Offshore drilling contractor Noble Corporation reduced its quarterly loss as its revenues grew during the second quarter of 2019, but the company was affected by a charge related to the Paragon Offshore spinoff. Noble on Thursday reported a net loss attributable to the company for the second quarter 2019 of $152 million, on total revenues... Continue Reading →
Record production volumes lift Chevron profit
Oil major Chevron Corporation saw an increase in its quarterly earnings boosted by record production volumes driven by growth in the Permian Basin and at Wheatstone in Australia. Chevron on Friday reported earnings of $4.3 billion for second quarter 2019, compared with $3.4 billion in the second quarter of 2018. Included in the current quarter... Continue Reading →
MODEC Develops “MODEC NOAH™” and “M350™” Next Generation New Built FPSO Hulls
August 2, 2019 - Tokyo MODEC, Inc. is pleased to announce that it has developed the "MODEC NOAH" and "M350", next generation new built hulls for Floating Production Storage and Offloading (FPSO) vessels utilizing its extensive knowledge, experience and proven successes in engineering, construction, operations and maintenance of FPSOs as a leading company in... Continue Reading →
Brazil’s Camargo Correa inks 1.4 bln reais leniency deal with government
July 31, 2019 The Comptroller General of the Union (CGU) and the Attorney General of the Union (AGU) signed a leniency agreement with Camargo Corrêa, investigated by the Lava Jato. The company will have to pay the injured entities and the Union the amount of R $ 1,396 billion by January 2038. The amount involves... Continue Reading →
Brookfield-backed NTS sees almost $240 mln in investments over five years
Aug 1, 2019 Nova Trasportadora do Sudeste (NTS) expects to invest 900 million reais over the next five years, while seeking to become more efficient and prepare the company for future expansion of the network and attract new customers beyond Petrobras, said the company president Wong Loon. According to the executive, the company plans to... Continue Reading →
Petrobras and Equinor aim for pre-salt of Espírito Santo
July 31, 2019 Petrobras and Equinor plan to reach the pre-salt of the Espírito Santo Basin with the drilling of the Monai prospect in block ES-M-669. According to the companies, the campaign will be fundamental for them to evaluate the exploration of other concessions acquired in the 11th round of the ANP, which, so far,... Continue Reading →
In 10 years, Brazil can lead global oil production, says ANP’s Felipe Kury
July 31, 2019 Brazil is on track to be one of the world's leading oil producers over the next 10 years, Felipe Kury, director of the National Petroleum, Natural Gas and Biofuels Agency. The challenge "is to have this plurality of actors and various environments," said Kury. For him, this is "an incredible moment" for... Continue Reading →
Offshore helicopter specialist in M&A push
In a one-sentence statement issued on Wednesday, CHC said: “We have retained the services of Paul, Weiss, Rifkind, Wharton & Garrison LLP to explore merger and acquisition opportunities across the space.” Apart from looking at mergers and acquisitions, CHC is looking for a new CEO. Namely, the current CEO Karl Fessenden last week announced his... Continue Reading →
Siemens points to deteriorating demand as profit falls
Siemens (SIEGn.DE) said on Thursday deteriorating demand from automotive and machine building firms hit its third-quarter profit, becoming the latest industrial company to warn about a weaker environment hitting its business. The company’s flagship factory automation unit saw orders and revenue fall as customers in Europe and the Americas held back on investments as economies... Continue Reading →
Shell profit slumps to 30-month low, denting recovery
Royal Dutch Shell’s second-quarter profit slumped to a 30-month low due to weaker gas prices and refining margins, falling far short of expectations and denting a steady recovery in recent years. Shares of the Anglo-Dutch company fell 4.2% as trading opened in London, compared with a 0.3% decline in London’s FTSE 100 index. Shell, the... Continue Reading →
Brazil Energy Insight 