Petrobras attributed the overall quarterly increase in oil and gas production to lower losses resulting from maintenance-related suspensions of operations, improved efficiency at fields in the Santos Basin, the addition of a new floating production, storage, and offloading vessel at the Buzios field, and the ramp up at another FPSO at the Mero field.
On Digital and Integration, the chief executive said, “The energy industry is focused on efficiency and performance, and our customers are recognizing the opportunity to unlock value from their data. As a result, operators are increasing their digital capabilities, strengthening partnerships with technology companies, and investing in digital and AI solutions. This is translating into highly accretive revenue growth”.
Subsea logged a first-quarter revenue of $1.9 billion, a decrease of 5.5 percent from the fourth quarter, the company said. Year-over-year revenue jumped 11.6 percent. The sequential decline resulted from decreased activity in Africa, the North Sea, and the Gulf of America, along with a drop in services activity attributed to normal offshore seasonality. This was somewhat balanced by an increase in project activity in Asia-Pacific and Brazil, the company said.
The company plans to drill seven gross wells in Colombia and four gross wells in Argentina, targeting a mix of conventional, unconventional, appraisal, and exploration opportunities. Key activities include drilling six infill wells and continuing workovers in the Llanos 34 Block, completing and bringing online four wells on the PAD-12 area in the Mata Mora Norte Block, spudding four wells on the PAD-1 area in the Confluencia Sur Block, drilling one appraisal well in the Llanos 123 Block, and drilling one exploration well in the Llanos 104 Block, the company said.
“Oceaneering outperformed expectations this quarter due to resilient utilization of remotely operated vehicles (ROVs), and strong vessel activity, predominately in the Gulf of Mexico and West Africa. We generated adjusted EBITDA of $96.7 million, exceeding both our guidance range and consensus estimates for the quarter”, Rod Larson, President and Chief Executive Officer of Oceaneering, stated. He added that the jump in revenue was driven by strong performances from the company’s Subsea Robotics (SSR) and Offshore Projects Group (OPG).