Sept 9, 2019 Açu Petróleo (a joint venture between Prumo Logística and Oiltanking) and Petrogal reaffirmed their partnership and renewed by 2023 the contract for oil transhipment at the Porto do Açu Terminal, in São João da Barra (RJ). With the new contract, the forecast is that the oil company, which has been a client... Continue Reading →

OPEC and its allies have been using the wrong target for draining excess stockpiles. As a result, they may have to consider longer and deeper cuts. A meeting of ministers from OPEC states and their oil-producing allies will take place in Abu Dhabi this week. It will probably be a subdued affair. Oil prices remain stubbornly low despite big... Continue Reading →

UK subsea engineering and construction services company Subsea 7 has informed that Jean Cahuzac will retire from his position as CEO at the end of this year. Cahuzac will be succeeded from January 1, 2020, by John Evans, who is currently COO, Subsea 7 said on Tuesday. Continue reading

French tubular solutions supplier Vallourec has been awarded a contract by Abu Dhabi National Oil Company (ADNOC) for the supply of tubing and casing, over a five year period, with a possible two-year extension, for an amount of $900 million. Tubing and casing will be supplied from Vallourec’s mills in Europe, South America and China.... Continue Reading →

Sept 8, 2019 Saipem's Offshore Construction and Technology Center (CTCO) in Brazil has received, at its manufacturing center, located in Guarujá-SP, some equipment from Petrobras for storage, under a five-year contract. Situated in Guarujá Naval Industrial Center, this center is strategically located at the entrance to the Santos Port canal. It was specifically designed to... Continue Reading →

Schlumberger, the world’s largest service company, plans to redefine its focus, exiting unprofitable businesses, restructuring some units, and placing more emphasis on returns, new Chief Executive Officer (CEO) Olivier Le Peuch said in a speech at an investor conference this week. “The Schlumberger of tomorrow will not be the Schlumberger of today,” said Le Peuch,... Continue Reading →

Oil majors’ recent project investments are not in line with Paris climate goals, Carbon Tracker think-tank said in a report on Thursday. The Paris Accord committed to tackling the climate change was signed by 195 nations in December 2015, who have pledged to try and keep the global warming “well below” 2 degrees Celsius above... Continue Reading →

Scientists generally estimate that to hold the rise in global average temperature to 1.5 degrees Celsius over the preindustrial baseline — a “safe” level of warming — humanity must stabilize the atmospheric concentration of carbon dioxide at around 350 parts per million. This year, we reached about 410 ppm. There is already too much CO2... Continue Reading →

September 5, 2019 The ANP publishes on its portal, as of today, the annual forecasts for oil and natural gas exploration activities for 2019. The data can be accessed on the Production and Activities Forecast page. The forecasts include: drilling of exploratory wells on land and sea, 2D and 3D seismic activities and their budgets.... Continue Reading →