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(WO/Bloomberg) — President Joe Biden’s ban on Russian oil imports puts new pressure on U.S. drillers to help fill a supply shortfall that has sent crude prices to the highest levels since 2008. Among them: EOG Resources Inc. and Devon Energy Corp., two shale giants that are sitting on thousands of federal drilling permits, many of which could... Continue Reading →
(Reuters) - A Brazilian Senate committee requested on Tuesday that Petrobras executives explain to it the state-run oil company's dividend policy, while top ministers met to determine the future of the company's fuel pricing policy. Petroleo Brasileiro SA, as the company is formally known, has been facing intense pressure to abandon its current method of... Continue Reading →
(Reuters) - Schlumberger's (SLB.N) current-quarter results are likely to be impacted by the ongoing Russia-Ukraine conflict, its chief executive officer said on Tuesday, as Moscow accounts for about 5% of the oilfield services company's global revenue. Crude prices have surged since the beginning of March on worries over the invasion of Ukraine and as the United States... Continue Reading →
(Reuters) U.S. President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices. "We're banning all imports of Russian oil and gas energy," Biden told reporters at the... Continue Reading →
(Reuters) - Global oil prices could rise to $200 a barrel if Europe and the United States ban imports of Russian oil, analysts at Oslo-based consultancy Rystad Energy said on Tuesday. Oil prices jumped on Monday to their highest since 2008 on fears of a Western ban on Russian oil imports while a return of... Continue Reading →
(Reuters) - Oil prices running at their hottest level in 14 years are poised to cut post-COVID pandemic fuel demand as consumers react to surging pump and power prices by pulling back on spending and travel, top energy executives warned on Monday. Global oil futures hit as much as $139 a barrel this week as... Continue Reading →
(OM) Twenty-eight major subsea production equipment contracts were awarded in 2021 according to Wood Mackenzie. This represented an increase of three over 2020, but still down from the record 54 contracts issued in 2019. Higher construction vessel utilization rates coupled with moderate cost inflation will lead to day rates rising by 5-8% year-on-year through 2026,... Continue Reading →
(Reuters) - The possibility that the United States might ban Russian oil imports has triggered a surge in Brent crude to almost $140 a barrel, its highest level since 2008. read more Russia is the world's top exporter of crude and oil products combined, at around 7 million barrels per day (bpd ) or 7% of... Continue Reading →
Scana's subsidiary Seasystems, previously known as Scana Offshore, has received a letter of intent to deliver an anchoring system for a Brazil-bound FPSO. The delivery consists of anchoring equipment such as chain stops, jacks, and winches. Scana said that the FPSO for the project would be rebuilt in Asia, with the integration of the mooring... Continue Reading →
(PN) Pre-salt production hit new records in January, according to the National Petroleum Agency (ANP). The agency said that production has reached historic levels both in volume and in percentage of total Brazilian production. Altogether, the pre-salt produced 2.912 million barrels of oil equivalent per day in January, of which 2.292 million barrels a day... Continue Reading →
Brazil Energy Insight 