Stories

Chevron CEO John Watson to Step Down

August 22, 2017

Chevron Corp Chief Executive John Watson is stepping down from his post atop the nation's second-largest oil company, according to a report from the Wall Street Journal. A successor for Watson, 60, who has been the company's chairman and chief executive since 2010…

Gunvor Awarded Fortuna FLNG Offtake

August 21, 2017

The Ministry of Mines and Hydrocarbons (MMH), Ophir Equatorial Guinea (Block R) Ltd, OneLNG SA and La Compania Nacional De Petroleos De Guinea Ecuatorial (GEPetrol) have nominated Gunvor Group Ltd (Gunvor) as its preferred LNG Buyer for offtake from the Fortuna FLNG project.

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Damen Shiprepair Rotterdam Completes the Refit of Petrojarl 1

August 18, 2017

On the August 18, 2017, Damen Shiprepair Rotterdam (DSR) has delivered the FPSO Petrojarl 1 to Teekay Offshore following a complete redeployment project taking place over the past 2 ½ years. The Petrojarl 1 has been operated by Teekay for 28…

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Brazil Extends Oil Industry 'Perks' Through 2040

August 18, 2017

Brazil on Friday extended through 2040 a preferential customs regime for the oil and gas industry called Repetro, which was set to expire in 2019, as it seeks to entice investment ahead of key auctions later this year. The move was accompanied…

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Golar LNG Partners in FLNG Hilli Episeyo Stake Acquisition

August 17, 2017

Golar LNG Partners announced that it has entered into a purchase and sale for the acquisition from Golar LNG Limited and affiliates of Keppel Shipyard and Black and Veatch of equity interests in Golar Hilli LLC, which will, on the closing date of the Acquisition…

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Shifting Oil Market Dynamics Key to Tanker Trade Prospects -MSI

August 16, 2017

The Q3 2017 tanker market is proving vexatious for owners still struggling with the effects of fleet oversupply. But in its latest monthly forecast, Maritime Strategies International (MSI) observes that changing trade patterns could help stabilize the market toward year-end and into 2018.

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Latest Gulf of Mexico Auction Signals Offshore Return

August 16, 2017

Major oil producers pushed up high bids at a Gulf of Mexico offshore auction to $121 million on Wednesday, a nearly seven-fold increase from a year ago, as their return to deep water exploration gained momentum. This compared with $18 million…

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Bilge Keel Damping from In-field Motion Measurements

August 14, 2017

Chevron and MARIN worked together on a novel approach to characterize the actual damping for an FSPO in real world conditions. Results show that using damping from model tests means that roll decay in calm water is conservative and that natural…

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Hedge Funds Gamble for a Third Time on Oil Rebalancing

August 14, 2017

"If at first you don't succeed, try, try, try again," goes the proverb used to encourage students. Hedge fund managers are becoming bullish towards crude oil and refined fuels for the third time this year and must be hoping the signs of market…

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Wison Granted AIP for Its Innovative Floating LNG Storage

August 14, 2017

Wison Offshore & Marine announced that it has received Approval in Principle (AIP) from Bureau Veritas for its newly-developed large-scale Floating LNG Storage and Regasification Terminal. Featuring scalable storage capacity up to equivalent size of a Q-Max…

Petrobras Expects $17 Bln Investment, $8 Bln Divestitures this Year

August 11, 2017

Brazil's state-controlled Petróleo Brasileiro SA has targeted spending $17 billion in investments and selling $8 billion worth of assets this year, a presentation by the oil company published on Friday said. The presentation explaining second…

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Ecochlor BWTS Receives USCG Type Approval

August 10, 2017

Ecochlor's patented BWTS has received USCG Type Approval. The Ecochlor BWTS uses a two-step process that includes filtration and treatment with chlorine dioxide (ClO2). It is completely effective on all aquatic invasive species regardless of water turbidity, salinity or temperature.

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SBM Offshore Raises Outlook Buoyed by Seepwater Spending

August 9, 2017

SBM Offshore, a Dutch provider of floating oil and gas production vessels, raised its core earnings guidance on Wednesday citing clients slowly spending more on deepsea projects. "Deepwater is becoming attractive again. It's on a par from an economic standpoint with shale oil…

Pemex Seeks Oil Projects in Americas

August 9, 2017

Mexico's Pemex is looking for oil projects in the United States, Brazil, Colombia and Argentina to keep up output after an energy reform that means it is sharing more domestic production, a top executive from the state-run oil company said on Wednesday.

Shell to Invest $38 Mln in Brazil R&D

August 9, 2017

The Brazilian unit of Royal Dutch Shell Plc estimates it will invest around 120 million reais ($38 million) in research and development in the country this year, said André Araújo, head of Shell Brazil unit, on Wednesday. (Reporting by Marta Nogueira and Alexandra Alper; Editing by Chizu Nomiyama)

Petrobras CEO: Pre-salt Oil Extraction Costs $8 Per Barrel

August 8, 2017

Oil extraction in Brazil's promising pre-salt offshore wells costs about $8 per barrel, Petroleo Brasileiro SA Chief Executive Officer Pedro Parente said at an event on Tuesday. Parente also said the state-controlled company's new fuel pricing…

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DNV GL's Tørstad Talks Energy Trends

August 4, 2017

When Elisabeth Tørstad took the helm as CEO of DNV GL - Oil & Gas in late 2013, the price of a barrel of NYMEX (WTI) crude oil was more than $100. Today, that price has been halved, and the 40-month period between her ascension to the top post…

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Simulated Maneuver of Shell’s Prelude FLNG Facility

August 1, 2017

At 488m in length, and longer than four football pitches, Shell’s Prelude FLNG facility was always going to represent a formidable challenge even for the skilled tug masters who were charged with towing the facility from the shipyard in South Korea where it was constructed…

Brazil Pre-salt Output Surpasses other Production in June

July 31, 2017

Brazil oil production rose 0.8 percent in June from May to an average of 2.675 million barrels per day, as output from pre-salt offshore wells surpassed the combined volumes from all other fields in the country for the first time. The production…

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Wison Delivers FLNG Barge

July 27, 2017

Wison Offshore & Marine (“Wison”) has announced that the company has completed the final delivery for the world’s first barge-based floating natural gas liquefaction and storage facility (Caribbean FLNG). Prior to the delivery, the contracts for project financing provided by Bank of China…

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Shell Adjusts to Low Priced Oil, Even as Profits Soar

July 27, 2017

Shell 'getting fit' to live with oil at $40/bbl -CEO. Royal Dutch Shell is gearing up for a world of "lower forever" oil prices, its Chief Executive Ben van Beurden said on Thursday, after the company's profits tripled in the second quarter.

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