French energy services company TechnipFMC said a new contract offshore Brazil takes a relationship with a Norwegian oil company to the global stage.

For undisclosed terms, the company said it would help Norwegian energy company Statoil with new pipeline and production infrastructure at the Peregrino project in the oil-rich Campos Basin off the coast of Brazil.

"This reinforces the long-standing relationship between Statoil and TechnipFMC, which we will continue to strengthen through future Brazilian projects," Hallvard Hasselknippe, the French company's president of subsea projects, said in a statement.

The Norwegian energy company claims ownership over the Peregrino field alongside Chinese energy company Sinochem. In 2015, Statoil said it achieved a production milestone in the region by passing the 100 million barrel mark. After spending more than a quarter million dollars to tighten its grip offshore, Statoil said Brazil was "a core area."

The latest forecast from economists at the Organization of Petroleum Exporting Countries said total production from Latin America should be around 5.3 million barrels per day this year, with most of the growth expected from Brazil with a 260,000 bpd contribution.

Operations at the new offshore campaign in Brazil should begin in the next two years.

TechnipFMC reported an initial first quarter net income attributable to the company was $190.8 million, but later said figures were overstated by about $200 million. The second quarter, however, has been robust so far for energy companies catering to exploration and production.

Tweet

Sanchez Energy unfazed by Hurricane Harvey
Washington (UPI) Sep 27, 2017
U.S. shale exploration and production company Sanchez Energy said its production from its assets in Texas was accelerating even after Hurricane Harvey. "Despite the previously announced temporary suspension of completion operations due to Hurricane Harvey, strong well results across all of our western Eagle Ford acreage have led to a steady increase in production during the quarter," CE ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only