Despite the fiscal challenges, Saudi Arabia appears steadfast in its commitment to Vision 2030.
Saudi Arabia’s role as a stabilizer within OPEC comes at a cost and Saudi Arabia may have to commit to longer and deeper output cuts.
Saudi Arabia’s balancing act between maintaining OPEC stability, sustaining oil revenues, and investing in non-oil sectors is a complex endeavor.
Brazilian oil and gas company Enauta has terminated the contract to acquire the floating production, storage, and offloading (FPSO) unit Cidade de Santos from MODEC, announced in relation with the acquisition of Uruguá and Tambaú fields from Petrobras.
Traders’ pessimism in the global oil market began to increase after OPEC reiterated it might consider rolling back production cuts in 2024.
Rystad Energy recently predicted that global oil supply growth will be virtually non-existent this year because of the OPEC+ cuts without mentioning spare capacity.
Crude prices have recovered in recent days, but the supply side looks bearish due to OPEC+’s spare capacity and rising production from the US, Guyana, and Brazil.
Marine technology company Sonardyne has announced that the next phase of the On Demand OBN (OD OBN) project is under way in Brazil.
Subsea7 has been awarded four long-term day-rate contracts by Petrobras for pipe-laying support vessels (PLSVs), Subsea7 announced on Monday.
Yinson Production, a subsidiary of Kuala Lumpur-based energy infrastructure and technology company Yinson Holdings, has confirmed the departure of a floating production, storage, and offloading (FPSO) vessel from a Chinese shipyard. This FPSO is now sailing toward South America, where it is expected to be deployed off the coast of Brazil.
Brazil’s oil giant Petrobras should increase its efforts to boost natural gas supplies and lower prices to help revive the nation’s industry, said mines and energy minister Alexandre Silveira.
On Wednesday, May 1st, Brazil’s Tupi field reached 15 years of operations and 2.6 Bboe or accumulated production, with seven units in operation. Located offshore Brazil in the Santos basin, Tupi is the country’s largest producing field, with an average volume of 850,000 bopd, accounting for 20% of the total produced in Brazil, according to Petrobras.
MODEC Inc. (“MODEC”) is pleased to announce that it has been successful in securing the Front-End Engineering and Design (FEED) for a Floating Production, Storage and Offloading (FPSO) system for Shell do Brasil Ltda (“Shell”) on the Gato do Mato development, offshore Brazil.
zilian state-owned oil and gas giant Petrobras has made an oil discovery at another well in the Equatorial Margin, which stretches along the Brazilian coast from Rio Grande do Norte to Amapá.