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DOF Subsea, a subsidiary of DOF Group, reported profit in the second quarter of 2019 of NOK 14 million ($1.5 million), compared to loss of NOK 292 million ($32.4 million) in the corresponding period in 2018. Year-to-date result for 2018 came out negative, with loss of NOK 10 million ($1.1 million), against loss of NOK... Continue Reading →
Brazil’s federal police on Friday raided the headquarters of Latin America’s largest independent investment bank, Banco BTG Pactual SA (BPAC3.SA), and the addresses of its founder Andre Esteves, federal prosecutors said in a statement. Maria das Gracas Foster, former chief executive of state-controlled oil company Petroleo Brasileiro SA (PETR4.SA), was also a target, the statement... Continue Reading →
Following a recent oil discovery at the Jethro well offshore Guyana, oil firm Tullow is set to spud the second well, Joe-1, within days. Eco Atlantic, Tullow’s partner in the Orinduik block where the Jethro-1 discovery – 180.5 feet (55 meters) of net high-quality oil pay – was made, said the drillship is currently moving... Continue Reading →
Hess Corporation’s investment in Guyana’s offshore Stabroek Block has resulted in the company emerging as the best-performing US oil firm this year and, along with its partners, it is poised to reap US$22 billion ($4.5 trillion) in profits from its initial two projects here, the Wall Street Journal (WSJ) reported yesterday. “Hess Corp. has emerged... Continue Reading →
August 22, 2019 Reate 2020, which will be launched today, the goal is to increase production from 270,000 to 500,000 barrels per day by 2030. The shock of cheap energy promised by the Minister of Economy, Paulo Guedes, will include the revitalization of oil and gas production in land fields. Reate 2020 - Program for... Continue Reading →
Gas Natural Açu, Prumo’s subsidiary, draws on US$750 million project financing for 1.3GW first phase of LNG-to-power complex Second phase of project underway, making the GNA complex the largest infrastructure project in Brazil and a key enabler of the Brazilian new gas market (“Novo Mercado de Gás”) Pedro Parente, Ieda Gomes and Franklin Feder join... Continue Reading →
The UK-based oil firm is operating the project with a 60 percent stake, with the remaining 40 percent currently held by Rockhopper exploration. The company has been in talks to secure a loan to fund the development of the first phase of the 250 mmboe (gross) of resource in Phase 1 of the Sea Lion... Continue Reading →
Rosneft PJSC’s second-quarter net income fell as the Russian giant suffered the effects of weaker oil prices and production cuts, but the decline was less severe than analysts expected. While the results show the impact on Rosneft of the Druzhba crisis, in which millions of barrels of exports to central Europe via the Soviet-era pipeline... Continue Reading →
Aug 21, 2019 PGS plans to initiate in February 2020 a 3D seismic survey in the Sergipe-Alagoas Basin. Called Pirambu NE, the program foresees the acquisition of data in an area of 11,272 thousand km² in a minimum water depth of 500 m and a minimum distance of 32 km from the coast of the... Continue Reading →
AUG 21, 2019 Seadrill believes there will still be business opportunities for its PLSVs whose contracts with Petrobras are coming to an end this year. According to its CEO, Anton Dibowitz, the entry of new IOCs in the Brazilian market is contributing to its recovery. The company currently operates five submarine launch vessels for Petrobras... Continue Reading →
