28 October 2016 00:00 GMT As Petrobras presses forward with efforts to put its house in order after the ravages wrought by the Car Wash corruption scandal and the oil price collapse, the Brazilian state oil giant is turning its attention to boosting the economics of major development programmes such as that at the giant... Continue Reading →
Petrobras aiming at 11 FPSOs in three years
By Fabio Palmigiani Rio de Janeiro 28 October 2016 00:00 GMT Brazilian oil giant working with fabricators and yards to bring already-contracted units into play by 2019 Petrobras is working closely with fabricators and shipyards in Brazil and China, as it looks to bring 11 already-contracted floating production, storage and offloading vessels into operation over... Continue Reading →
Petrobras reveals Libra FPSO plans
Pioneira de Libra FPSO: integration work 80% complete By Fabio Palmigiani in Rio de Janeiro 27 October 2016 19:27 GMT Brazil’s Petrobras has unveiled plans to install four large floating production, storage and offloading vessels at the giant Libra field in the Santos basin pre-salt province by 2023, as it looks to speed up development... Continue Reading →
Brazil prosecutor says any Odebrecht plea deal ‘months’ away
A long-anticipated plea bargain deal with the construction firm at the center of Brazil's largest graft scheme is at least "months" away and could fall apart due to interference by fearful politicians, a top prosecutor told Reuters. Construction firm Odebrecht SA [ODBES.UL], the largest in Latin America, is accused of being the main corporate driver... Continue Reading →
GE Weighs Baker Hughes Partnership as Oil Giants Pilot Slump
Months after General Electric Co. considered a potential deal for Baker Hughes Inc. assets, the pair are in talks to form unspecified “partnerships” as oilfield equipment makers and service providers grapple with an extended rout in energy prices. The discussions are ongoing but GE isn’t weighing “an outright purchase,” spokeswoman Deirdre Latour said Thursday in a statement. GE... Continue Reading →
Exxon Facing Historic Reserves Reduction as Slump Persists
Exxon Mobil Corp. warned it may be facing the biggest reserves revision in its history as production sank to a seven-year low and profit slid amid a prolonged slump in energy markets. About 3.6 billion barrels of reserves in the Canadian oil sands and the equivalent of another 1 billion barrels of oil in other... Continue Reading →
Chevron Posts First Profit Since ’15 as Oil Inches Higher
Chevron Corp. posted its first profit in a year as a recovery in energy prices halted a string of writedowns that have depressed the oil explorer’s results since late 2015. The company’s third-quarter per-share profit of 68 cents exceeded the expectations of all 21 analysts in a Bloomberg survey. Even as Chevron’s U.S. wells lost... Continue Reading →
Statoil aims for big piece of Brazil gas market
Gas target: Statoil's Brazil country manager Paal Eitrheim By Gareth Chetwynd in Rio de Janeiro 26 October 2016 23:19 GMT Statoil believes its two pre-salt projects will be capable of supplying between 10% and 15% of the natural gas to a growing Brazilian market in the future. Statoil's acquisition of operating stakes on Carcara in... Continue Reading →
Impairments plunge NOV into red
Impaired: NOV Q3 results stuck in red Luke Johnson/Upstream 27 October 2016 04:16 GMT Eoin O'Cinneide 27 October 2016 07:58 GMT Huge impairments and a halving in revenues sent US services outfit National Oilwell Varco (NOV) to a large loss in the third quarter. Sales were unsurprisingly down in all market segments, but impairments close... Continue Reading →
Technip increases profits
Rise in profits: Technip chief executive Thierry Pilenko Anthony Guegel/Upstream Josh Lewis 27 October 2016 07:41 GMT Rise in net income comes despite a drop in revenue French engineering company Technip booked a 12.4% rise in third quarter net income while also increasing its full-year revenue guidance for its subsea division. Technip’s net income for... Continue Reading →
