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(Reuters) - Exxon Mobil Corp (XOM.N) on Tuesday reported a fourth-quarter profit of $8.87 billion, the largest in seven years ago, as the top U.S. oil producer benefited from strong energy prices. The company slashed spending after demand cratered two years ago with earnings in recent quarters jumping above prior levels. On Monday, Exxon disclosed a business... Continue Reading →
Norway-based IKM Subsea has selected Nauticus Robotics’ fully electric work-class manipulator Olympic Arm for its subsea resident remotely operated vehicle (ROV) system. The Olympic Arm is said to increase subsea reliability and capability while extending residency dive time. It also boasts the strength, weight and size characteristics of traditional work-class hydraulic arms without chronic maintenance needs. Adam... Continue Reading →
(OE) Shares in Italian energy services group Saipem continued their slide on Tuesday after a shock profit warning wiped almost a third off their value in the previous session. At 0820 GMT the shares were down 7% after falling more than 30% on Monday. The company, controlled by energy group Eni and state lender Cassa... Continue Reading →
(Offshore Energy) CGX Energy and Frontera Energy have made a discovery at the Kawa-1 well located on the Corentyne block offshore Guyana, reinforcing the belief in the potentially transformational opportunity for the JV in the country. The two have now also committed to drill the second well on the block in the second half of... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 01/28/2022, informs that it signed today with the company 3R Potiguar S.A., a wholly owned subsidiary of 3R Petroleum Óleo e Gás S.A., a contract for the sale of the totality of its stake (100%) in a set of 22 concessions of onshore... Continue Reading →
(Reuters) - Exxon Mobil Corp (XOM.N) on Monday disclosed a sweeping restructuring of its global operations that will combine its refining and chemicals businesses into one, and put its energy transition business on the same footing as its other operations. The broad restructuring marks its latest cost-cutting effort after activist investors seeking to boost returns and address... Continue Reading →
(PetroleoHoje) Petrobras and Ocyan concluded the negotiations for contracting the decommissioning service for the remaining subsea structures of the FPSOs Cidade do Rio de Janeiro, Cidade de Rio das Ostras and Piranema. The final price agreed was below US$ 900 million, compared to the original value of US$ 960 million, which resulted in the supplier... Continue Reading →
(Portos e Navios) Subsea 7 is close to winning another EPCI SURF (undersea collection system) contract with Petrobras. With a proposal of US$ 6.609 billion, the company presented the best price in the oil company's bid for the 8th module of the Buzios field, displacing Saipem, second place, which offered the value of US$ 7.311... Continue Reading →
(Reuters) - The risk of geopolitical disruption to oil supply at a time of already tight inventories due to the strong post-pandemic recovery has sent the premium commanded by barrels for prompt delivery soaring, suggesting the current price rally has further to run. Under this "backwardated" market structure, the current price is higher than that... Continue Reading →
(Reuters) - Mexico's economy contracted for a second straight quarter in the last three-month period of 2021, according to official data published on Monday, putting Latin America's second-largest economy in a technical recession. Gross domestic product (GDP) shrank in the fourth quarter by 0.1% from the previous three-month period in seasonally adjusted terms, preliminary data... Continue Reading →
Brazil Energy Insight 