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(Reuters) - Oil and gas companies have intensified the hunt for new deposits in a long-term bet on demand, as they reinvest some of the record profits from the fossil fuel price surge driven by the Ukraine war, according to data and industry executives. The exploration revival - on the part of European majors in... Continue Reading →
(OET) UK-headquartered TechnipFMC has been hired by Azule Energy, a joint venture between BP and Eni, to provide subsea production systems for a development project offshore Angola. TechnipFMC deems the contract to be a “significant” one since it is between $75 million and $250 million. Thanks to this deal, the company will supply subsea production systems for Azule... Continue Reading →
The Brazil-bound FPSO Sepetiba sailed away from the BOMESC shipyard in China on June 16, 2023, following completion of the topsides integration and onshore commissioning phases. The unit—SBM Offshore’s third Fast4Ward FPSO—is transiting to the Mero field in the Santos Basin offshore Brazil, located 180 kilometers offshore Rio de Janeiro. SBM Offshore has a contract... Continue Reading →
(OET) UK-headquartered energy giant Shell has decided to step up its decarbonization efforts by boosting its low-carbon energy solutions business with investments of $10-15 billion over the next two years. This is part of the oil major’s transformation strategy to help usher in a balanced energy transition. Shell is actively working on curbing emissions not... Continue Reading →
(PH) Angelica Ruiz took charge of bp in Brazil just three months ago, but she already has a lot of work ahead of her. The executive, who accumulates the position of VP of Latin America, has the challenge of leading the operation of a company that, present in the country since 1957, operates in the... Continue Reading →
(OET) UK-headquartered oil and gas company Tullow Oil is mulling over all options for its interest in an oil field located offshore the Ivory Coast. This comes after BW Offshore secured a short-term contract extension for one of its floating, production, storage and offloading (FPSO) vessels, which is working at the field. As Tullow Oil’s... Continue Reading →
(OET) Brazilian offshore oil and gas industry services provider Ocyan has confirmed the completion of its restructuring process, which enabled it to separate its drilling business into a new company, temporarily being called DrillCo. The business side covering offshore production, subsea construction and decommissioning, maintenance, and offshore services remains fully at Ocyan, according to the... Continue Reading →
(Reuters) - U.S.-based oil major Chevron (CVX.N) will invest more than $500 million to develop the Trapial block in western Neuquen province, home to the massive Vaca Muerta shale basin, Argentina's economy ministry announced on Friday. The announcement followed a meeting between Economy Minister Sergio Massa and company officials, according to a ministry statement. The new spending... Continue Reading →
Mexico’s hydrocarbon regulator, the Comisión Nacional de Hidrocarburos (CNH), has greenlighted a unit development plan (UDP), which Pemex submitted on behalf of its partners – Wintershall Dea, Talos Energy, and Harbour Energy – for a giant oil field located in the Sureste Basin offshore Mexico. The Zama unit development plan (UDP) was submitted in March 2023 to Mexico’s... Continue Reading →
(OET) Dalian Shipbuilding (DSIC), part of China State Shipbuilding Corporation (CSSC), has delivered a floating production storage and offloading (FPSO) vessel bound for an Equinor-operated field off Brazil. Back in June 2021, Equinor made the final investment decision (FID) for the $8 billion worth Bacalhau project. A few days later, MODEC officially confirmed a contract award with Equinor to deliver the engineering, procurement,... Continue Reading →
Brazil Energy Insight 