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S&P Cuts Tullow Oil's Credit Rating

Ratings agency S&P Global on Friday downgraded Tullow Oil's long-term credit rating to 'B' from 'B+', days after the Africa-focused company's Chief Executive Officer stepped down and it scrapped its dividend. The London-listed company, which…


Japanese Partners Buy into Sepetiba FPSO

Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK) have purchased minority interests in the lease and operation of a newbuild floating production, storage and offloading unity (FPSO) from majority owner SBM Offshore. FPSO Sepetiba…


Aker Solutions, Subsea 7 Win Ærfugl Subsea Scope

Aker BP has tapped Aker Solutions and Subsea 7 to deliver and install subsea infrastructure for the second phase of the Ærfugl development offshore Norway. The Aker BP operated Ærfugl development is a subsea project being developed in two phases…

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SBM Offshore Inks FPSO Sepetiba Contracts

SBM Offshore announced on Wednesday that it has firmed up contracts with Brazil’s Petróleo Brasileiro S.A. (Petrobras) for the 22.5-years lease and operation of a floating production, storage and offloading unit (FPSO) to be deployed at the Mero field in the Santos Basin offshore Brazil.

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Springfield Reports Big Find Offshore Ghana

Ghana's Springfield E&P said on Wednesday that it had discovered 1.5 billion barrels of oil and 0.7 trillion cubic feet of gas in its Afina-1 well in the West Cape Three Points (WCTP) Block 2, offshore Ghana The undiscovered potential of the…


Exxon to Export First Oil from Guyana in Early 2020

U.S. producers Exxon Mobil Corp and Hess Corp plan to export the first-ever shipments of crude oil from Guyana between January and February, a milestone for Latin America's newest oil producer, sources with knowledge of the plans said. A consortium…


SBM Extends CSV Normand Installer

Solstad Offshore announced that SBM Offshore has extended the charter for the construction support vessel (CSV) Normand Installer from an original 105 days commitment (reported August 2018) to a 1-year contract from January 2020, in direct continuation with present contract.

First Dussafu DTM-4H Production Well Completed

Panoro Energy announced the successful completion of the DTM-4H well, the first of the phase 2 Tortue development wells, offshore Gabon. The well was drilled with the Borr Norve jackup drilling rig in 116 meters water depth as a horizontal production well in the Gamba reservoir.


SBM Optimizes FPSO N’Goma Project Loan

SBM Offshore announced the closure of a supplemental non-recourse project loan facility of $250 million. The facility is related to the entity Sonasing Xikomba Ltd., which owns the floating production, storage and offloading unit (FPSO) N’Goma operating offshore Angola.


Tullow Production Falls, CEO Resigns

Tullow Oil said its Chief Executive Officer Paul McDade has resigned and the oil and gas explorer also scrapped its dividends, as it continues to face issues at its fields in Ghana. "While financial performance has been solid, production performance…


Petrobras CEO Says Too Early to Make Carbon Commitment

The chief executive of Brazilian state-run oil firm Petroleo Brasileiro SA said on Friday it was too early to commit to a climate target and that energy companies had a range of thoughts on the matter. Asked if the firm would match a pledge…


Petrobras May Sell Stakes in Marlim, Papa-Terra

Brazilian state-run oil firm Petrobras is considering putting additional stakes in significant offshore oilfields up for sale, executives said on Wednesday, as the company continues to aggressively de-leverage. In a presentation, the executives said they may sell stakes in the Marlim field…

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Norway Wealth Fund Drops Petrobras from Watchlist

Norway's $1 trillion sovereign wealth fund has removed Brazilian oil firm Petrobras from a watchlist of firms that could be dropped as investments due to ethical concerns, the central bank said on Tuesday. Petrobras was put under observation in 2016 over corruption risks.


Nigeria Commits to OPEC Agreements

Nigeria is committed to full implementation of agreements among OPEC and non-OPEC members, its minister of state for petroleum said on Sunday, ahead of an OPEC meeting in Vienna. Timipre Sylva said he had told Saudi Energy Minister bin Salman…

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Energean Targets Net Zero Carbon Output by 2050

Mediterranean-focused oil and gas producer Energean has joined a U.N.-backed initiative and committed to reducing its net carbon emissions to zero by 2050, its chief executive said on Monday. Oil and gas producers have come under heavy pressure…


Petrobras Trims 2020 Production Target

Brazilian oil company Petroleo Brasileiro SA on Thursday trimmed its oil and gas production outlook for next year, weighing on its shares despite more ambitious long-term output forecasts in its new five-year strategic plan. Petrobras, as the state-run firm is known…

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Masirah Contracts Wings Offshore for FSO

Masirah Oil, an exploration and production company operating Block 50 offshore Oman, has awarded a contract to Wings Offshore for a floating storage and offloading (FSO) vessel, which will be used on a field located offshore Oman. Masirah said…

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Global FPSO to Grow at Over 19.9%

The floating production systems market worldwide is projected to grow by US$85.1 Billion, driven by a compounded growth of 19.5%. Floating production storage offloading (FPSO), one of the segments analyzed and sized in this study, displays the potential to grow at over 19.9%…

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FPSO Vessel Revenue to Reach $8.30Bln by 2026

The global floating production storage and offloading (FPSO) vessel market is expected to grow at a robust rate of 11.80% during the forecast period 2016 to 2026. Additionally, the revenue in the global FPSO vessel market is projected to reach up to US$8.30bn by the end of 2026.


SBM Acquires Constellation's Stakes in 5 FPSOs

SBM Offshore announced on Friday it has completed the purchase of Constellation’s equity ownership in the lease and operating companies related to five Brazilian floating production, storage and offloading units (FPSO). The Netherlands based…

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