(Reuters) - Petroleo Brasileiro SA (PETR4.SA) is expected to commit between $60 billion and $70 billion in capital expenditure (capex)in its next multi-year business plan as Brazil's state-controlled oil company focuses on exploration and production in subsalt areas, two sources said on Thursday. The 2022-2026 Petrobras plan, to be released on Nov. 25, is in the final... Continue Reading →
TechnipFMC to Become Shareholder in Tidal Power Firm Orbital
(OE) Scottish floating tidal turbine developer Orbital Marine Power has entered a strategic partnership with offshore energy services giant TechnipFMC ( to speed up the global commercialization of Orbital’s tidal energy technology. TechnipFMC will also become a shareholder in Orbital. Orbital has developed floating tidal technology that it says is capable of cost-effectively harnessing predictable,... Continue Reading →
3R Petroleum Change on Equity Interest
3R PETROLEUM ÓLEO E GÁS S.A. (“3R” or “Company”), in compliance with provisions of article 12 of CVM Resolution No. 44, communicates to its investors and the market in general that received on this date, notice from Banco BTG Pactual S.A. (“BTG Pactual”) informing about the change of its equity interest in the Company. BTG... Continue Reading →
Multiple Subsea 7 vessels at work on major offshore projects
Subsea 7 has issued an update on its offshore oil and gas/wind projects in its latest results statement. The Subsea and Conventional business unit has been progressing engineering and procurement for the Sangomar, Barossa and Bacalhau oil/gas projects, and has started engineering for TPAO’s deepwater Sakarya gas project offshore Turkey. Offshore Norway, three of the company’s reeling vessels, Seven Vega, Seven Oceans, and Seven Navica, laid... Continue Reading →
Vallourec to Relocate Oil & Gas Ops to Brazil, Dispose of German Assets
French steel pipemaker Vallourec narrowed on Wednesday its full-year EBITDA guidance and said it plans to launch the disposal process for its German assets as well as relocate its oil & gas activities to Brazil. "Our German operations continue to underperform," Vallourec's chairman and CEO, Edouard Guinotte, said in a statement. Once the disposal program... Continue Reading →
Active fleet steers Subsea 7 quarterly figures forward
Subsea 7 has reported a revenue of $1.45 billion for the third quarter of 2021, up 53% year-on-year, said to be driven by the very high utilization of the active fleet. Overall, utilization of Subsea 7’s active fleet of 28 vessels was 94% in the third quarter, compared to 84% in the same period the... Continue Reading →
With Chapter 11 emergence in sight, Seadrill reveals new board members
Offshore drilling contractor Seadrill Limited has revealed its new board structure, including former Noble CEO and Subsea 7 CEO, as the company is preparing to emerge from the Chapter 11 bankruptcy, which started in February 2021. Seadrill said on Wednesday that a new, independent, seven-member board of directors will assume leadership of the new parent... Continue Reading →
Aker Solutions’ subsea production system for Mero 4
Aker Solutions has secured a contract with Petrobras to provide a subsea production system and related services for the Mero 4 project offshore Brazil. Aker Solutions will deliver a subsea production system consisting of up to 13 vertical subsea trees designed for Brazil’s pre-salt, including subsea distribution units, subsea control modules, and master control station for... Continue Reading →
US Gulf of Mexico Lease Sale Pulls in $191.6 Million
The Biden administration's auction of oil drilling rights in the U.S. Gulf of Mexico generated more than $190 million in high bids, bringing in more money for taxpayers than any government offshore lease sale since early 2019. The Department of Interior auction came days after the U.S. joined a global agreement that for the first... Continue Reading →
Second Round of the Transfer of Rights has a total of 11 qualified companies
(TNPetroleo) The Second Round of Bidding for the Excess Volumes of the Transfer of Rights has 11 companies registered and is scheduled for Dec. 17th. Yesterday another company was approved by the Special Tender Committee (CEL): QP Brasil Ltda (Qatar Petroleo). Another ten companies are also eligible for bidding, having been approved at previous CEL... Continue Reading →