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Australian oil and gas company Karoon Energy has started its intervention campaign on the Baúna field, located offshore Brazil, using a Maersk Drilling-owned semi-submersible rig. After this campaign, the rig is scheduled for work on two more fields for Karoon. Karoon reported on Monday that its contract with Maersk Drilling for the Baúna intervention campaign... Continue Reading →
(Reuters) - Russian energy giant Gazprom (GAZP.MM) will not publish its first-quarter financial results, Interfax reported on Tuesday, citing an unnamed source. Several Russian companies have decided not to reveal their financial and operational results, while the government has classified some data amid Western sanctions over what Moscow calls a "special military operation" in Ukraine.
(Reuters) Equinor and Exxon Mobil Corp have taken the first steps to expand an $8 billion oil development off Brazil's coast, the Norwegian oil producer told Reuters. The firms want to boost future production from the Bacalhau oil field, Equinor's largest project outside of Norway with more than 1 billion barrels of oil, the company said. A... Continue Reading →
(Bloomberg) -- Expensive offshore exploration setbacks for international oil majors including Shell Plc and Exxon Mobil Corp. are throwing cold water on their plans to turn Brazil into a profit center. In the past three years, Shell has drilled three exploration wells without finding any commercial volumes, said Marcelo de Assis, the head of Latin... Continue Reading →
(Reuters) Brazilian President Jair Bolsonaro suggested on Monday he may tinker with state-run company Petrobras' profit policy, cutting the percentage distributed to shareholders, as he looks to curb fuel price hikes ahead of the country's October elections. In a speech during an event in Sao Paulo, Bolsonaro said that all the oil companies in the... Continue Reading →
(Reuters) - Portfolio investors have left their petroleum positions essentially unchanged for the last nine weeks as loss of production from Russia is matched by loss of consumption from China and Europe. Hedge funds and other money managers held a net position in the six most important petroleum-related futures and options contracts of 548 million... Continue Reading →
BW Ideol and Tohoku Electric Power have initiated feasibility studies for a joint development of a commercial-scale floating offshore wind farm offshore Kuji City in Japan’s Iwate prefecture. The development will feature BW Ideol’s Damping Pool technology. The two companies will pursue early commercialization of cost-competitive floating offshore wind power in Japan through this venture,... Continue Reading →
Oslo-listed offshore vessel operator DOF has, through its Brazilian subsidiaries, won new long-term charter and service contracts with Petrobras for four AHTS vessels and ROVs. The vessels, Skandi Angra, Skandi Paraty, Skandi Urca, and Skandi Fluminense, (AHTS 18000 class), currently operating for Petrobras and equipped with DOF Subsea's work class ROVs, have been contracted for... Continue Reading →
As the offshore drilling market continues to improve, rig owner Vantage Drilling managed to reduce its net loss in the first quarter of 2022 on the back of higher revenues driven by better utilisation rates compared to the same period of 2021. Vantage Drilling on Monday reported a net loss attributable to controlling interest of... Continue Reading →
(Reuters) - Big Oil has enjoyed an easier ride at shareholder meetings so far this year compared with last year's punishing run of hostile investor votes tied to climate concerns, as those issues have been eclipsed by tight oil supplies. Major oil companies have handily defeated several high-profile climate resolutions brought by shareholder activists in... Continue Reading →
Brazil Energy Insight 