Italian energy group Eni lowered its forecast for production and investments on Friday as the coronavirus crisis has driven down oil and gas demand and hammered crude prices. In a statement on first-quarter results, it said it would spend about 30% less this year than planned and expected production to be 1.75 million-1.8 million barrels... Continue Reading →
Maersk Drilling to Mothball Several Rigs, Reduce North Sea Headcount
Danish offshore drilling contractor Maersk Drilling is set to mothball several offshore drilling rigs, and as a consequence, reduce the number of offshore workers, citing low oil prices and the impact of COVID-19 pandemic as the reason. "The COVID-19 pandemic and the lower oil price environment are impacting offshore drilling activity. Some tenders and projects... Continue Reading →
Oil Storage Crunch May Affect Guyana Crude Shipments
Oil shipments from nascent crude producer Guyana's prolific Liza field could be affected by a growing storage glut that has contributed to plunging global crude prices, the country's director of energy said. A consortium led by Exxon Mobil began producing crude from the offshore field in December after discovering more than 8 billion barrels of... Continue Reading →
BUREAU VERITAS LAUNCHES REMOTE INSPECTION SERVICE FOR THE MARITIME AND OFFSHORE SECTOR IN BRAZIL
Apr 23, 2020 BUREAU VERITAS LAUNCHES REMOTE INSPECTION SERVICE FOR THE MARITIME AND OFFSHORE SECTOR IN BRAZIL Group is bringing its remote inspection service for verification and testing of equipment manufacturers for ships and platforms to the Brazilian market. The novelty would only arrive in the country in the future, but the company accelerated the... Continue Reading →
Challenges of Underwater Structure Monitoring for Offshore Operations
With an increasing focus on improving efficiencies throughout the global energy sector, the installation of subsea structures on the seabed can pose complex and costly challenges if handled incorrectly. It is essential that installation work is completed thoroughly and quickly, due not only to the harsh conditions which equipment can face, but also to the... Continue Reading →
Project foresees Natural Gas Treatment Unit associated with Route 6 in Espirito Santo
Apr 22, 2020 FCF Participações e Investimentos, minority partner at Porto Central, submitted to Ibama a project that foresees the construction of a natural gas treatment unit in Presidente Kennedy, in Espírito Santo. The enterprise will have the capacity to produce 36.2 million m³ / d of natural gas. The plan is to run the... Continue Reading →
Saipem Unable to Offer Guidance after Coronavirus, Oil Collapse
Italian oil services group Saipem said on Thursday it could not offer new guidance for the year because of the highly unstable environment created by the COVID-19 pandemic and falling oil prices. Last week the group pulled its 2020 outlook saying the pandemic might trigger a sharp fall in demand and a delay in projects.... Continue Reading →
Helix Energy Solutions swings to quarterly loss
Houston-based offshore services and robotics specialist Helix Energy Solutions has reported net loss of $11.9 million, or 9 cents per diluted share, for the first quarter of 2020 compared to $1.3 million profit for the same period in 2019. Sequentially, profit fell from $8.1 million of 5 cents per diluted share. Continue reading
Chevron Barred from Drilling, Transporting Oil in Venezuela
Chevron Corp has been banned from drilling or transporting oil in Venezuela and its assets there are "mothballed" as the Trump administration cracks down on money going to the government of socialist President Nicolas Maduro, a senior U.S. official said on Wednesday. The restriction is expected to further reduce Venezuela's crude output, which has fallen... Continue Reading →
Equinor slashes quarterly cash dividend by two thirds
Norwegian oil major Equinor has decided on a cash dividend of $0.09 per share for the first quarter of 2020, a reduction of 67 per cent compared to the fourth quarter of 2019. As stated in Equinor’s dividend policy, when deciding on upcoming dividend payments it takes into consideration expected cash flow, capital expenditure plans,... Continue Reading →
