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Jan 14, 2020 WEG has been added to the list of approved suppliers at oil giant BP. The company is technically qualified according to BP Upstream (TQSL) to supply next generation low voltage motors. The addition to BP's list of approved suppliers is a reflection of WEG's reputation for innovation, reliability and quality in markets... Continue Reading →
Sapura Navigation begins work with Perenco in the field of Pargo Jan 15, 2020 Press Release The PLSV Sapura Diamante, support vessel, installation and launch of flexible pipelines, began work with Perenco for subsea installation and support in the Pargo field at 00h30 last Friday. Once again, 100% of the Sapura fleet is in operation,... Continue Reading →
Tokyo, January 15, 2020 MODEC, Inc. ("MODEC") is pleased to announce that one of its Floating Production Storage and Offloading (FPSO) vessels has been selected by World Economic Forum, a Swiss-based non-profit foundation, to join the Global Lighthouse Network of leaders in applying the technologies of the Fourth Industrial Revolution. The FPSO Cidade de Campos dos... Continue Reading →
Tullow Oil expects to report a $1.5 billion writedown after lowering its long-term oil price assumptions by $10 to $65 a barrel, an announced reduction in reserves in Ghana and disappointing exploration wells, it said on Wednesday. "Tullow expects to report pretax impairments and exploration write-offs of (around) $1.5 billion (c. $1.3 billion post-tax)," it... Continue Reading →
January 14, 2020 Petróleo Brasileiro S.A. - Petrobras reports that it has approved the mothballing of the fertilizer plant of its wholly owned subsidiary Araucária Nitrogenados S.A. (ANSA), located in the state of Paraná. ANSA has been posting recurring losses since it was acquired in 2013. From January to September 2019, the company posted a... Continue Reading →
January 15, 2020 Petróleo Brasileiro S.A. - Petrobras, following up on the release dated 10/31/2018, reports today that it completed the sale - to Petrovida Holding B.V. (Petrovida) - of the 50% equity interest held by Petrobras International Braspetro B.V. (PIBBV) in Petrobras Oil & Gas B.V. (PO&GBV). The transaction involved a total amount of... Continue Reading →
Norwegian FPSO operator BW Offshore is targeting 1Q 2020 for the IPO and listing of its 68.6% owned exploration and production subsidiary, BW Energy. BW said on Wednesday that the IPO and listing were planned through a combination of a distribution of shares from BW Offshore and a contemplated equity raise of about $175 million.... Continue Reading →
The United States’ change of stance to support Brazil’s bid to join the Organization for Economic Cooperation and Development (OECD) ahead of Argentina was welcomed by the Brazilian government on Tuesday. The U.S. government’s plans, after having previously said they wanted Argentina to be next in line to join the rich nations’ club, are a... Continue Reading →
A strong 2019 provided telltale signs that the industry was entering a new offshore investment cycle, Espen Erlingsen, head of upstream research at Rystad Energy has said. Erlingsen said on Tuesday that this trend was perhaps illustrated most profoundly by the rising swell of offshore project approval activity by operators in 2019. Globally, the amount... Continue Reading →
JANUARY 14, 2020 (Reuters) - With an eye on the growth potential of Brazil's oil industry with the pre-salt, Japanese giant Modec will seek to win at least one or two major platform charter contracts a year in the country, where it bets on technological development to stand out from international rivals. In an interview... Continue Reading →
