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Offshore accommodation provider Prosafe is still working to resolve its financial situation with lenders and come up with a long-term solution for the company. Prosafe’s previous update on its talks with lenders on 1 October 2020 stated that the discussions were constructive and lenders, in general, maintained their support for the company to continue to operate on... Continue Reading →
Sevan SSP, a company designing cylindrical, offshore facilities such as FPSOs and offshore rigs, has entered the floating wind game with its SWACH design. "Sevan SSP is happy to announce our participation in the development of floating offshore wind energy with our Sevan Wind concept, the SWACH design," the company, a subsidiary of Singapore-based Sembcorp... Continue Reading →
U.S. oil major ExxonMobil has reportedly started drilling at the Bulletwood-1 well site on the Canje Block, offshore Guyana. The news was shared Tuesday by Westmount Energy, an indirect partner in the Canje Block. Westmount owns an indirect interest in the Canje Block as a result of its circa 7.2% interest in the issued share... Continue Reading →
National production in November was 3,550 MMboe / d (million barrels of oil equivalent per day), of which 2,755 MMbbl / d (million barrels per day) of oil and 126 MMm3 / d (million m3 per day) of natural gas. Oil production decreased 4.1% compared to the previous month and 10.9% compared to November 2019.... Continue Reading →
Saipem has started the functional tests of FlatFish, the innovative underwater drone for advanced vessel free subsea inspections, based on AI. According to the company, the vehicle is now going to an extensive sea trial campaign. Since March 2018, Shell has been entrusting Saipem with the license to develop the FlatFish technology and qualify it... Continue Reading →
Offshore drilling contractor Pacific Drilling has completed its balance-sheet restructuring and has emerged from the Chapter 11 process. Pacific Drilling said on New Year’s Day that the company and each of its debtor affiliates emerged from bankruptcy signalling the implementation of the ‘Modified First Amended Joint Plan of Reorganization of Pacific Drilling S.A. and its... Continue Reading →
Petróleo Brasileiro S.A. - Petrobras informs that an arbitral panel seated in New York, has issued an award in an arbitration initiated by IESA Óleo e Gás S.A. determining the payment of approximately US$ 37 million, plus interest, by its wholly-owned subsidiary Petrobras Netherlands B.V. (PNBV) and the payment of approximately US$ 33 million, plus... Continue Reading →
Pressured by strict U.S. sanctions, Venezuela's oil exports plunged by 376,500 barrels per day (bpd) in 2020, according to Refinitiv Eikon data and internal documents from state-run PDVSA, financially squeezing socialist President Nicolas Maduro. The administration of U.S. President Donald Trump also put curbs on PDVSA's main trading partners, the owners of tankers still transporting... Continue Reading →
Oil demand from China has been one of the few bright spots for a global petroleum industry severely impacted by a long-term global supply glut and the economic fallout from the COVID-19 pandemic. The world’s second-largest economy hunger for energy keeps growing despite the global COVID-19 pandemic and a resultant sharp decline in global economic... Continue Reading →
Exxon Mobil Corp signaled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth-quarter results, but the gains would be overshadowed by an up to $20 billion asset write down. The largest U.S. oil producer has posted losses in the first three quarters of 2020 on an ill-timed... Continue Reading →
