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S&P Global Ratings could boost Brazil’s sovereign rating if a cut in its deficit as a percentage of GDP is confirmed, according to an interview published on Thursday with the credit firm’s lead analyst for the country. South America’s largest economy needs to see reduced debt, higher economic growth and continued structural reforms in order... Continue Reading →
Royal Dutch Shell won the rights to market Guyana's first cargoes of crude oil, the government said on Tuesday, just days after oil production began and launched the impoverished South American country into the ranks of world suppliers. An ExxonMobil-led consortium, which includes Hess Corp and China's CNOOC Ltd, began producing crude from the Liza well on... Continue Reading →
As drilling costs keep coming down for land-based wells in unconventional plays, offshore drillers face increased pressure to lower their costs. A key focus area: maintenance budgets for marine drilling risers. Instead of the traditional five-year, calendar-based inspection interval for risers, can drillers use a condition-based monitoring (CBM) methodology to extend the interval to beyond... Continue Reading →
Offshore drilling contractor Noble Corporation has named Stephen M. Butz as Executive Vice President and Chief Financial Officer of the company. The appointment was effective on December 19, 2019. Butz replaced Adam C. Peakes who resigned last September. In connection with his appointment, Butz will act as the principal financial officer of the company, and Julie J.... Continue Reading →
December 23, 2019 Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 12/03/2019, announces that it has started the binding phase referring to the sale of its interest in two onshore exploratory blocks, located in the Espírito Santo Basin. Qualified parties for this phase will receive a process letter with instructions on... Continue Reading →
The offshore supply vessel (OSV) industry has emerged from its 2017 trough, thanks in large part to a slight shrinkage of the active fleet, a string of debt restructurings, improved cost management, and an uptick in drilling activity in a few regions. The industry is far from healthy, though, and the climb back to financial... Continue Reading →
December 23, 2019 Petróleo Brasileiro S.A. - Petrobras, following up on the release disclosed on 12/16/2019, referring to the sale of its interest in the concession BM-P-2, located in the Pelotas Basin, reports that it has extended until 01/15/2020 the notification deadline for companies to express their interest on the opportunity. There is no prejudice... Continue Reading →
French marine services group Bourbon Corporation, which has been in a court restructuring process after its business was hit by volatile energy markets, said its assets would be taken over by its creditor banks. Bourbon said the Marseille commercial court had ruled that Bourbon's assets would be transferred to Société Phocéenne de Participations (SPP) from... Continue Reading →
Just a few days after making history with producing Guyana’s first ever oil at its Liza offshore field, ExxonMobil has announced another oil discovery near the field. The U.S. major on Monday said it made an oil discovery offshore Guyana at the Mako-1 well southeast of the Liza field, marking the 15th discovery on the... Continue Reading →
December 23, 2019, Brazil Oil and natural gas production in November totaled 3.950 million barrels of oil equivalent per day (MMboe / d), of which approximately 3.090 million barrels per day (MMbbl / d) of oil and 137 million cubic meters per day ( MMm³ / d) of natural gas. The month's production surpassed the... Continue Reading →
