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Petrobras Kicks Off Third Buzios FPSO

February 21, 2019

Brazil's state-run oil company Petroleo Brasileiro SA  (Petrobras) has started producing oil and gas from the P-76 FPSO in the Búzios field in the Santos Basin, offshore Brazil. The oil and gas company said that with a daily capacity to process up to 150…

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Babcock Wins BW Catcher Contract

February 20, 2019

Babcock said it has been awarded a four-year framework contract for brownfield fabrication and modification projects on the BW Catcher, a floating production, storage and offloading vessel (FPSO) owned by BW Offshore. The scope of the contract includes engineering…

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2021 to See 33 More FPSOs

February 19, 2019

A total of 33 floating production, storage and offloading (FPSO) vessels will be sanctioned between now and 2021 as oil and gas activity picks up in the offshore sector. Norwegian oil and gas intelligence firm Rystad Energy reports that 15 of…

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Yinson Wins USD578 million Contract from JX Nippon

February 17, 2019

Global FPSO provider Yinson Holdings Berhad  said its wholly-owned unit has been awarded a US$578 million (RM2.357 billion) contract from JX Nippon Oil & Gas Exploration (M) Ltd. According to a stock exchange filing from the Malaysian floating…

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Petrobras Will Pay to End Whale Park Dispute

February 15, 2019

Brazil state-run oil firm Petroleo Brasileiro SA said on Thursday it had concluded a long-running dispute with the country's ANP petroleum regulator, agreeing to pay 3.5 billion reais ($940 million) to end an oil-royalty spat. Dating back to 2014…

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Eni Quarterly Profit Jumps 55%

February 15, 2019

Italian oil company Eni beat expectations with a 55 percent jump in fourth quarter profit as higher prices, mainly gas, offset a dip in production. Adjusted net profit was 1.459 billion euros ($1.65 billion), above an analyst consensus forecast provided by the company of 1.19 billion euros.

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Mexico Plans $3.6 Bln Relief for Pemex

February 15, 2019

Mexico's government will inject $3.6 billion into ailing state-owned oil company Pemex, including by reducing taxes paid, company officials said on Friday, a move aimed at improving the firm's balance sheet and preventing a further downgrade to its credit rating.

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Shell Invites Bid for FPSO in Bonga

February 14, 2019

Shell Nigeria Exploration and Production Company (SNEPCo) has announced the release of invitation to tender (ITT) to contractors for the development of the Bonga South-West Aparo (BSWA) oil field. SNEPCo said in a statement that the project’s initial phase included a new Floating…

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Yinson Tallies Layang FPSO Contract

February 14, 2019

Floating production, storage and offloading unit (FPSO) provider Yinson announced Thursday it has received a letter of award from JX Nippon to provide operation and maintenance services for an FPSO due to commence operations at the the Layang field offshore Malaysia by the fourth quarter of 2019.

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Aker Energy Eyes FPSO for Ghana Project

February 13, 2019

Ocean Yield announced Tuesday that it has entered into an agreement with Aker Energy for the option to bareboat charter the floating production, storage and offloading unit (FPSO) Dhirubhai-1 for a period of 15 years. If the option is exercised…

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Woodside Raises Dividend

February 13, 2019

Australia's Woodside Petroleum Ltd significantly hiked its final dividend despite reporting lower-than-expected annual profit on Thursday, underpinned by higher oil and gas prices and the ramp-up of its Wheatstone project. The country's top…

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Video: FPSO Travels from China to Brazil

February 13, 2019

Dutch firm Boskalis transported the 90,000-ton FPSO P-67 from Qingdao, China to Rio de Janeiro, Brazil, aboard the semi-submersible heavy transport vessel BOKA Vanguard. FPSO P-67 was built by China’s Offshore Oil Engineering Company (COOEC), and delivered to Brazil's Petrobras in 2018.

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Tullow Oil Returns to Net Profit

February 13, 2019

Africa-focused Tullow Oil reported its first annual net profit in five years on Wednesday and said it would resume dividends with a 4.8 cent per share payout as it sets its sights on East African projects and drilling in Guyana. As flagged in November…

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ALE Completes FPSO Works in Singapore

February 12, 2019

Transportation and lifting services company ALE Heavylift has completed the transportation, lifting and installation of eight modules, weighing up to 1,820 tonnes, for an Floating Production Storage and Offloading (FPSO) construction project in Singapore.

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OPEC Cuts 2019 Oil Demand Forecast

February 12, 2019

OPEC cut its forecast for 2019 world oil demand on Tuesday due to slowing economies and expectations of faster supply growth from rivals, underlining its challenge to prevent a surplus even as it starts new production cuts. In a monthly report…

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Offshore Mooring to Reach USD1.1 bln by 2021

February 11, 2019

The global offshore mooring system market stood at US$0.93 bn in 2014 and is predicted to reach US$1.1 bn by 2021. It is predicted to expand at a CAGR of 3.60% from 2015 to 2021, revealed a new Transparency Market Research report. According to the report…

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Total Makes Discovery Off South Africa

February 7, 2019

French oil and gas major Total said it had made a significant gas condensate discovery after drilling its Brulpadda prospects on Block 11B/12B in the Outeniqua Basin, offshore South Africa. Total said the Brulpadda well encountered 57 meters of net gas condensate pay in Lower Cretaceous reservoirs.

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Record Production Lifts Total's Profits

February 7, 2019

French energy major Total said its net adjusted profit rose 10 percent in the final quarter of 2018, lifting its full year earnings by more than a quarter after record oil and gas production. Total said on Thursday that output reached an all…

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Petrobras May Reconsider Dividend Policy

February 6, 2019

Brazil's state-run oil company Petroleo Brasileiro SA may reconsider its dividend policy, Chief Executive Officer Roberto Castello Branco told Brazilian newspaper Valor on Wednesday. In an interview with the paper, Castello Branco said he may cancel quarterly dividends payments…

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TechnipFMC Wins EPCI Contract for Mero 1

February 6, 2019

TechnipFMC has been awarded by Petrobras, on behalf of the Libra Consortium, comprised of Petrobras, Shell, Total, CNOOC Limited, CNPC and Pré-Sal Petróleo (PPSA), an engineering, procurement, construction and installation (EPCI) contract for the Mero 1 pre-salt field…

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