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Petrobras CEO Says Too Early to Make Carbon Commitment

December 6, 2019

The chief executive of Brazilian state-run oil firm Petroleo Brasileiro SA said on Friday it was too early to commit to a climate target and that energy companies had a range of thoughts on the matter. Asked if the firm would match a pledge…

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Petrobras May Sell Stakes in Marlim, Papa-Terra

December 5, 2019

Brazilian state-run oil firm Petrobras is considering putting additional stakes in significant offshore oilfields up for sale, executives said on Wednesday, as the company continues to aggressively de-leverage. In a presentation, the executives said they may sell stakes in the Marlim field…

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Norway Wealth Fund Drops Petrobras from Watchlist

December 4, 2019

Norway's $1 trillion sovereign wealth fund has removed Brazilian oil firm Petrobras from a watchlist of firms that could be dropped as investments due to ethical concerns, the central bank said on Tuesday. Petrobras was put under observation in 2016 over corruption risks.

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Nigeria Commits to OPEC Agreements

December 2, 2019

Nigeria is committed to full implementation of agreements among OPEC and non-OPEC members, its minister of state for petroleum said on Sunday, ahead of an OPEC meeting in Vienna. Timipre Sylva said he had told Saudi Energy Minister bin Salman…

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Energean Targets Net Zero Carbon Output by 2050

December 2, 2019

Mediterranean-focused oil and gas producer Energean has joined a U.N.-backed initiative and committed to reducing its net carbon emissions to zero by 2050, its chief executive said on Monday. Oil and gas producers have come under heavy pressure…

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Petrobras Trims 2020 Production Target

November 28, 2019

Brazilian oil company Petroleo Brasileiro SA on Thursday trimmed its oil and gas production outlook for next year, weighing on its shares despite more ambitious long-term output forecasts in its new five-year strategic plan. Petrobras, as the state-run firm is known…

Masirah Contracts Wings Offshore for FSO

November 27, 2019

Masirah Oil, an exploration and production company operating Block 50 offshore Oman, has awarded a contract to Wings Offshore for a floating storage and offloading (FSO) vessel, which will be used on a field located offshore Oman. Masirah said…

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Global FPSO to Grow at Over 19.9%

November 26, 2019

The floating production systems market worldwide is projected to grow by US$85.1 Billion, driven by a compounded growth of 19.5%. Floating production storage offloading (FPSO), one of the segments analyzed and sized in this study, displays the potential to grow at over 19.9%…

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FPSO Vessel Revenue to Reach $8.30Bln by 2026

November 23, 2019

The global floating production storage and offloading (FPSO) vessel market is expected to grow at a robust rate of 11.80% during the forecast period 2016 to 2026. Additionally, the revenue in the global FPSO vessel market is projected to reach up to US$8.30bn by the end of 2026.

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SBM Acquires Constellation's Stakes in 5 FPSOs

November 22, 2019

SBM Offshore announced on Friday it has completed the purchase of Constellation’s equity ownership in the lease and operating companies related to five Brazilian floating production, storage and offloading units (FPSO). The Netherlands based…

Sarawak Seeks to Recoup Tax from Petronas

November 21, 2019

Malaysia's state of Sarawak filed a writ summons and statement of claim against national energy firm Petroliam Nasional Bhd on Thursday to recover taxes owed, according to media reports. National news agency Bernama reported that the company…

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Straightpoint, Crosby Partner on FPSO Project

November 20, 2019

PT. Dalaz Teknik Utama used a 12t capacity Radiolink plus Straightpoint (SP) load cell and a Crosby shackle of the same capacity to complete a series of tests during fabrication of a power generator module at a Wasco Energy fabrication yard in Indonesia. PT.

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Petrobras on Track to Become World's Top Producer

November 20, 2019

Brazil’s Petrobras is on track to become the world’s largest oil producer among publicly listed companies by 2030, based on Rystad Energy’s latest data and forecasts. Brazil’s biggest-ever oil auctions in November were generally deemed to be disappointing…

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Petrobras Sees Major Deepwater Shift in 2020

November 19, 2019

Brazil's state-owned oil firm Petroleo Brasileiro SA expects deep offshore areas to account for 88% of its exploration and production activities next year, up from 55% currently, an executive for the company said on Tuesday. The major shift…

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NOV Wins Balder Pipe Work

November 19, 2019

Oilfield services firm NOV said it will provide more than 90 kilometers of flexible pipe systems for the Balder field in the Norwegian North Sea. NOV Flexibles, part of Subsea Production Systems within NOV's Completion & Production Solutions segment…

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Jadestone Buys Operating Stake in Maari

November 18, 2019

Independent oil and gas producer Jadestone Energy announced it has entered a deal with OMV to acquire its 69% operational stake in the shallow water Maari project offshore New Zealand for $50 million. The Maari Project is a mid-life producing asset located in permit PMP 38160…

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P-68 FPSO Starts Production

November 15, 2019

The Petrobras-operated P-68 floting production, storage and offloading unit (FPSO) has begun producing oil and natural gas from the Berbigão field, in the Santos Basin pre-salt, in the deep waters offshore Bazil. P-68 is the fourth unit to come into operation for Petrobras in 2019…

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SBM Offshore Lifts Guidance

November 14, 2019

Dutch oil and gas services firm SBM Offshore on Thursday raised its full-year core profit and revenue outlook on better-than-expected performance in its turnkey division. For 2019, SBM Offshore now expects earnings before interest, tax, depreciation…

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Foreign Players Unlikely to Bid in Brazil -BP Brazil Head

November 13, 2019

Foreign oil companies that have not joined Brazil's last two auctions of offshore "pre-salt" fields are also unlikely to bid next year, BP Plc's Brazil president told newspaper Valor Economico in an interview published on Wednesday. Adriano Bastos argued that…

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Tullow Oil Shares Sink

November 13, 2019

Tullow Oil cut its outlook for production and cash flow because of persistent problems in Ghana, while revealing that the quality of oil recently discovered in Guyana was heavy in nature, sending its shares down more than 20%. Commenting for…

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