Brought to you by Quest Offshore & Southern Cone Consultants
February 26, 2020 Last Saturday, Petrobras began the Long-Term Test of the Farfan reservoir, one of the discoveries made by the company in deep waters of the Sergipe-Alagoas Basin. Production is being carried out from the FPSO Cidade de São Vicente, connected to a production well. Ibama's license is valid for up to 180 days... Continue Reading →
Seismic services player Polarcus posted a loss of $19 million for the fourth quarter of 2019, but the company expects to benefit from an improving backlog. According to its financial statement on Thursday, Polarcus recorded revenues of $55.3 million in the fourth quarter of 2019, compared to $58.4 million in Q4 2018. Polarcus posted a... Continue Reading →
By Chris Thompson, chairman of engineering firm Express Engineering We all know that the global oil and gas industry operates in a shifting and challenging business environment. Variations in supply and demand linked to global geopolitical issues have historically contributed towards uncertainty in an industry that has craved stability that has seemed out of reach.... Continue Reading →
Offshore drilling contractor Seadrill has seen an improvement in the offshore drilling market throughout 2019. Although the pace of the recovery has slowed down at the beginning of 2020, Seadrill expects continued market recovery over the remainder of the year. According to its report on Thursday, Seadrill’s revenues in the fourth quarter of 2019 were... Continue Reading →
As China’s coronavirus epidemic continues to expand and more countries are affected, the slowdown in global oil and gas consumption this year will hit suppliers who will see average prices fall below previous expectations, according to Rystad Energy’s revised forecasts. Brent crude oil prices, which Rystad Energy earlier expected to average nearly $60 per barrel... Continue Reading →
Oilfield services provider TechnipFMC saw an “unprecedented level” of inbound orders in 2019, which pushed its backlog to over $24 billion. TechnipFMC booked a loss of $2.4 billion due to after-tax charges and credits. TechnipFMC on Thursday posted revenues of $3.7 billion for 4Q 2019, a 12.2% increase compared to the same period in 2018... Continue Reading →
Italian oil and gas company Eni has drilled the Agogo-3, the second appraisal well of Agogo discovery in Block 15/06, offshore Angola, increasing by about 40% the estimate of oil in place, which is now of 1 billion barrels with further upside to be tested in the Northern sector of the field. Eni said on... Continue Reading →
Shell is pushing ahead on its massive deep-water drilling plan in Mexico, even as it doesn’t foresee production starting under the current government. The global oil major plans to drill four wells this year, and a similar amount next year, said Alberto de La Fuente, Shell’s Mexico country chief. It’s part of a drilling campaign... Continue Reading →
Malaysian state oil firm Petronas said on Wednesday its fourth-quarter profit slumped 71%, hurt by impairment costs and lower prices of major products. Petronas said profit after tax for the October-December period fell to 4.1 billion ringgit ($968.12 million) from 14.3 billion ringgit in the same period a year earlier. Excluding impairment charges, profit totaled... Continue Reading →
Guyana's government on Wednesday launched a search for a company to market its share of crude produced at the offshore Liza well, where an Exxon Mobil Corp-led consortium began producing oil in December. The government is entitled to a share of the oil produced, and has said it was seeking a marketing agent to help... Continue Reading →
