Minority shareholders of Brazilian state oil giant Petroleo Brasileiro are respected again under the leadership of Chief Executive Pedro Parente, and management is on the same page, a company board member said. Marcelo Mesquita, who has represented holders of common shares on Petrobras' board for almost a year, said that investors are now certain that... Continue Reading →
Anadarko to curb spending this year
U.S.-based oil and gas company Anadarko Petroleum Corporation narrowed its net loss for the second quarter 2017 and decided to reduce its spending for the year. For the 2Q 2017, the oil company on Monday reported a net loss attributable to common stockholders of $415 million compared to $692 million loss in the prior-year period. The... Continue Reading →
Saipem sinks to 1H loss. Cuts full-year revenue guidance
Italian oilfield services giant Saipem posted a net loss of 110 million euros for the first half of 2017, a drop compared to a net profit of 53 million euros in the same period a year ago. Revenues fell to €4,59 billion, down from €5,27 billion a year ago. Read more
Increased activity lifts McDermott’s revenues
Houston-based engineering, procurement, construction and installation company McDermott posted higher quarterly profit and revenues boosted by increased activity. The company in a report on Tuesday posted a net income of $36.4 million for the second quarter of 2017 as opposed to $20.7 million profit for the prior-year second quarter. Further according to the report, the company’s... Continue Reading →
ExxonMobil finds more oil in Payara reservoir off Guyana
Oil giant ExxonMobil has discovered additional oil in the Payara reservoir offshore Guyana, increasing the total Payara discovery to approximately 500 million oil-equivalent barrels. Read more
OGX NEGOTIATES WITH PARTNERS TO MINIMIZE DELAY IN THE PRODUCTION OF THE OLIVIA AND ATLANTA FIELDS.
July 24, 2017 OGX Petróleo e Gás, which is under judicial reorganization, has published a relevant fact to inform the market the latest information about the Consortium for the exploitation of Campo de Oliva. The company reported that the parties involved decided to renegotiate certain existing terms, conditions and warranties relating to the FPSO charter... Continue Reading →
Singapore: Merger on the cards between largest rig builders?
A merger between two of the Singapore’s largest offshore rig builders, Keppel Offshore & Marine and Sembcorp Marine, might be on the cards. This is according to a report by DBS Bank – The Development Bank of Singapore, which believes it is time for Singaporean shipyards to reform, restructure, and reposition themselves to create global... Continue Reading →
Halliburton returns to quarterly profit
Halliburton, one of the world’s largest oilfield services providers, returned to profit in the second quarter 2017 from a significant loss recorded in the last year’s second quarter. In its report on Monday, the oilfield services giant posted a profit of $28 million compared to $3.2 billion loss in the corresponding period of 2016 when... Continue Reading →
HLX: Well Intervention Siems to Be Picking Up as Penalties Fade
Helix reported a 2Q17 miss as EBITDA of $29.7M came in below consensus/RJe of $32.1M/$36.2M. Stronger-than-expected Well Intervention utilization and margins mostly offset the substantial miss in Robotics. Though notably, much of the discussion surrounded the financial implications of the two Siem vessels contracted with Petrobras. The Siem I remains on a reduced dayrate... Continue Reading →
QGEP concludes agreement with Teekay Offshore for delivery of the Atlanta Field FPSO
QGEP Participações SA announced today that it has signed a contractual amendment with Teekay Offshore Partners regarding the chartering of the Floating Production Storage and Offloading FPSO “ Petrojarl I “ for the development of the Atlanta Field . The additive considers the technical issues involved in adapting the FPSO, as well as the consequent... Continue Reading →
Brazil Energy Insight 