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Italian offshore energy services major Saipem and the Finnish company Wello have signed a memorandum of understanding (MoU) to optimize wave energy converter Penguin technology. The objective of the agreement is the development of future initiatives in the sector. Saipem will support Wello to optimize the installation procedure and operability of the WEC Penguin technology.... Continue Reading →
Brazil’s environmental agency Ibama said on Thursday that an analysis of a vast oil spill along the country’s northeastern beaches showed the spilled crude did not originate in the country. Ibama said in a statement that it had been investigating the spill in several beaches in some northeastern states since Sept. 2. Local media showed... Continue Reading →
The risks of betting on Mexico, with its staunchly leftist government, and Brazil, which is run by a hard-right administration, are more even now than they have been for six years - according to traders in credit default swaps (CDS). Risk premia for both countries have improved in 2019, but the advantage Mexico once enjoyed... Continue Reading →
Sept 26, 2019 Eneva identified evidence of oil and gas during the drilling of well 4-ENV-6-MA in the Fazenda Tianguar discovery area. The company had already found gas fluids last month at the well, located in block PN-T-48, in the Parnaíba Basin. The company said the volumes and eventual savings of accumulation will be determined... Continue Reading →
Oilfield services company TechnipFMC and classification society DNV GL have entered into a partnership to develop the oil and gas industry’s first methodology for qualifying the integrity of digital twin technology. DNV GL said that the methodology would bring a level playing field to the sector’s varying technical definitions of, and expectations towards digital twins.... Continue Reading →
Malaysian FPSO supplier Yinson saw its revenue and profit decline in the second quarter of 2019, but it is optimistic about near-term FPSO contract opportunities. The company’s revenue for the quarter was 213 million Malaysian Ringgit, down from 246,5 million Malaysian Ringgit, a drop of around 13 percent. Profit for the period fell more than... Continue Reading →
United States Ambassador to Argentina Edward Prado welcomed PESA to his residence in Buenos Aires to kick off the creation of the PESA Latin America Regional District, Argentina Chapter on Tuesday, September 24. After a welcome and overview of the oil and gas industry dynamics in Argentina by Ambassador Prado, PESA President Leslie Beyer introduced... Continue Reading →
McDermott International is seeking a bridge loan to help it cover a working-capital deficit of about $1.7 billion until it can sell an asset such as its Lummus Technology unit, according to a person with knowledge of the matter. The Houston-based company, which provides construction services to oil and gas firms, is working with advisers... Continue Reading →
Sept 24, 2019 The maritime support fleet in Brazilian waters ended the month of August with 364 vessels, of which 326 were Brazilian-flagged and 38 were foreign-flagged. The number remained stable compared to July, when the number of foreign boats was the same as in August and the number of domestic support vessels was 366... Continue Reading →
Sept 24, 2019 Despite the potential for natural gas production, Brazil has been re-injecting more fuel into the wells than it imports from Bolivia since 2018. Without limitation to practice, one third of the extracted fuel is returned to the wells to expand oil production or due to lack of infrastructure for delivery to the... Continue Reading →
Brazil Energy Insight 