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Finland’s Wartsila (WRT1V.HE) warned on Friday of a tough outlook for 2020 due to weaker demand for its ship technology and power plants and took a surprise multi-million euros charge on project cost overruns. Shares in the engineering group plummeted to their lowest level in seven years. “We are going to have, for the next... Continue Reading →
Brazil’s benchmark interest rate will be cut to a record low of 5.00% on Wednesday, according to the unanimous view in a Reuters poll of economists, as the central bank battles to spur economic growth and prevent inflation from falling further below target. All 31 economists surveyed say the bank’s rate-setting committee known as ‘Copom’... Continue Reading →
Offshore drilling contractor Valaris, formerly known as EnscoRowan, has been awarded new contracts and extensions with BP, Murphy Oil, Premier Oil, SapuraOMV, and Saudi Aramco. In its fleet status report published on Friday, Valaris said that the 2014-built drillship Valaris DS-15 (Renaissance) had been awarded a one-well contract with Murphy in the U.S. Gulf of Mexico with... Continue Reading →
The Norwegian competition authorities have rejected the proposed merger between offshore accommodation companies Prosafe and Flotel. The proposed combination would create the world’s largest owner of semi-submersible accommodation rigs with Prosafe currently owning and operating a total of nine offshore accommodation units, and has options for delivery of two newbuilds, while Floatel’s fleet counts five... Continue Reading →
Oil and gas company Cairn Energy has completed the first well in its drilling program offshore Mexico, but failed to prove hydrocarbons. Cairn expects to start drilling its second well off Mexico in November. In an update on Monday, Cairn said that the exploration target of the Alom-1 well on Block 9 was to prove... Continue Reading →
This is certainly a surprising change of posture. Oct 25, 2019 (Reuters) - Brazilian oil worker’s federation FUP said on Friday it has recommended the unions representing workers at state-controlled oil company Petrobras call off a planned general strike after receiving a new contract proposal. Several unions had called for a general strike at Petrobras... Continue Reading →
A thick sludge of crude oil has been washing up on vast stretches of Brazil’s coast for nearly two months, and authorities and experts have been baffled by its origin. This is what is known about the environmental disaster and what remains a mystery. Continue reading
Oct 25, 2019 Baixada Santista has the potential to become a new center of goods and services for the oil and gas sector, along the lines of Macaé (RJ), says São Paulo State Finance and Planning Secretary Henrique Meirelles. “There is no doubt that the Santos Basin's share of pre-salt production is growing. Along with... Continue Reading →
Oct 25, 2019 The first Mero 2 oil in the Santos Basin pre-salt was delayed by one year. Petrobras' business plan was scheduled for FPSO Sepetiba to start operating in 2022, but the company's financial report released on Thursday (10/24) projects its start of production in 2023. The construction and operation of the unit, which... Continue Reading →
(Reuters) - Brazilian fuel distributor Petrobras Distribuidora SA is considering creating energy trading units as it seeks to reposition itself after its privatization last July, Brazilian newspaper Valor Economico reported on Thursday. The company is considering creating ethanol, electricity and natural gas trading businesses, Rafael Grisolia, BR Distribuidora’s chief executive, told the Thursday edition of... Continue Reading →
