U.S. oil output is set for “explosive” growth this year as prices rally, potentially offsetting a further collapse in Venezuela’s production, the International Energy Agency said. The agency is joining a chorus of voices from Goldman Sachs group Inc. and OPEC’s own analysts in warning of a surge in U.S. production as oil hits three-year highs. Output... Continue Reading →
This Oil Major Has a Supercomputer the Size of a Soccer Field
Big Oil is now Big Tech. So big, in fact, that Eni SpA’s new supercomputer is the size of a soccer field. Read more
Oil’s Sustained Rise Giving Oilfield Servicers Time to Recover
Oilfield-service providers, happy to close the book on a largely unforgiving 2017, are eyeing a rebirth with higher crude prices sowing the seeds for a prolonged period of growth. Read more
Petrobras Approval of revision of pricing policy for household gas (LPG-P13)
Rio de Janeiro, January 18, 2017 - Petróleo Brasileiro S.A. – Petrobras, further to the press release of 12/7/18, reports that its Executive Board has approved the revision of the pricing policy for commercialization of Liquefied Petroleum Gas to distributors sold in cylinders of up to 13 kg for residential use and defined a new... Continue Reading →
Petrobras to start new contract bidding procedures in February
Petrobras intends to start implementing its new bidding and contract regulation (RLCP) next month. The document governs the general contracting rules, in order to meet the requirements of the State Owned Companies Law, which establishes that, as a rule, contracting must be carried out through public bidding. Published this week in the "Official Gazette of... Continue Reading →
Petrobras Governance and Compliance Officer Selection Process
Rio de Janeiro, January 18, 2017 - Petróleo Brasileiro S.A. - Petrobras informs that the process for selecting the new Governance and Compliance Executive Officer is ongoing, as the current officer, João Adalberto Elek Junior, is leaving office on April 30, 2018. According to company's governance rules, Petrobras' Board of Directors will elect the Governance... Continue Reading →
Guyana: Tullow enters phase two on Orinduik block
London-based Tullow oil has decided to enter phase two of initial period of the Orinduik Block located offshore Guyana. Tullow is the operator of the block with a 60% interest and Eco Atlantic Oil & Gas is its partner with the remaining 40% interest. The decision to enter the phase two of the initial period under the Petroleum... Continue Reading →
Rolls-Royce thinking about selling its commercial marine business
Seeking to further simplify its business, British engineering company Rolls-Royce will be conducting a review of its commercial marine unit, which might include its sale. Read more
Seacor’s new JV to buy eight PSVs in China
Offshore vessel owner Seacor Marine has formed a joint venture company with China’s shipowner Cosco and has ordered eight offshore vessels. The joint venture named Seacosco Offshore entered into contracts to buy eight Rolls-Royce designed new construction platform supply vessels from Cosco Shipping Heavy Industry (Guandong) shipyard. Six of the PSVs are of UT 771WP design... Continue Reading →
Bassoe: Demand for deepwater rigs in South America to double by 2021
Petrobras will need more drilling rigs than they need today Petrobras’ baseline rig requirement to maintain current production is estimated to be around 20 rigs. Today there are 26 rigs on contract, but only around 20 are drilling at one time. This year, the number of rigs on contract will drop to 14. Petrobras will need to tender for at least... Continue Reading →
Brazil Energy Insight 