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ABSG Consulting Inc. (ABS Consulting) has signed an exclusive global licensing agreement to offer an innovative ultrasonic non-destructive testing (NDT) solution that supports expanded use of composite materials on offshore assets to extend service life. Developed to test the heat shield on the Orion space capsule, this is the first proven nondestructive evaluation (NDE) technology... Continue Reading →
U.S. oil major ExxonMobil has recently awarded a contract extension to Seadrill for the use of the West Saturn drillship in Brazil. Seadrill revealed the news in its fourth-quarter 2020 presentation on Thursday. The offshore drilling contractor, which said it expected the 2021 rig demand to be bleak, said ExxonMobil earlier this year exercised the... Continue Reading →
The COVID-19 pandemic, 2020 crude oil price crash and ongoing global petroleum supply glut have done little to slow the growth of South America’s massive offshore oil boom. The colossal oil boom underway in the tiny South American nation of Guyana is gaining momentum, while Suriname is on the cusp of experiencing its own and... Continue Reading →
French oil services group CGG said on Friday it expects its 2021 segment revenue to increase by low single digits from the previous year, mainly driven by growth in its equipment business and a gradual recovery in geoscience from the second-half of the year. The group, which provides geophysical services and equipment to oil and... Continue Reading →
Petrobras has developed an innovative data analysis platform, whose objective is to map the production potential of areas recently acquired by the company and portions of fields under development. Named the Analog Panel, the platform integrates a large volume of data obtained from oil reservoirs, enabling comparative analysis and information sharing. The tool is part... Continue Reading →
Oil prices jumped more than $1 a barrel on Friday, hitting their highest levels in nearly 14 months, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic. Brent crude futures for May rose to as high as $68 a... Continue Reading →
The Falkland Islands government has agreed to extend the terms of several offshore oil and gas licenses, including the one containing the undeveloped Sea Lion field, oil and gas company Rockhopper has informed. To remind, Premier Oil, the operator of the Sea Lion development, in May last year suspended work on the $1.8 billion Sea Lion offshore... Continue Reading →
Colombia will launch this month the schedule for its 2021 licensing round offering 32 blocks for oil and gas exploration and production, with results expected in November, the head of the nation's oil regulator told Reuters on Thursday. Last year, Colombia awarded three areas to Canada-based companies Parex Resources and Canacol Energy despite a collapse... Continue Reading →
(Reuters) - Argentine state-owned oil company YPF on Thursday reported a 2020 fourth quarter net profit that reversed a trend of quarterly losses over the last year as the coronavirus pandemic hit the oil price. The company, which is spearheading development of the South American nation’s huge Vaca Muerta shale fields, reported a net profit... Continue Reading →
(Bloomberg) U.K. regulators kicked off the final countdown for Libor, ordering banks to be ready for the end date of a much maligned benchmark that’s been at the heart of the international financial system for decades. The U.K. Financial Conduct Authority confirmed Friday that the final readings for most rates will take place at end of... Continue Reading →
