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The offshore decommissioning market is estimated to be valued at USD 6.2 billion in 2019 and is projected to reach USD 8.9 billion by 2027, at a CAGR of 4.8% during the forecast period. The global offshore decommissioning market is dominated by leading players that have an extensive regional presence, said ResearchAndMarkets. The leading players... Continue Reading →
Slumping revenues pushed Mexico's Petroleos Mexicanos to a net loss of 87.4 bln pesos ($4.43 billion) in the third quarter, but the struggling state oil firm said on Monday it had cut back its hefty debt load, bucking the trend of recent years. Pemex, as the company is generally known, held financial debts of $106... Continue Reading →
Affected by impairments for three retired rigs, offshore drilling contractor Transocean more than doubled its losses in the third quarter of the year when compared to the last year’s 3Q. According to Transocean’s quarterly report published on Monday, the company’s total contract drilling revenues were $784 million in 3Q 2019, compared to $816 million in... Continue Reading →
BP’s third-quarter results took a hit due to lower oil prices, maintenance works, hurricane impacts, and a divestment charge. Underlying replacement cost profit for the third quarter of 2019 was $2.3 billion, compared to $3.8 billion a year earlier. The result was impacted by significantly lower Upstream earnings, resulting from lower prices, maintenance and weather... Continue Reading →
Oct. 28, 2019 /PRNewswire/ -- McDermott International, Inc. (MDR) today announced substantial completion of PEMEX Exploracion y Produccion's Abkatun-A2 Platform. The production platform is located in Mexico's Bay of Campeche in the Gulf of Mexico. This milestone means the platform has now been turned over to the owner to begin commercial operations. "With substantial completion of the Abkatun-A2 Platform project... Continue Reading →
When executives arrive in Rio de Janeiro this week for Brazil’s biennial Offshore Technology Conference, they will find themselves in Latin America’s most promising market for Big Oil by far. That marks a dramatic change from only a year ago. In early October 2018, Brazil’s current president, Jair Bolsonaro, was in a tight electoral race... Continue Reading →
Offshore drilling contractor Diamond Offshore nearly doubled its losses as its revenues dropped in the third quarter of 2019 when compared to the same period in 2018. Diamond has also secured a new contract for one of its semi-submersible rigs with Woodside. Diamond on Monday posted revenues of $254 million for the third quarter of... Continue Reading →
10/25/2019 Petrobras intends to use the R $ 34 billion it will receive from the Federal Government from the auctiont of the Transfer of Rights, scheduled for November 6. The auction will offer the right to extract oil and gas in areas in the pre-salt polygon granted to Petrobras in 2010. Chief Financial and... Continue Reading →
October 28, 2019 The forecast is to invest US $ 21 billion by 2023 to maintain the Campos Basin production curve. At the same time as it sets record highs in the pre-salt, Petrobras is facing the challenge of containing the sharp natural decline of its production in the Campos Basin post-salt. The company, however,... Continue Reading →
Brazil’s state-run oil company Petroleo Brasileiro SA (PETR4.SA) is studying exiting its stake in Braskem SA (BRKM5.SA) via a share offering, an executive said on Friday, the latest in a series of proposals to separate itself from the petrochemical firm. Anelise Lara, head of Petrobras’ downstream division, divulged the potential share offering, which she said... Continue Reading →
