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Venezuela’s sudden demand to renegotiate its billions in debt could complicate life for its two biggest oil patrons, China and Russia. State-owned Petroleos de Venezuela SA, keeper of the world’s largest oil reserves, has seen output drop to a 14-year low, beset by the country’s economic collapse, a global plunge in crude prices and U.S. sanctions. As American... Continue Reading →
The risks associated with Rosneft PJSC’s $6 billion advance to Venezuela’s oil company for future crude shipments have deepened after the Latin American nation announced plans to restructure crushing debts. Read more
Offshore driller Transocean has reported a third quarter 2017 net loss attributable to controlling interest of $1.417 billion, a result mostly affected by impairment related to rig retirements. For comparison, the company for the same period last year reported a net income attributable to controlling interest of $218 million. Read more
Oil and gas engineering and consulting company Xodus has teamed up with stabilisation and artificial reef specialist Subcon International to help operators who decide to turn their retiring offshore assets to reefs. The partnership has come up with what it calls the Integrated Rigs to ReefsTM (IR2RTM). Read more
McDermott, an engineering, procurement, construction and installation company, boosted its profit and revenues during the third quarter 2017 helped by increased activity in the Middle East region. According to McDermott’s report on Wednesday, the company’s net income increased by $78.6 million in the third quarter 2017 totaling $94.7 million, as opposed to $16.1 million in the... Continue Reading →
Offshore driller Rowan reported a net loss of $20.9 million in the third quarter of 2017, compared to net income of $5.5 million. Revenues for the quarter were $291.61 million, down from $379.4 million a year ago. According to Associated Press, despite the loss, the results still exceeded analysts’ expectations. They expected a loss of 42... Continue Reading →
U.S.-based oil company Murphy Oil saw its net loss grow during the third quarter of the year while its revenues increased. The oil company is boosting its capex guidance for the year by $50 million. Murphy on Wednesday posted a net loss from continuing operations of $66 million for the third quarter 2017, compared to $16.2 million... Continue Reading →
The world’s biggest oil companies are jostling for supremacy as they emerge from a life-changing downturn. Exxon Mobil Corp. and Royal Dutch Shell Plc, the two most valuable producers, are competing for top honors on who can churn out the most profit and cash. Quarterly results from Chevron Corp., Total SA and BP Plc proved the companies can... Continue Reading →
Royal Dutch Shell Plc has taken Exxon Mobil Corp.’s cash-flow crown, a year after completing the biggest deal in its history. Shell generated $28.38 billion of cash flow from operations in the first nine months of the year, compared with $23.52 billion from Exxon. Chief Executive Officer Ben Van Beurden already spelled out that his main long-term... Continue Reading →
Brazil has some of the world’s top oil engineering talent, but it needs capital. The government plans several auctions of drilling rights by 2019. Read more
Brazil Energy Insight 