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Petrobras Will Not Bid for all Eight Pre-salt Areas

Petróleo Brasileiro SA does not have the means to bid for all eight pre-salt exploration areas as well as the 14th round of oil rights auctions, Chief Executive Pedro Parente said on Thursday. Petrobras, as the company is known, had announced…

EnQuest Sticks to Annual Target as Oil Production Falls

North Sea-focused oil producer EnQuest said its production fell 11 percent year on year in the first four months of the year due to the natural decline of its fields but it maintained its annual output target. The oil company also said its flagship…

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Most Norwegian Oil Workers Agree to Wage Deal

Energy firms operating offshore Norway on Wednesday agreed wage deals for 2017 with the two largest trade unions representing oil and gas workers, while talks with a smaller union will continue at a later stage under mandatory mediation rules.

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Petrobras Sees Higher Oil Exports as Presalt Fields Develop

Brazilian government-controlled Petroleo Brasileiro SA expects higher oil exports this year than initial projections, Guilherme França, executive manager of trade and marketing, said Wednesday. Petrobras expects oil exports to reach 742,000…

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OPEC Set to Prolong Oil Cuts

OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC's de facto leader, Saudi Arabia, favours extending…

Petrobras Extends Maturity of $500 Mln Debt with Citibank

Brazil's state-controlled oil company Petróleo Brasileiro SA extended the maturity of a $500 million debt with Citibank NA as part of a strategy to cut financial expenses, the company said in a statement on Tuesday. Petrobras, as the company is commonly known…

Angelle Named Director of BSEE

Former Louisiana state official Scott A. Angelle will head-up the Bureau of Safety and Environmental Enforcement (BSEE). As part of the Department of the Interior, BSEE fosters safe and responsible energy production on the U.S. Outer Continental…

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Statoil's Digitalization Drive

Statoil is establishing a digital center of excellence and launching a roadmap with seven specific programs for digitalization in the company towards 2020. Towards 2020 Statoil expects to invest $120 to $240 million in new digital technologies, accelerating the digital roadmap work.

The data dilemma: Big differences in Saudi Crude Export Numbers

By Clyde Russell, Reuters One of the difficulties in constructing a narrative for the crude oil market and the output cuts promised by major exporters is what set of numbers to believe. It's possible to argue that Saudi Arabia, OPEC's biggest exporter and the force behind the cuts…

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Keppel on Track to Deliver Rig for Caspian Drilling

Keppel Offshore & Marine Ltd (Keppel O&M) through its subsidiary in Azerbaijan, Caspian Shipyard Company (CSC), is on track to deliver a semisubmersible drilling rig to Caspian Drilling Company Ltd, a subsidiary of the State Oil Company of Azerbaijan Republic (SOCAR).

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Euronav Bags Five-Year FSO Deals

Euronav's joint venture with International Seaways (INSW) has signed a contract for five years for the FSO Africa and FSO Asia in direct continuation of the current contractual service. The contract was signed with North Oil Company (NOC), the future operator of the Al-Shaheen oil field…

Petrobras CEO Sees Need to Empower Middle Management

The head of Brazil's state-controlled oil giant Petrobras has called in an international consultancy firm to make middle management at the scandal-hit firm more proactive. Petroleo Brasileiro SA last week posted a record first-quarter operating…

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TMC Tallies another Höegh FSRU Deal

TMC Compressors said it has secured a contract from Samsung Heavy Industries to deliver a marine compressed air system to a floating storage and regasification unit (FSRU) the South Korean shipyard is building for Höegh LNG. Under the contract…

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EIA Release Short-Term Energy Outlook

The U.S. Energy Information Administration released its Short-Term Energy Outlook. Select highlights include: • North Sea Brent crude oil spot prices averaged $52 per barrel (b) in April, $1/b higher than the March average and the fifth consecutive…

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ABS, DSME Pact on Novel FLNG Concept

ABS signed an agreement with Daewoo Shipbuilding and Marine Engineering Co. (DSME) to support safety and apply class guidance to a conceptual Floating Liquefied Natural Gas (FLNG) unit. “We are pleased to sign this agreement and work with DSME…

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Oil Nears $50 as U.S. Stockpiles Decline

Lower decline in U.S. inventories, rising output weighs; Russia cuts production, Iraq's fuel oil exports climb. Oil prices fell for the fourth consecutive day on Thursday, touching their lowest since March at just above $50 a barrel after U.S. crude inventories fell by less than expected. U.S.

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ABS Approves Innovative Drillship Design

ABS is working with industry to improve efficiencies in offshore development. “ABS is working on multiple fronts to help the offshore industry find efficiencies and streamline operations,” says ABS Executive Vice President for Global Offshore Ken Richardson.

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Brazil Pre-salt AuctionRules Rile Oil Firms

The Brazilian government has approved terms for another auction of exploration rights to high potential oil prospects, in the so called pre-salt layer, but oil firms are not totally happy with the rules. Brazil's Energy Ministry said on Thursday in the official gazette that it has cleared the round…

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Changing the Landscape of LNG Production

Successful completion of the Petronas Floating LNG facility (PFLNG) Satu is a milestone for the oil and gas industry and for the Malaysian energy giant. Designed by consortium leader TechnipFMC and fabricated at the Daewoo Shipbuilding and Marine Engineering yard in South Korea…

Anadarko Posts Smaller Quarterly Loss

Oil and gas producer Anadarko Petroleum Corp reported a bigger-than-expected quarterly loss on Tuesday, as expenses rose about 53 percent, failing to offset gains from higher crude prices. North American oil producers faced prolonged weakness…

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