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Mexico Plans $3.6 Bln Relief for Pemex
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.
Shell Invites Bid for FPSO in Bonga
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…
Yinson Tallies Layang FPSO Contract
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
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…
Woodside Raises Dividend
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…
Video: FPSO Travels from China to Brazil
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.
Tullow Oil Returns to Net Profit
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…
ALE Completes FPSO Works in Singapore
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.
OPEC Cuts 2019 Oil Demand Forecast
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…
Offshore Mooring to Reach USD1.1 bln by 2021
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…
Total Makes Discovery Off South Africa
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.
Record Production Lifts Total's Profits
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…
Petrobras May Reconsider Dividend Policy
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…
TechnipFMC Wins EPCI Contract for Mero 1
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…
McDermott Winds FEED for Scarborough FPU
McDermott International, Inc. on Tuesday announced it has signed a contract with Woodside Energy Ltd. to undertake a front-end engineering and design (FEED) activities for a floating production unit (FPU) for the Scarborough field natural gas development in Western Australia.
Equatorial Guinea to Offer Ophir's Old Blocks
Equatorial Guinea will offer offshore Block R with the related Fortuna gas development project in the April licensing round, after the concession was reclaimed from Ophir Energy Plc, the oil minister said on Tuesday. Gabriel Obiang Lima told…
Equinor Gets Extension for Norne FPSO
The Norwegian Petroleum Directorate (NPD) has granted consent to Equinor for the extension of production on Norne FPSO with associated facilities for the Norne, Urd and Skuld fields in the Norwegian Sea. Lifetime extension granted for FPSO is for four years to March 2026…
PetroRio Wants Petrobras' Frade Stake
Brazilian independent oil firm PetroRio SA, which already owns 70 percent of the Frade oil field, has approached Petrobras about buying its 30 percent stake in the field, a person familiar with the matter said. PetroRio recently signed a deal…
Husky Restarts White Rose
Husky Energy said that it has received approval for the limited restart of oil and gas production from White Rose field offshore Newfoundland and Labrador. SeaRose FPSO project was shut down after a spill of about 250,000 litres after a heavy wind storm a couple of months ago.
FPSO P-67 Starts Production at Lula
Petrobras announced Friday it has started producing oil and natural gas through the P-67 floating, production, storage and offloading unit (FPSO), in the deepwater Lula Norte area, in the pre-salt of Santos Basin offshore Brazil. The FPSO is located approximately 260 kilometers off Rio de Janeirot…
ExxonMobil Profit Tops Estimates
Exxon Mobil Corp on Friday reported a quarterly profit that topped analysts' estimates, pushing it shares up nearly 3 percent in premarket trading as its oil and natural gas output rose slightly on a year-over-year basis. The company's fourth-quarter net income fell to $6 billion…