(OE) Offshore seismic data companies TGS, CGG, and PGS, a unified seismic data ecosystem giving access to "three of the world’s largest multi-client libraries via a single log-in." They've named the ecosystem Versal. "Versal is an independent, secure, cloud-based, multi-client seismic data ecosystem where clients can easily access all their data and entitlements in one... Continue Reading →
Exxon will be focused on hydrocarbons ‘for a long time’
(Reuters) - Exxon Mobil Corp (XOM.N) remains focused on hydrocarbons and plans to press ahead with a $30 billion liquefied natural gas project in Mozambique, a top executive said on Thursday. "We've been in hydrocarbons for over 130 years... it's the core part of our business and it will be for a long time," Exxon Senior Vice... Continue Reading →
Mexico’s Pemex swings to $3 bln net loss in third quarter
(Reuters) - Mexican state oil company Petroleos Mexicanos on Thursday reported a 2021 third-quarter net loss of 62.8 billion pesos ($3 billion), following higher tax payments and "significant foreign exchange losses". The loss marked a reversal from the same period last year, when Pemex (PEMX.UL) posted a net profit of 1.4 billion pesos, helped by... Continue Reading →
Weak Q3 and Mixed 2022 Guidance Overshadow Saipem’s New Plan
Weak quarterly results and mixed 2022 guidance overshadowed a new business plan from Saipem on Thursday, sending shares in the Italian energy services group down more than 8%. In his first strategy plan, Chief Executive Francesco Caio said Saipem expected to start growing again next year as its offshore business and drilling bounce back from... Continue Reading →
Subsea Processing: Emissions Abatement Opportunity Knocks?
(OE) A complete subsea factory may yet be a pipe dream. However, with its constituent parts now more or less ready, the industry has a much greater toolbox of technologies with which it can now apply to existing and new subsea developments. But is there willingness, even with the temptation of being able to reduce... Continue Reading →
A Seismic Shift
(OE) Despite oil prices recently edging past $80 a barrel, scars from two recent oil industry downturns in five years have forced offshore seismic surveyors to look at ways to diversify. Marine seismic survey companies provide essential data to offshore oil and gas explorers to make better-informed drilling decisions. However, with every oil industry downturn,... Continue Reading →
TechnipFMC, Saipem jointly pursue SURF projects
TechnipFMC and Saipem have entered into a global commercial agreement to identify projects worldwide that could be jointly executed for the benefit of clients. Specifically, the agreement targets subsea umbilicals, risers and flowlines (SURF) projects where the combination of the companies’ complementary assets, technologies, products and competencies improves project economics and de-risks the overall project... Continue Reading →
U.S. Congress puts Big Oil in the hot seat in climate deception probe
(Reuters) - The U.S. Congress on Thursday will open a year's worth of investigations into whether Big Oil deceived Americans about its role in climate change, with Democratic lawmakers planning to grill the chiefs of four oil companies and two lobby groups. Environmental groups and their congressional allies hope the hearing evokes the Big Tobacco... Continue Reading →
Repsol raises dividend and outlook as oil and gas boost profit
(Reuters) - Spanish energy company Repsol (REP.MC) on Thursday said it would raise its dividend and buy back shares after strong oil and gas prices helped to lift third-quarter profit above pre-pandemic levels. Global energy prices have soared as economies rebound from the coronavirus crisis, generating cash that can be returned to shareholders and spent on the... Continue Reading →
Shell vows to halve scope 1 and 2 emissions by 2030
Oil major Shell has set a new target to reduce its Scope 1 and 2 emissions by 50 per cent compared to 2016 levels by 2030, regardless of the outcome of its appeal against the Dutch Court’s ruling. Shell announced an absolute emissions reduction target of 50 per cent by 2030, compared to 2016 levels on... Continue Reading →
