May 16 (Reuters) – The marine industry’s January 2020 shift to using very low sulfur fuel oil (VLSFO) to power ships worldwide will launch a one- to five-year disruption in oil and refined products markets, according to a study released Thursday by Boston Consulting Group. The International Maritime Organization (IMO)’s mandated switch will require fuels... Continue Reading →

5/17/2019 PetroRio is eyeing the 30% share of Petrobras in the Frade field, in the Campos Basin. "We are interested and we believe that the acquisition makes sense for both sides. But as the sale still depends on the internal stages of Petrobras, we can not confirm anything at the moment, "the company's director of... Continue Reading →

5/16/2019 PetroRecôncavo is negotiating a supply of natural gas to Potigás, the energy distributor in Rio Grande do Norte. The input would come from the fields acquired by the company in the Potiguar Basin last month, in a transaction of R $ 1.5 billion closed with Petrobras. As the acquisition of the 34 assets was... Continue Reading →

May 17, 2019 The ANP board approved a new resolution that amends the procedures for sale of oil and natural gas fields and, from the agency's perspective, will encourage the entry of new operators in mature fields, with the production in decline. The theme had been discussed since last year. With the new resolution, companies... Continue Reading →

5/16/2019 The year 2019 has been relatively busy for the subsea segment in Brazil, with large contracts and tenders taking place. In less than six months, two large contracts - possibly surpassing the $ 4 billion mark - were formalized. In February, TechnipFMC entered into a contract with the Libra Consortium to conduct the underwater... Continue Reading →

Offshore driller EnscoRowan has won $180 million in damages in arbitration proceedings against Samsung Heavy Industry stemming from a 2016 drillship case. EnscoRowan on Thursday said: “EnscoRowan today announced that an arbitration tribunal has awarded the Company $180 million in damages in its proceedings against Samsung Heavy Industries, a shipyard in South Korea (“SHI”). Further,... Continue Reading →

For the first quarter of 2019, PetroRio posted net revenue of R $ 139.4 million, an increase of 19% compared to the R $ 117.2 million achieved in the same period of 2018. As the main operational highlight in the quarter, the production of the Polvo field increased by 55% in this comparison basis, as... Continue Reading →

Brazil’s push to overhaul its costly social security system is a welcome step toward healing public finances and the economy, but is not enough to stabilize public debt or trigger a positive review on the country’s credit rating, directors at rating agency Fitch said on Thursday. Speaking at a Fitch event in Sao Paulo, Fitch’s... Continue Reading →

Dutch FPSO specialist SBM Offshore has reported a rise in directional revenue for the first quarter of 2019, boosted by the turnkey segment of the business. The company reported directional revenue of $456 million for the quarter, up from $385 million in the corresponding quarter a year ago. SBM Offshore said that the 18 percent... Continue Reading →

There are growing signs that the worst may be over for Rio de Janeiro, at least for commercial real estate. Rio office occupancy is inching up for the second straight year, as the oil industry emerges from a sprawling corruption scandal that was compounded by a price rout and a bankrupt state government, according to... Continue Reading →