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South America’s offshore output is on track to surpass volumes coming from North America by 2024, energy intelligence group GlobalData said Tuesday. While several projects in Brazil and Guyana have taken final investment decision (FID), and are less likely to be postponed or suspended, offshore US and Mexico tell a different story, GlobalData says. Key... Continue Reading →
Well abandonment services provider Well-Safe Solutions has secured a £26 million ($33.6 million) investment to fund the next phase of the company’s growth plan. Well-Safe said on Monday that the further investment into the decommissioning company was led by MW&L Capital Partners, following their initial investment of $85 million to the company back in October 2019. Phil... Continue Reading →
The Covid-19 pandemic and energy transition are expected to expedite peak oil demand to 2028 and cut demand levels to 102 million bpd, according to Norwegian energy intelligence firm Rystad Energy. The Covid-19 pandemic and the acceleration of the energy transition have led Rystad Energy to significantly revise its long-term oil demand forecast. The virus... Continue Reading →
Offshore drilling firm Pacific Drilling and certain of its subsidiaries have filed for Chapter 11 bankruptcy with the aim to eliminate $1.1 billion debt. The company, which had previously filed for Bankruptcy in 2017, said Friday that it and certain of its domestic and international subsidiaries had filed voluntary petitions for relief under Chapter 11 of... Continue Reading →
(Reuters) - Norwegian energy company Equinor EQNR.OL aims to become a net zero emitter of greenhouse gases by 2050, including emissions from the production and final consumption of oil and gas, its new chief executive said as he took office on Monday. Anders Opedal, the first engineer to lead state-controlled Equinor, plans to expand the acquisition... Continue Reading →
Solstad Offshore said that Petrobras has extended the current contract of RSV Far Saga for a period of one year and picked up another vessel for operations in Brazil. According to Oslo-listed Solstad, the contract starts on Friday, 30 October 2020. The Far Saga has been operating in Brazilian waters since 2014. In addition, Petrobras has confirmed the... Continue Reading →
Total trimmed its 2020 investment target on Friday after a sharp drop in third-quarter net profit, though the French oil and gas producer maintained its dividend. The company cut its investment target to $13 billion from $14 billion and said it was keeping a lid on operating costs too, even as it strives to grow... Continue Reading →
Japanese FPSO specialist MODEC says it is working with partners to reduce the overall cost of floating offshore wind turbines. For some time, floating offshore wind has been something of a niche, but now full-scale demonstrators are in the works, and bigger players – including companies such as MODEC that have traditionally focused on oil... Continue Reading →
Rio de Janeiro, October 30, 2020 - Petróleo Brasileiro S.A. – Petrobras, following up on the press release disclosed on September 17, 2020, informs the beginning of the binding phase regarding the sale of all its shares in the wholly-owned subsidiary Araucária Nitrogenados S.A. (ANSA). Potential buyers qualified for this phase will receive instructions on... Continue Reading →
A unique double rotor floating wind turbine concept has earned a statement of feasibility from classification and certification body DNV GL. This statement, based on DNV GL’s technology qualification services, confirms that the nezzy² floater is designed to state-of-the-art safety, quality and performance standards, and allows its developer, aerodyn engineering, to secure investments and enter... Continue Reading →
