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Oilfield services giant Baker Hughes said Tuesday it had launched its new fast all-electric tiebacks solution. The company said the solution was "driving cost efficiencies through optimized architecture and reduced topside footprint, and delivering environmental benefits for subsea operations." "Fast all-electric tiebacks solutions provide structured building blocks for major subsea assemblies to reduce cycle time... Continue Reading →
(Reuters) - Most big Wall Street firms passed a test for business as usual in Texas last week when state Comptroller Glenn Hegar kept all but BlackRock Inc.(BLK.N) off a list of companies whose stance on boycotting oil and gas stocks could trigger divestment by public agencies. But top banks like Wells Fargo (WFC.N) and JPMorgan Chase &... Continue Reading →
The energy transition progress towards a sustainable future has encountered roadblocks in the form of fossil fuel subsidies, based on an analysis by the International Energy Agency (IEA) and the Organisation for Economic Co-operation and Development (OECD), which outlines that the backing for fossil fuels almost doubled in 2021, reaching $697.2 billion. While energy transition... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 05/31/2022, informs that the binding phase concerning the full sale of the Nitrogen Fertilizer Unit III (UFN-III) is underway. Potential buyers qualified for this phase, in accordance with the criteria published in the teaser, received a process letter with detailed instructions on the... Continue Reading →
Aker Solutions, Schlumberger and Subsea 7 have entered into agreements to form a joint venture, with the goal of delivering a step change in subsea production economics. The proposed joint venture will comprise the subsea businesses of Schlumberger and Aker Solutions, with Subsea 7 purchasing 10% of the joint venture. The business is expected to... Continue Reading →
Offshore drilling contractor Valaris has revealed that one of its jack-up rigs is heading to Trinidad to work for oil major BP. In a social media update on Monday, Valaris said that the Valaris 118, formerly known as Joe Douglas, is heading to Trinidad after a successful campaign in Mexico. The 2012-built rig had been in... Continue Reading →
(Reuters) - Brazil's Petrobras said on Monday it will cut aviation gasoline prices for distributors by 15.7% starting Sept. 1. The move marks the second time in recent weeks that the state-run oil firm has lowered gas prices for the sector, following a 5.7% decrease in early August.
(Reuters) - Ecuadoran state oil company Petroecuador has asked global commodities trader Trafigura to stop importing Russian diesel in an effort to comply with sanctions targeting Russia's energy exports, Petroecuador said in a statement late on Sunday. Petroecuador's public warning to Trafigura follows European Union and United States sanctions imposed on Russian energy supplies after... Continue Reading →
CGG, PGS and TGS have announced that Schlumberger has become a part of Versal, increasing its coverage to the vast majority of the world’s multiclient seismic data. Versal was created by CGG, PGS and TGS in 2020 and launched in 2021 to provide a vendor-neutral, single point of access to the largest multiclient data libraries with enhanced efficiency and usability. The companies said Versal is a... Continue Reading →
By Pat Jelinek and Ben Williams, Ernst & Young LLP (OM) Oil and gas companies find themselves caught in a politically volatile gray area: scrutinized by climate-minded investors, demonized by consumers, pulled in different directions by policymakers, and whiplashed by sudden boom-or-bust prices. Today, economies across the globe are torn between short-term energy demands and... Continue Reading →
Brazil Energy Insight 