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The compliance of OPEC+ with oil production cuts in October was seen at 101%, three OPEC+ sources told Reuters on Friday, maintaining a strong level of adherence to their supply-cut pact. The compliance assessment will be reviewed and confirmed by a meeting of the OPEC+ Joint Technical Committee on Monday, one of the sources said. The Organization... Continue Reading →
The UK Serious Fraud Office (SFO) said on Thursday it had secured just under 1.2 million pounds ($1.6 million) from a Brazilian national implicated in Brazil's "Operation Car Wash", the country's biggest bribery investigation that began in 2014. The SFO said it opened a civil recovery investigation into Julio Faerman in 2015 after the former... Continue Reading →
Australian oil and gas firm Karoon Energy has this week completed the acquisition of a 100% operating interest in the BM-S-40 offshore concession in Brazil from Petrobras. The offshore block in the Santos Basin contains the producing Baúna oil field and undeveloped Patola discovery. Karoon, listed on the ASX, said that the acquisition transformed the... Continue Reading →
3R Petroleum intends to expand its operations in the revitalization of mature fields to other countries in Latin America. The information was provided by the company's CEO, Ricardo Savini, during the company's IPO ceremony at B3, which moved R$ 690 million, which will be used in the development of projects and in new acquisitions .... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on September 28, 2020, informs that its Executive Board approved a new change in the deadline for certain conditions set forth in the agreement signed with Sete Brasil to be implemented. Thus, the effectiveness of the agreement and of the other related contracts will... Continue Reading →
ABB Marine & Ports has been selected as a technology partner for an EU project exploring the use of remote inspection and maintenance techniques for offshore wind farms. With funding from the biggest EU research and innovation program Horizon 2020, the project, named Atlantis, is targeting a more efficient, cost-effective and sustainable offshore ecosystem. The... Continue Reading →
Pré-Sal Petróleo (PPSA) celebrates seven years of activities today, reaching a value of R$ 2.59 billion in revenue for the Union. The amount considers the sale of oil and gas from the Union since November 2017 - start of production of the NW of Libra evaluation area, in a long-term test - until September 2020,... Continue Reading →
Subsea 7 slipped into the red in the third quarter 2020 on decline in activity in the sector and costs generated by the Covid-19 pandemic. The engineering and construction specialist recognised quarterly net loss of $43 million, against profit of $42 million in Q3 2019. This brings losses since the start of the year to... Continue Reading →
Marine and engineering consulting firm LOC Group has been awarded new contracts with SBM Offshore to act as Marine Warranty Surveyor (MWS) on two floating production storage and offloading (FPSO) projects. These SBM Offshore’s FPSOs will be deployed offshore Brazil and Guyana, LOC said in a statement on Thursday. LOC will provide MWS services for... Continue Reading →
Energy Platform (EnP) announced the acquisition of a 50% stake in Petro-Victory Energy in the fields of the Lagoa Parda Cluster, recently divested by Petrobras, and in the exploratory blocks ES-T-354 , 373, 441, 477 and 487, all on the Espírito Santo onshore and concluded in the 14th ANP round. The transaction marks EnP's entry... Continue Reading →
