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Rystad’s evaluation of offshore developments sanctioned since 2010 shows that international oil and gas E&P companies are struggling to make money from offshore investments made between 2010 and 2014 when oil prices were high. Rystad said on Wednesday that the sanctioning activity was record-high during the strong investment cycle from 2010 to 2014 when energy... Continue Reading →
Brazilian investigators said on Friday a Greek-flagged ship carrying Venezuelan crude was the source of oil tarring thousands of kilometers of coastline over the past two months. While prosecutors and police did not name the vessel, a prosecutors’ document obtained by Reuters identified the ship as the Bouboulina, owned by Greece’s Delta Tankers Ltd. Police... Continue Reading →
The Falklands Islands government has extended the term of Argos Resources’ offshore license PL001 by 18 months, giving the company time to find a partner and drill an exploration well. Argos said on Thursday that the license, which was to expire in November, was extended to May 1, 2021. “The Company has a commitment to... Continue Reading →
Brazil’s central bank cut its benchmark interest rate to a new all-time low of 5.00% on Wednesday as expected, but signaled that further easing may be less aggressive than it has been in recent months, despite inflation running well below target. In a change from recent statements, the bank’s policymakers warned that the historically low... Continue Reading →
Oilfield services provider Baker Hughes reported a rise in its third quarter 2019 profit as its orders grew by 35 percent when compared to the same period last year. According to its quarterly report on Wednesday, Baker Hughes’ orders were $7.8 billion in the third quarter 2019, up 35% year-over-year when its orders were $5.7... Continue Reading →
Brazil’s benchmark interest rate will be cut to a record low of 5.00% on Wednesday, according to the unanimous view in a Reuters poll of economists, as the central bank battles to spur economic growth and prevent inflation from falling further below target. All 31 economists surveyed say the bank’s rate-setting committee known as ‘Copom’... Continue Reading →
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 Energy Insight 