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Brent crude rose above $40 a barrel as broader markets rallied on stimulus from the Federal Reserve and physical supplies continued to look tight. Futures in London rose for a second session. India’s oil minister said consumption in the first half of June had recovered to levels about 15% to 20% below a year ago,... Continue Reading →
BP’s announcement that it is going to write down the value of its exploration assets by $8-10 billion (56-70%) shows the accounting impact of its energy transition strategy. It also highlights the huge variation in how oil companies are viewing future oil prices so that comparisons of asset values and returns on capital between oil companies are... Continue Reading →
Norwegian offshore vessel operator DOF has secured long-term charters for a trio of anchor handling units with Petrobras in Brazil. DOF said Tuesday Petrobras had awarded its Skandi Urca and Skandi Fluminense vessels 2+2 year contracts with the start in September 2020. Continue reading
Surinamese President Desi Bouterse, a former military ruler who has dominated the country’s politics in recent decades, lost last month’s national election, the country’s electoral authority said on Tuesday after three weeks verifying the vote. Chan Santokhi, a former police commissioner and justice minister of the Progressive Reform Party, won a majority of votes and... Continue Reading →
Jun 16, 2020 Ordinance No. 239 of the Ministry of Mines and Energy (MME) was published in the Official Gazette (DOU), which authorizes the ANP to enable the nine-month extension of the deadlines related to the Exploration provided for in contracts under the Production Sharing regime, in accordance with the conditions established in ANP Resolution... Continue Reading →
June 16, 2020 Petro Rio S.A. (“Company” or “PetroRio”) (B3: PRIO3), in addition to the Material Fact of March 25, 2019, informs its shareholders that it has signed amendments to agreements with certain subsidiaries of Chevron Corporation (“Chevron”) to establish a new amortization schedule for the vendor finance associated with the acquisition of the 51.74%... Continue Reading →
ExxonMobil Corp has reduced crude output at its nascent project off Guyana's coast due to problems with gas reinjection equipment, a move meant to avoid excessive gas flaring, the South American country's environmental regulator said on Monday. Output at the Liza field, which Exxon operates in a consortium with Hess Corp and CNOOC Ltd, has... Continue Reading →
Norwegian vessel owner Solstad Offshore has won a contract for two of its anchor handling tug supply (AHTS) vessels from Brazilian oil company Petrobras. Solstad said on Tuesday that it won three-year contracts for the Far Sagaris and Far Statesman. Continue reading
Norwegian seismic acquisition company PGS has said that its Ramform Titan has completed a seismic survey project in Brazil, breaking a streamer spread record in the process. The company said Tuesday that it had completed the survey on the first two parts of a new long-offset GeoStreamer-X seismic survey in Campos Basin. Continue reading
June 15, 2020 Petróleo Brasileiro S.A. – Petrobras, following up on the press release disclosed on 05/13/2020, informs the beginning of the non-binding phase regarding the sale of four thermal power plants, three of them located in Camaçari, in the state of Bahia and powered by fuel oil (UTEs Polo Camaçari), and one bi-fuel plant... Continue Reading →
Brazil Energy Insight 