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(Reuters) Exxon Mobil on Friday posted a better-than-expected $9.2 billion second-quarter profit based on rising output from its purchase this year of shale oil firm Pioneer Natural Resources. Exxon delivered a $2.14 a share profit that beat analysts' estimates on oil production and pricing gains that offset refining weakness. Results mirrored profit beats by rivals... Continue Reading →
(Source: The Conversation) Offshore winds have the potential to supply coastlines with massive, consistent flows of clean electricity. One study estimates wind farms just offshore could meet 11 times the projected global electricity demand in 2040. In the U.S., the East Coast is an ideal location to capture this power, but there’s a problem: getting electricity... Continue Reading →
Production from the Golfinho license in the Espírito Basin offshore Brazil has been impacted recently by reduced gas-lift compressor uptime from the GLF-28 well, operator BW Energy said in an update. However, the well is now back online following ROV intervention, with a program underway to improve reliability. During August, the company plans a 12-day shutdown on... Continue Reading →
(OE) Oilfield services firm Archer has entered into an agreement with Air Drilling Associates to acquire its managed pressure drilling (MPD) subsidiary ADA Argentina. ADA provides MPD services to Archer's largest customers in the Vaca Muerta basin in Argentina. MPD is an adaptive drilling process used to precisely control the annular pressure profile throughout the... Continue Reading →
(Reuters) - Shell reported second-quarter profit of $6.3 billion, a drop of 19% from the previous three months as refining margins and oil and gas trading weakened, though still beating analysts' forecasts. The results were lifted by strong performances in the oil and gas production and retail marketing businesses and the profit was nearly 25% higher... Continue Reading →
(PN) FPSO Almirante Tamandaré began its journey to Brazil. The unit left the CMHI shipyard in China today (31) and is headed for the Buzios field, in the pre-salt layer of the Santos Basin. The new platform will be the first with high capacity to be installed in the field, with the potential to produce... Continue Reading →
(Reuters) - Petrobras as well as Chinese oil firms CNOOC and Petrochina were the winners of a Wednesday oil auction that is expected to bring record revenue for Brazil's Pre-Sal Petroleo (PPSA). State-run oil firm Petrobras won two bids, acquiring 12 million barrels from the Mero field and another 2.5 million from Buzios field, while... Continue Reading →
(offshoreWIND.biz) Japan’s Sumimoto Corporation and JGC Japan Corporation have signed an agreement to investigate the possibility of collaboration in the detailed design, manufacture, and delivery of structural components for floating offshore wind turbines. According to the companies, they aim to cut costs, improve efficiency, and mass-produce structures for floating wind farms, while also setting up... Continue Reading →
(Reuters) - Hess Corp beat estimates for second-quarter profit on Wednesday, helped by sharply higher oil production in Guyana and stronger prices. The South American country and its lucrative oil assets are at the center of a dispute between Hess, Chevron and Exxon . Last October, Hess agreed to sell itself to Chevron for $53 billion in stock,... Continue Reading →
(OE) Ocean Power Technologies (OPT) has signed a reseller agreement for its technology with Geos Telecom, a provider of maritime communication and navigation solutions in Costa Rica. The partnership marks an expansion of OPT’s presence in the Latin American market and includes the immediate sale of a WAM-V (Wave Adaptive Modular Vessel) with anticipated near-term... Continue Reading →
Brazil Energy Insight 