Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), two of the world’s largest oil producers, said on Friday their quarterly profits each jumped about 50 percent, helped by rising commodity prices and lower costs. Read more
Total’s Profit Jumps as Big Oil Shows Rebound From Deep Slump
Total SA posted the highest earnings from pumping oil and gas in more than two years, illustrating the improving fortunes of an industry that’s endured the deepest downturn in a generation. Read more
Brazil confident of oil auction, appeals injunction
Brazil’s government has appealed an injunction suspending a pre-salt oil auction and expects the bidding to go ahead as planned on Friday, the Mining and Energy minister Fernando Coelho Filho told Reuters. Read more
Big Oil executives jet to Rio for deepwater oil sale
Brazil will auction eight blocks in its coveted deepwater oil region on Friday, a prospect that has attracted top executives from the world’s biggest oil companies to Rio de Janeiro for the bidding round. The oil companies and Brazilian officials expect to see aggressive bidding for the more than 12 billion barrels of estimated oil... Continue Reading →
Statoil loss widens in 3Q
Norwegian oil major Statoil has booked a bigger loss for the third quarter 2017 compared to the one posted a year ago while its revenues and production increased during the period. Statoil on Thursday reported adjusted earnings of $2.3 billion in the third quarter, up from $0.6 billion in the same period in 2016. After... Continue Reading →
Ensco books quarterly loss as revenues slip on fewer rig days
Offshore drilling contractor Ensco booked a loss in the third quarter of this year, after reporting a profit in the same period last year. The driller’s revenues were impacted by fewer rig days and lower dayrates. The UK-based driller, which recently completed its acquisition of Atwood Oceanics, on Wednesday reported a loss of $25.4 million for... Continue Reading →
Upstream firms expect digital investments to bring faster first oil
What do upstream oil and gas companies expect to gain from investing in digital initiatives? They expect faster first oil time, and better decision making, a research conducted by Accenture and Microsoft on 300 upstream leaders in 18 countries has shown. Read more
Wartsila tests remote control vessel from 8,000 km away
Finland’s Wärtsilä has successfully tested the remote control of ship operations using a combination of dynamic positioning (DP) and manual joystick control. Wartsila, in collaboration with vessel provider for the project Gulfmark Offshore, carried out the test on August 21 off the North Sea coast of Scotland. Even though the test vessel was in the... Continue Reading →
Tullow comes up dry off Suriname
Oil and gas company Tullow Oil has failed to make a commercial discovery at its Araku-1 well, offshore Suriname. The Araku-1 exploration well in Suriname has been drilled to a total depth of 2,685 meters and penetrated the objectives of the Araku prospect, Tullow informed on Friday. Read more
First oil from Libra on November 15
First oil production from the giant Libra oil field offshore Brazil is expected to be achieved on November 15, 2017. According to Brazil’s O’Globo news paper, the new date has been shared by the Petrobras Libra Project Manager, Orlando Ribeiro. O’Globo reports that the new date marks a four month delay compared to the last... Continue Reading →
Brazil Energy Insight 