Petr News

The first hybrid Platform Supply Vessel (PSV), which uses batteries and diesel for propulsion, has started operating for Equinor in Brazil.With the battery bank installed, the PSV is able to operate with hybrid propulsion, switching between the use of electricity and diesel. This is expected to reduce emissions by up to 40% during vessel’s activities.The PSV will be part of the logistics of the Bacalhau field, in the Santos Basin, where Equinor has a majority stake secured in…

The Brazil-bound FPSO Sepetiba sailed away from the BOMESC shipyard in China on June 16, 2023, following completion of the topsides integration and onshore commissioning phases.The unit—SBM Offshore’s third Fast4Ward FPSO—is transiting to the Mero field in the Santos Basin offshore Brazil, located 180 kilometers offshore Rio de Janeiro. SBM Offshore has a contract with Petróleo Brasileiro S.A. (Petrobras) for the 22.5 years lease and operation of FPSO Sepetiba. First oil is expected in the second half of 2023.The FPSO will have the capacity to produce up to 180…

Chevron Corp on Saturday received a U.S. license allowing the second-largest U.S. oil company to expand its production in Venezuela and bring the South American country's crude oil to the United States.The decision grants broader rights for the last big U.S. oil company still operating in U.S.-sanctioned Venezuela. However, it restricts any cash payments to Venezuela, which could reduce the oil available to export.License terms are designed to prevent state-run oil firm Petróleos de Venezuela, known as PDVSA PDVSA.UL, from receiving proceeds from Chevron's petroleum sales, U.S. officials said.

U.S. exports of liquefied natural gas (LNG) in October remained capped by plant outages, with producers shifting more cargoes to Asian buyers last month, according to Refinitiv Eikon tanker monitoring data, after of a pipeline leak cut supplies from Malaysia. LNG prices recently have cooled with Europe's gas storage levels rising to over 90% of target capacity and a slow start to winter. In Asia, however, a declaration of force majeure on gas supplies by Malaysian state-energy company Petronas PETR.KL  has LNG customers in Japan scrambling for alternative cargoes.

Helix Energy Solutions Group, Inc. announced on Monday that it entered into a two-year extension of its well intervention charter and services contracts with Petróleo Brasileiro S.A. (Petrobras) for the Siem Helix 2 well intervention vessel offshore Brazil. The negotiated extension is scheduled to conclude in December 2024 and directly follows Helix’s current contracts with Petrobras.The Siem Helix 2 is a purpose-built, advanced well intervention vessel capable of performing a wide range of subsea services including production enhancement, well decommissioning, subsea installation, offshore crane and remotely operated vehicle (ROV) operations, offshore construction and emergency response.

The first ship to bring a cargo of liquefied natural gas (LNG) to a new terminal at the Dutch port of Eemshaven has docked and has started the unloading process, the gas grid operator said on Thursday, part of Europe's bid to cut reliance on Russian gas.The LNG tanker Murex berthed alongside the regasification unit at the new EemsEnergyTerminal, which can handle 8 billion cubic meters (bcm) of gas a year, a Gasunie spokesperson said."Everything is going perfectly," Marie-Lou Gregoire of Gasunie said.The terminal, near Groningen, has two Floating Storage Regasification Units (FSRUs) that Gasuni

Heavy lift shipping and offshore transport and installation contractor Jumbo Offshore reports it has executed the transport and installation of a torpedo pile mooring system, including mooring for flexible risers, umbilical for the Libra Consortium's Guanabara floating production storage and offloading unit (FPSO). While this type of installation previously required the mobilization of up to three anchor handling tugs, Jumbo carried out the entire contract using only its J-class offshore installation vessel Fairplayer…

Tanker shipping company AET on Thursday named its newest vessel, Eagle Crato, the final of three Suezmax Dynamic Positioning (DP2) shuttle tankers purpose-built for long-term charter to Petróleo Brasileiro S.A. – Petrobras, based on the agreement signed in February 2020.The Eagle Crato was unveiled at a naming ceremony held at the Samsung Heavy Industries (SHI) Shipyard in Geoje, South Korea. Eagle Crato will be delivered to AET on Friday, and subsequently to Petrobras to commence her operations in the Brazilian Basin in a few weeks…

Germany will show solidarity with European Union countries seeking alternatives to Russian gas and oil, for example helping eastern states without ports in the North or Baltic Seas access liquefied natural gas (LNG), Chancellor Olaf Scholz said on Thursday.Speaking after meeting with Czech Prime Minister Petr Fiala, Scholz said many countries faced an even bigger challenge than Germany in reducing reliance on Russian energy imports.Russian gas imports that arrive via pipeline account for more than 90% of gas consumption in the Czech Republic…

Oil and gas production has started from FPSO Guanabara offshore Brazil, the first definitive production system installed in the Petrobras-operated Mero field, in the Santos Basin pre-salt. Three more FPSOs are planned for deployment at the Mero field.The Mero field has been in pre-production since 2017 with the 50,000 barrels of oil per day Pioneiro de Libra FPSO.The Guanabara FPSO is capable of processing up to 180 thousand barrels of oil and 12 million m3 of gas, which represents 6% of the production operated by Petrobras…

Norwegian offshore vessel operator Solstad Offshore ASA announced on Monday it has been awarded a new contract with Petróleo Brasileiro S.A. (Petrobras) for the 80.4-meter anchor handling tug supply vessel (AHTS) BOS Turquesa.The contract is three years firm, with options thereafter, for supporting exploration and production activities in Brazilian continental shelf.The 2007-built anchor handler is expected to commence work under the contract in the first quarter of 2022.

Dutch floating oil and gas production firm SBM Offshore has secured a $620 million bridge loan facility for the financing of the construction of FPSO Alexandre de Gusmão, to be deployed in Brazil for Petrobras.The FPSO Alexandre de Gusmão will be deployed at the Mero field in the Santos Basin offshore Brazil. Mero is a project under Libra Consortium responsibility, in which Petrobras is the operator with 40 percent and with the following partners: Shell Brasil with 20 percent, TotalEnergies with 20 percent, CNODC and CNOOC Limited with 10 percent each, together with Pré-sal Petróleo S.A.

Dutch FPSO leasing specialist SBM Offshore has completed the project financing of FPSO Sepetiba for a total of US1.6 billion, which SBM Offshore says, is the largest project financing in the company’s history.FPSO Sepetiba, formerly known as Mero 2, is destined for deployment in Brazil with Petrobras.SBM Offshore said that the project financing was secured by a consortium of 13 international banks with insurance cover from Export Credit Agencies (ECA): Nippon Export and Investment Insurance (NEXI) and SACE S.p.A.

Norwegian oil and gas company Equnior has made a final investment decision for the development of the Bacalhau field offshore Brazil.The development of the field located in the Santos Basin will cost around $8 billion. Arne Sigve Nylund, Equinor’s executive vice president for Projects, Drilling, and Procurement said: "This is an exciting day. Bacalhau is the first greenfield development by an international operator in the pre-salt area and will create great value for Brazil, Equinor, and partners.

Brazilian national oil company Petrobras has agreed to buy the P-71 Floating Production Storage and Offloading (FPSO) vessel and use it for the development of the Itapu field.Petrobras said that the FPSO was to be used at the Tupi field, however, after negotiations with its partners in BM-S-11 Consortium, Shell Brasil Petróleo Ltda (25%) and Petrogal Brasil S.A. (10%), Petrobras agreed to buy the FPSO for $353 million, the amount corresponding to the partners' share in P-71.The P-71…

This article will focus on “noncomprehensive sanctions,” which target “Specially Designated Nationals” (SDNs), but otherwise do not prohibit most trade between the U.S. and the target country (if any). While there are multiple noncomprehensive sanctions programs, we will focus on three: Venezuela (which can be thought of as quasi-comprehensive), Global Magnitsky (human rights) and Hong Kong. Russia also has a substantial noncomprehensive sanctions program, which we will address in a later article.NONCOMPREHENSIVE SANCTIONS PROGRAMS: IN GENERALThe U.S.

Malaysia International Shipping Corporation Berhad (MISC) announced that its wholly-owned subsidiary, AET Tanker Holdings Sdn Bhd, has been awarded long-term charter contracts for three newbuilding Suezmax DP2 Shuttle Tankers from Petróleo Brasileiro S.A. – Petrobras of Rio de Janeiro, Brazil.AET, the petroleum shipping unit of MISC and specializes in the global ocean transport of petroleum, will own and operate the newbuilding Suezmax DP2 Shuttle Tankers for operations in Brazilian and international waters.The estimated contract value is USD525.6million and the charter is expected to commence in 2022, said a release.The new long-term…

Venezuela has changed the formulas for calculating royalties energy companies pay the government to remove references to fuel oil and some crude grades, driven by stricter rules governing marine fuel emissions, according to a document seen by Reuters.A ban by the United Nations shipping agency, the International Maritime Organization (IMO), on the use of fuels with a sulfur content above 0.5%, aimed at reducing pollution, has roiled oil markets and caused price volatility for…

The Trump administration on Tuesday blacklisted six oil tankers involved in the shipment of Venezuelan oil to Cuba, the latest in a series of sanctions aimed at pressuring Havana to abandon its support for socialist Venezuelan President Nicolas Maduro.Six vessels belonging to state-run oil company Petróleos de Venezuela SA, or PDVSA, were targeted, according to a statement from the U.S. Treasury Department."Cuba and the former Maduro regime continue trying to circumvent sanctions by changing the names of vessels and facilitating the movement of oil from Venezuela to Cuba…

Japanese companies have decided to proceed with the deepwater floating production, storage, and offloading system (FPSO) charter project for the Petrobras-operated Búzios pre-salt oil field located offshore Brazil.MODEC, Mitsui & Co., Mitsui O.S.K. Lines (MOL), and Marubeni Corporation have agreed that Mitsui, MOL, and Marubeni will invest in a long-term charter business currently promoted by MODEC for the purpose of providing  FPSO for use on the Búzios field off the coast of Brazil.Based on these agreements, Mitsui, MOL and Marubeni will invest in Buzios5 MV32 B.V. (MV32), a Dutch company established by MODEC, and the Companies will proceed with the Project jointly.MV32 has entered into a long-term charter agreement for the deployment of the FPSO with Petróleo Brasileiro S.A.

Norwegian seismic services provider Petroleum Geo-Services (PGS) said that beam migrated data is now available for viewing on its latest 3D GeoStreamer seismic survey over Angola blocks for the 2021 bid round.Modern imaging will unlock links between onshore and offshore presalt and postsalt plays.“Our initial coverage of shallow blocks six to eight will allow interested E&P companies a head start on de-risking prospectivity of the area ahead of bid submissions in 2021”, says Christine Roche, New Ventures Manager for PGS in Angola.Commercial, strategic and technical benefits are available to early participants in the survey. Preferential…

Spanish multinational oil and gas company Compañía Española de Petróleos (Cepsa) has renewed its agreement with ExxonMobil for the manufacture, distribution and supply of Mobil-brand marine lubricants in more than 130 ports in Spain, Portugal and Gibraltar.Cepsa produces MobilGard lubricants at its plant in San Roque (Cadiz). The company serves as an official distributor in the Iberian market for a variety of marine vessels, including ocean-going vessels, coastal navigation vessels, merchant ships, fishing and recreational vessels.Cepsa sells more than 90 products within the Mobil lubricants range and supplies nearly a thousand marine vessels annually.ExxonMobil’s marine lubricants offer a complete range of high-quality products that help protect engines and equipment…

Norwegian multinational energy company Equinor ASA and Argentine power producer YPF Luz have joined for the development of the Cañadón León wind farm in Santa Cruz in Argentina.As per agreement, a subsidiary of Equinor will subscribe to shares in Luz del León. The shareholders of YPF Luz are YPF S.A and an affiliate of General Electric.The agreement establishes that Equinor will have a 50% stake of Luz del León, with an equity contribution of USD 30 million. After the subscription and capital integration, YPF Luz and Equinor will jointly control Luz del León, while YPF Luz will be in charge of the operations of the Cañadón León Wind Farm project.After the completion of the works…