Aug 7, 2019 All conditions for the merger between TGS-NOPEC Geophysical and Spectrum have been fulfilled, and the parties have declared the transaction unconditional. According to Spectrum’s update, the first day of trading in combined company is set for August 15, 2019. TGS agreed the merger with Spectrum, creating a leading provider of 2D and... Continue Reading →
Worldwide offshore rig count in July up 45 rigs year-over-year
The worldwide offshore rig count in July 2019 went up by 10 units compared to June, and 45 year over year, according to monthly rig count reports by Baker Hughes, a GE company. BHGE splits its rig counts into international and North America rig counts, which combined make the worldwide rig count. The worldwide offshore... Continue Reading →
Oxy begins bond sale to fund Anadarko deal
Occidental Petroleum is selling bonds to help finance its $38 billion acquisition of Anadarko, as debt issuers show faith in Tuesday’s market rebound. Occidental is selling bonds in as many as 10 parts, according to a person with knowledge of the matter. The longest portion of the offering, a 30-year security, may yield 2.7 percentage... Continue Reading →
Saipem Sonsub in Final Trials of Its Subsea Intervention Drone
Saipem-Sonsub’s Hydrone-R underwater intervention drone was recently launched in water to start the endurance and qualification tests prior to its commercialisation by year’s end. The Hydrone Program is the key workstream of Saipem’s Technology Development Plan within subsea robotics; a strategic move aimed at changing the paradigm of underwater inspections and interventions via a fleet... Continue Reading →
New gas regulation for Rio de Janeiro ready in a few days, says undersecretary
Aug 6, 2019 Rio de Janeiro's new natural gas regulatory framework is expected to be "fully in place" within a few days, state oil and gas deputy secretary Cristina Pinho said on Monday. “We have been surgical at some points to make a strong connection with the changes being made by the federal government. In... Continue Reading →
Petrobras approves revision of LPG pricing policy
August 5, 2019 Petróleo Brasileiro S.A. - Petrobras reports that its Executive Board has approved revision of its LPG pricing policy for residential use, sold for bottling in cylinders of up to 13 kg, including smaller capacity cylinders, such as 5 kg and 8 kg, which meet the demand for lower volumes. Prices charged by... Continue Reading →
Diamond Offshore Drilling (DO) Reports Q2 Loss, Lags Revenue Estimates
Aug 5, 2019 Diamond Offshore Drilling (DO) came out with a quarterly loss of $0.99 per share versus the Zacks Consensus Estimate of a loss of $0.89. This compares to loss of $0.33 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -11.24%. A... Continue Reading →
Deep Ocean Engineering Rolls Out New Work-Class ROV
San Jose-based Deep Ocean Engineering (DOE) has announced the addition of a new type of remotely operated vehicle (ROV) to its product line, the Phantom X8. This electric, light work-class, vehicle is the largest and most heavy-duty ROV manufactured by DOE and packs a robust design for deep sea maneuverability and power. Deep Ocean Engineering... Continue Reading →
Big Oil’s Big Bet on Natural Gas Has Been a Big Headache
The world’s biggest oil companies have been steadily shifting investments toward natural gas, driven by an emerging globally traded market and environmental concerns. But right now they’re taking a hit as prices tank. Supermajor energy producers -- Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., Total SA and BP Plc -- saw a steep... Continue Reading →
Exxon Mobil profit sinks on weakness in natural gas, chemicals, refining
Exxon Mobil Corp (XOM.N) reported a 21% drop in quarterly profit on Friday, hit by weaker natural gas prices, lower refining profits and a loss in its U.S. chemicals business. The largest U.S. oil producer’s net income fell to $3.13 billion, or 73 cents per share, in the second quarter, from $3.95 billion, or 92... Continue Reading →
Brazil Energy Insight 