter said. Odebrecht is likely to schedule a creditors assembly on Nov. 18 to comply with Brazilian bankruptcy protection rules, but so far there is not a concrete proposal to vote on,... Continue Reading →
As investments in tight oil increased from 2016 to 2018 and offshore investments decreased, according to Norwegian energy intelligence group Rystad Energy. Tight oil investments almost reached the same level as offshore in 2018, Rystad added. However, in 2019 the table has turned. Now, offshore investments are on the rise again, while tight oil has... Continue Reading →
Oct 10, 2019 (Bloomberg) --Ecuador’s state-owned oil company Petroecuador was forced to declare force majeure on its crude exports, and U.S. West Coast refiners could be the ones hurt the most. Protests in Ecuador over fuel prices have temporarily shut some oilfields, slowing the flow of crude and causing Petroecuador to shut a key pipeline.... Continue Reading →
Brazil Energy Insight 