Stories

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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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Woodside Selects MODEC for SNE Field

February 25, 2019

Australian petroleum exploration and production company Woodside Energy  has awarded MODEC International the front-end engineering design (FEED) contract for the SNE Field Development Phase 1 floating production storage and offloading (FPSO) facility.

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Australia Leads FPSO Deployment in AsiaPac

February 22, 2019

A total of 67 floating production, storage and offloading (FPSOs) vessels are expected to start operations globally by 2025, with Australia leading the Asia-Pacific region. Globally, 67 planned and announced FPSOs are expected to start operations between 2019 and 2025…

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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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