Stories

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Oil Surges After OPEC+ Extends Cuts

March 5, 2021

Oil prices jumped about 3% on Friday, hitting their highest levels in over a year, following a stronger-than-expected U.S. jobs report and decision by OPEC and its allies not to increase supply in April. Brent futures rose $2.10, or 3.2%, to $68.84 a barrel by 11:25 a.m. EST (1625 GMT).

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Falkand Islands Gov't Gives More Time to Sea Lion Field Partners

March 5, 2021

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…

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PetroRio Buys Stake in Brazil Offshore Oil Field from Total

March 5, 2021

Brazilian oil and gas company PetroRio on Thursday said it had agreed to buy from Total a 28.6% stake in the Wahoo field, offshore Brazil. The field is located in the BM-C-30 Block, and the acquisition from Total, together with the interest in Wahoo PetroRio agreed to buy from BP…

Floating Production Systems Report And Online Database

  • Annual five year outlook and forecast – At the start of each year we prepare a detailed assessment of future deepwater development and forecast the pace of orders for floating production systems over the next five years. Our 2021 annual report looks at market conditions likely to prevail through 2025 and provides our assessment of which of the 200+ floater projects in the planning queue will reach the final investment decision by end-2025
  • Monthly reports - Our monthly reports provide a detailed snapshot of the business sector as of the middle of each month. More than 100 pages of data and industry analysis each month. Excel spreadsheets with each report enable subscribers to tailor the data presentation to their needs. In our May report we revisit the annual forecast and make revisions as needed.
  • Online database - The online database is updated every day – with information direct from primary sources. In the database are details for 200+planned projects, 390+ installations in service, 40+ floaters on order and 40+ floaters available. The database is fully searchable. Customized charts and spreadsheets can be directly produced from the database. Data are easily exported to excel spreadsheet.
  • Customer support - We are available to assist with technical questions about information in the database and reports -- and assist with any questions about using the database search tools.

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Offshore Oil and Gas project Commitments to Hit New Records, Rystad Says

March 4, 2021

Offshore oil and gas project commitments are expected to not only recover going forward, but their number is also set to reach a new record in the five-year period towards 2025 - cumulatively almost 600 projects - Rystad Energy, a Norwegian…

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Guyana: No Oil at Exxon's First Well in Canje Block

March 4, 2021

U.S. oil major ExxonMobil has failed to find commercial quantities of oil at the Bulletwood-1 offshore well in the Canje Block, offshore Guyana. The well, spudded on December 30, 2020, was drilled using the Stena Carron drillship and was the first well drilled in the 4…

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Fifth Petrobras Director to Follow CEO Out

March 4, 2021

A fifth board member at Brazil's Petrobras will step down, the company said as of Wednesday, and the state-run oil producer's shares tumbled more than 3% as management turmoil showed no signs of abating. A day earlier, four other board members stepped down at Petroleo Brasileiro SA…

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Saudi Aramco, Chevron Chiefs See Global Oil Demand Recovery

March 2, 2021

Global oil demand is recovering and could return to around pre-pandemic levels next year, the chief executive of Saudi Aramco told an oil and gas conference on Tuesday. Global demand for oil is likely to recover from the second half of the year…

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SOFEC Delivers Goods for FPSO Miamte MV34

March 2, 2021

Mooring systems provider SOFEC has informed that it has delivered the Upper Tower and Mooring Support & Yoke Structures for MODEC’s FPSO Miamte MV34 which will be deployed for Eni in Mexico. SOFEC was awarded a contract by MODEC in October 2018…

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ExxonMobil Announces Two Board Appointments

March 1, 2021

U.S.-based oil major ExxonMobil said on Monday activist investor Jeffrey Ubben and Michael Angelakis have joined its board. Angelakis is chairman and CEO of independent strategic investment company Atairos. Prior to founding Atairos, he served…

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Petrobras, SBM Offshore Sign LoI for Giant Búzios Field FPSO

February 25, 2021

Brazilian oil giant Petrobras has signed a letter of intent with Dutch FPSO supplier SBM Offshore for the delivery of an FPSO to be deployed in the Búzios field in the Santos Basin, offshore Brazil. SBM Offshore will be responsible for the engineering…

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OPEC+ to Weigh Modest Output Boost, Sources Say

February 24, 2021

PEC+ oil producers will discuss a modest easing of oil supply curbs from April given a recovery in prices, OPEC+ sources said, although some suggest holding steady for now given the risk of new setbacks in the battle against the pandemic. The…

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Report: SBM Offshore Only Bidder for Petrobras' Mero 4 FPSO

February 24, 2021

Brazil's state-controlled  oil  company Petrobras received only one proposal, from Dutch SBM Offshore, in a bid to contract construction of the Mero 4  oil  platform [FPSO] in the Santos Basin pre-salt, two sources with knowledge of the matter told Reuters.

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Bumi Armada Amends Loan Maturity Date. Cites Coronavirus Impact

February 23, 2021

Malaysian FPSO specialist Bumi Armada has amended the maturity of a portion of the $660 loan from 2019, citing the impact of the coronavirus pandemic on its business. Bumi Armada said the loan agreement has been amended on to extend the final…

Enauta Resumes Output from Atlanta Field after Corrosion-Induced Halt

February 22, 2021

Brazilian oil and gas company Enauta has resumed production from its Atlanta offshore oil field, in the Santos Basin, in Brazil. Enauta, previously known as Quireoz Galvao, had in November 2020 announced the "preventive suspension" of Atlanta field’s production…

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UK: Tailwind Sanctions Evelyn Development

February 22, 2021

UK-focused oil company Tailwind has reached a final investment decision (FID) on its Evelyn field project in the North sea, following approval by the UK oil and gas regulator OGA last week. The Evelyn field is part of the Triton Cluster. Tailwind…

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Petronas' Floating LNG Facility PFLNG Dua Produces First LNG

February 15, 2021

Malaysian oil and gas giant Petronas said Monday that its PFLNG Dua floating LNG facility has recently produced its first LNG. This is the company's second FLNG Unit, and its first deepwater FLNG facility. The PFLNG Dua is located at the Rotan gas field, 140km off Kota Kinabalu, Sabah, Malaysia.

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FPSO Firm BW Offshore Eyes Entry into Floating Offshore Wind

February 12, 2021

BW Offshore, a company known for its FPSO leasing business in the oil and gas sector, is looking to diversify by entering the floating offshore wind space and has started talks with floating wind firm Ideol over a potential investment. The move…

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Palfinger to Deliver Lifeboats, Cranes for Anna Nery FPSO

February 12, 2021

Palfinger has won an order to deliver cranes, lifeboats, a rescue boat, and davits for Malaysia-based Yinson's Anna Nery FPSO, which will, once complete be deployed at Petrobras' Marlim 2 field offshore Brazil. Under the order, Palfinger will…

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ABS Approves HHI's Design for Mexico-targeted FSO

February 11, 2021

Maritime and offshore classification society American Bureau of Shipping (ABS) has granted Approval in Principle (AiP) to South Korea's Hyundai Heavy Industries’design for a Floating Storage and Offloading (FSO) vessel that is planned for operations in Mexican waters.

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SBM Offshore Expects Lower 2021 Earnings as Clients Cut Spending

February 11, 2021

SBM Offshore forecast that 2021 core earnings will be slightly below market expectations, the multinational oil firm said on Thursday, noting 2020 challenges will spill into 2021 as many of its clients had to cut budgets. The Dutch company, which supplies floating oil and gas production vessels…

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