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In 2Q23, average production of oil, NGL and natural gas reached 2.64 MMboed, 1.5% lower compared to 1Q23, mainly due to higher volume of losses from stoppages and maintenance, the natural decline of mature fields and divestments. Those effects were partially offset by the ramp-up of P-71, in Itapu field, and the startup of FPSOs... Continue Reading →
(OE) Subsea 7's recently delivered Seaway Alfa Lift offshore wind foundation installation vessel is in transit to Europe and is expected to join Subsea 7's fleet in the third quarter of 2023. The semi-submersible heavy installation vessel, designed by Ulstein, will be used to install the next-generation XXL offshore wind foundations. The newbuild heavy lift... Continue Reading →
(OET) Following the onset of the Ukraine crisis, the global oil and gas industry embarked on a growth upcycle, raising concerns that this is putting net-zero 2050 commitments at risk. With this at the forefront, the energy supply chain is refocusing on the thriving oil and gas sector, triggered by a lack of consistent and... Continue Reading →
(Reuters) Germany raised installed offshore wind capacity by 3.1% to 8,385 megawatts (MW) in the first half of 2023, industry lobbies said on Tuesday, demanding better revenue guarantees to maintain a build-out pace and ensure it will reach a 30,000 MW target by 2030. Wind power is central to Germany's transition to renewable energy as... Continue Reading →
(OE) Offshore installation firm DEME Offshore said Tuesday it had installed the approximately 3,000 ton offshore substation for the Vineyard Wind 1 project - the first commercial-scale offshore wind farm in the United States. "The installation of the offshore substation, a first in the US, took place after months of preparation with collaboration and dedication... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, further to the releases to the market dated January 29, 2020 and May 27, 2021, informs that the District Court of Rotterdam ("Court") issued today an interim decision on the merits in the collective action filed by the St. Petrobras Compensation Foundation ("Foundation") against Petrobras and other defendants in the... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, in relation to the news published in the media, informs that an Arbitration Court of the B3 Market Arbitration Chamber issued a partial decision stating that the general civil liability regime applies to the shareholders' indemnity claim. This is a merely partial decision, which addresses a preliminary issue, but does... Continue Reading →
Subsea 7’s revenue for the first half of 2023 was $2.8 billion, a $323 million or 13 per cent increase compared to the first half of 2022, said to be due to significantly increased activity in the Subsea and Conventional business unit partly offset by lower revenue in the Renewables business unit. For 1H 2023,... Continue Reading →
(OE) The first phase of what will be the world's largest offshore wind farm - the Dogger Bank in the UK - is expected to start producing electricity "during summer." This is according to Equinor, a Norwegian energy giant that is a partner in the project. Other partners are SSE and Vårgrønn. "At the world’s... Continue Reading →
(Reuters) - Brazilian power company Eletrobras (ELET6.SA) expects to invest between 70 billion and 80 billion reais ($16.92 billion) over the next five years, the firm said on Monday, adding it was mulling over 15 potential mergers or acquisitions. Of the total amount, 17.1 billion reais has already been earmarked for electricity generation and transmission projects as... Continue Reading →
Brazil Energy Insight 