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Brazil Likely to Pay Petrobras $10 Bln

March 19, 2019

The Brazilian government is likely to pay around $10 billion to state-run oil firm Petroleo Brasileiro SA to settle the so-called 'transfer-of-rights' dispute, newspaper Valor Economico reported on Tuesday, though the parties have not agreed on final terms.

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Oil Prices Reach 2019 Highs

March 19, 2019

Oil prices rose to new 2019 highs on Tuesday, supported by OPEC supply cuts and falling output from Iran and Venezuela because of U.S. sanctions. Brent crude oil futures were up 16 cents at $67.70 a barrel at 1415 GMT, having earlier risen to a 2019 peak of $68.20, their highest since November 2018.

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Petrobras P-77 FPSO Starts Production

March 19, 2019

Brazil's state-run oil company Petroleo Brasileiro SA said on Tuesday it had started production at its P-77 platform, its fourth platform to enter operations in the Buzios field within the pre-salt region of Bacia de Santos. Petrobras, as the company is known…

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Pemex Plans to Triple Drilling this Year

March 19, 2019

Mexico's national oil company Pemex plans to triple the number of wells it will drill this year, the company's chief executive said on Monday, in a bid to grow crude output and reverse more than a decade of declining production. The government…

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Petrobras Names Former Vale Exec as CFO

March 19, 2019

Brazil's state-controlled oil company Petróleo Brasileiro SA, or Petrobras, named Andrea Marques de Almeida, an engineer and former executive at mining company Vale SA, as its new chief financial officer, according to a securities filing. Andrea Almeida will replace Rafael Salvador Grisolia…

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Aoka Mizu FPSO Hooks Up to Lancaster Field

March 19, 2019

Hurricane Energy's floating production, storage and offloading (FPSO) vessel has been connected to the group's North Sea Lancaster oilfield, another milestone for the group as it seeks to extract so-called fractured basement oil in Britain.

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Petrobras Prices $3 Bln in Bonds

March 13, 2019

Brazilian oil company Petroleo Brasileiro SA has priced global notes worth $3 billion due in 2029 and in 2049 as it seeks to repurchase shorter-term debt obligations, according to a securities filing late Tuesday. Petrobras, as the state-run company is known…

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Petronas FLNG Relocates to Sabah

March 13, 2019

Malaysian state-owned oil firm Petroliam Nasional Bhd (Petronas) said on Wednesday it had relocated its floating liquefied natural gas facility to the eastern state of Sabah, nearly two years after it began operations. The Petronas FLNG (PFLNG) Satu is now moored in the Kebabangan cluster field…

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Eni Makes Major Oil Find Offshore Angola

March 13, 2019

Italian oil major Eni said on Wednesday it has made a major discovery in Block 15/06, in the Agogo exploration prospect, in the deep waters offshore Angola. The find is Angola's largest offshore discovery in years. Eni said the discovery is estimated…

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Petrobras Plans to Slash Opex by $8.1 Bln

March 11, 2019

Brazil's state-controlled oil company Petróleo Brasileiro SA, or Petrobras, announced plans to cut $8.1 billion from its operational costs in the period from 2019 through 2023, according to a securities filing released on Friday. Petrobras said…

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First US FLNG Project Moving Ahead

March 7, 2019

Plans to construct a U.S. floating liquefied natural gas (FLNG) vessel in China, which may also provide funding and buy part of its output, are moving ahead despite trade tension between the countries, an executive at one of the partners said on Thursday.

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FPSO Market to Reach $66Bln by 2026

March 6, 2019

The global floating production storage and offloading (FPSO) market was valued at around US$ 25 Bn in 2017 and is anticipated to expand at a CAGR of around 12% from 2018 to 2026, said a new report. Based on type, the global FPSO market can be divided into converted…

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BW Offshore Cleared to Buy Brazil Oilfield

March 6, 2019

Norway's BW Offshore has won approval from Brazil's antitrust watchdog Cade to buy the Maromba oilfield from Petrobras and Chevron, according to a statement in the official gazette on Wednesday. Petrobras has a 70 percent stake in the field, while Chevron has a 30 percent stake.

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BW Offshore May Buy Brazilian Oilfield

March 4, 2019

Norway's BW Offshore is considering whether to buy Brazil's Maromba oilfield from Petroleo Brasileiro (Petrobras) and Chevron, for an undisclosed price, the Oslo-listed company said on Monday. A final deal is subject to board approvals and other conditions…

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TechnipFMC Wins EPCIC Contract for Tortue/Ahmeyim FPSO

March 1, 2019

TechnipFMC announced Friday it has been awarded a contract from BP for the engineering, procurement, construction, installation and commissioning (EPCIC) of the floating production storage and offloading (FPSO) unit to be deployed for the Greater Tortue Ahmeyim project offshore West Africa.

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Yinson, First E&P in USD902mln FPSO Deal

March 1, 2019

Malaysia’s floating production storage and offloading (FPSO)-operator Yinson and Nigerian oil company First Exploration & Petroleum Development Company Ltd (First E&P) have executed a contract for an FPSO to be deployed offshore Nigeria. The…

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Brazil to Offer Areas with 'Significant' Oil Volumes

February 28, 2019

The Brazilian government will offer in an auction in October production sharing contracts for companies to explore areas that it says hold "significant volumes of oil and gas", the country's energy council CNPE said on Thursday. After a meeting in Brasilia…

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Petrobras: First Annual Profit in 5 Years

February 28, 2019

Brazilian state-run oil firm Petroleo Brasileiro SA reported its first annual profit in five years on Wednesday as it swung to a net profit in the fourth quarter, although one-time provisions and writedowns led it to miss estimates. In a securities filing…

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Global FPSO Market to Hit USD30Bln by 2025.

February 27, 2019

The floating storage and offloading (FSO) vessel market is anticipated to surpass USD 30 billion by 2025, said a study. The FPSO market is set to witness vigorous growth on account of shifting trends toward offshore exploration & production driven by depleting onshore oil & gas reserves…

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Golar to Supply FLNG for BP

February 26, 2019

Golar LNG Limited announced Tuesday that its newly incorporated subsidiary Gimi MS Corporation has entered into a 20-year Lease and Operate Agreement (LOA) with BP for the charter of a floating liquefied natural gas (FLNG) unit, Gimi, to service…

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Petrobras P-58 Spill Under Investigation

February 25, 2019

Brazil's oil regulator said on Monday that is has started an investigation into an oil spill at an offshore platform owned by Petroleo Brasileiro SA. On Saturday, about 188 cubic meters of oil leaked from the offshore P-58 platform, which is located in the Campos basin…

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