Brought to you by Quest Offshore & Southern Cone Consultants
Japanese trading house Sumitomo Corp will stop investing in new oil development projects as it shifts away from fossil fuels businesses amid a global push to cut greenhouse gas emissions, the Nikkei business daily reported on Sunday. The move comes as global miners and Japanese trading companies cut their exposure to coal operations, including mining... Continue Reading →
Oil and gas company Tullow Oil is set to start drilling at its Goliathberg Voltzberg North-1 (GVN-1) exploration well, offshore Suriname, targeting 235 million barrels of oil. The news of the drilling operation startup was shared by Tullow's partner Ratio Petroleum. "Ratio Petroleum is reporting that Tullow, the operator of Block 47, has commenced the... Continue Reading →
Oil major BP has drastically cut its fossil fuel exploration team in an attempt to keep up with the fast-moving revolution focused around renewables and climate change. BP’s team of geologists, engineers, and scientists have been cut to less than 100 from a peak of more than 700 a few years ago, according to company... Continue Reading →
(Reuters) - Top oil and gas companies sharply slowed their search for new fossil fuel resources last year, data shows, as lower energy prices due to the coronavirus crisis triggered spending cuts. Acquisitions of new onshore and offshore exploration licences for the top five Western energy giants dropped to the lowest in at least five... Continue Reading →
Schlumberger on Friday joined rivals in predicting a steady recovery in the oil industry this year after the world's top oilfield services provider's fourth-quarter results beat estimates, aided partly by growing drilling demand. Easing of COVID-19 related restrictions has propelled oil demand and prices, which remain steady since a late-2020 rebound from historic lows. Brent... Continue Reading →
Subsea 7 has won a contract from Cabinda Gulf Oil Company (CABGOC) for the Sanha Lean Gas Connection (SLGC) project offshore Angola. Specifically, the project comprises the construction and installation of the Lean Gas Platform (LGP) system in Block-0 off Angola. It takes place at a water depth of approximately 70 metres. Project management and... Continue Reading →
Petro Rio S.A. ("Company" or "PetroRio") (B3: PRIO3), in accordance with art. 26 of the Novo Mercado Regulation, and in addition to the Material Fact of November 28, 2019, informs its shareholders that the country’s National Petroleum, Gas and Biofuels Agency (“ANP”) has approved the concession of the 30% interest in Frade Field, currently held... Continue Reading →
Oil and gas supply chain companies have seen their profits squeezed since the E&P cost cuts of the previous downturn – and just as the industry could finally hope for better days, the Covid-19 pandemic caused the value of 2020’s awarded contracts to slump to a 16-year low of $446 billion, according to Rystad Energy.... Continue Reading →
The United Kingdom, Kuwait, Canada, United States, Colombia top energy intelligence firm Rystad's list of countries that offer the best fiscal conditions for the development of large offshore oil fields. After what has been described as a disappointing year for offshore sanctioning, Rystad expects offshore sanctioning to rebound to at least $56 billion in 2021... Continue Reading →
(Reuters) - Baker Hughes Co on Thursday joined larger rival Halliburton Co to say the energy industry’s worst downturn in decades would be over by the first half of this year. Oil and gas producers have been forced to cut their budget, restructure operations and reduce employees, to tackle the COVID-19 pandemic-led fallout in energy... Continue Reading →
