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Offshore drilling contractor Valaris said Monday it had elected not to make the $13.3 million interest payment due on June 15, 2020, related to its 7.375% Senior Notes due 2025. The offshore drilling company, which had more than $6.5 billion of debt at the end of the first quarter, said that under the arrangement governing... Continue Reading →
BW’s floating storage and regasification unit has arrived at a new terminal in the Brazilian Port Acu to start its contract serving Gas Natural Acu’s LNG-to-power project. The FSRU BW Magna finally docked at the project’s regasification terminal on Friday. The vessel has been waiting offshore the port since January to get a green light to dock... Continue Reading →
Amid what the IEA has dubbed a “dismal” year for fossil fuels, the one bright spot is the performance of renewables sector, which is still expected to grow by 1% this year. That is a serious downgrade on the sector’s record performance last year, when global wind power capacity grew by almost a fifth. Nonetheless,... Continue Reading →
BP will take a writedown of up to $17.5 billion in its second-quarter earnings after sharply lowering its long-term oil and gas price outlook as it now expects a faster transition away from fossil fuels. The earnings are due on Aug 4 and CEO Bernard Looney in September is set to announce his strategy to... Continue Reading →
Brazil’s Petroleo Brasileiro SA has told shippers it will not hire any tankers that have visited Venezuela in the past 12 months, the state-controlled oil company said on Friday, signaling adherence to U.S. sanctions on the Latin American nation. The United States this year blacklisted oil tankers and shipping companies over their dealings with Venezuela,... Continue Reading →
June 12, 2020 Petróleo Brasileiro S.A. – Petrobras, following up on the press release disclosed on 03/13/2020 and 05/04/2020, announces the beginning of the binding phase regarding the joint sale, with Wobben Windpower Indústria e Comércio Ltda (Wobben), of all of its shares (51% Wobben and 49% Petrobras) in the companies Eólica Mangue Seco 3... Continue Reading →
June 12, 2020 Petróleo Brasileiro S.A. – Petrobras, following up on the press release disclosed on 05/21/20, announces the beginning of the binding phase related to the sale of 100% of the shares held by Petrobras International Braspetro B.V. (PIB BV) and other Petrobras subsidiaries, in Petrobras Colombia Combustibles (PECOCO). Qualified parties for this phase... Continue Reading →
JUN 11, 2020 With the approval by the Legislative Assembly of Rio de Janeiro of the bill that internalizes Repetro Industrialização in the state, Rio de Janeiro guarantees the maintenance of the ICMS rate at 3% for operations importing equipment (platforms, platform ships and other equipment) for the oil and gas industry, in operations carried... Continue Reading →
Offshore helicopter operators Bristow and Era have completed the merger and created a financially stronger, larger, and more diverse company. Bristow said on Thursday that the newly combined company, headquartered in Houston, would use the Bristow name and would remain a publicly-traded company on the New York Stock Exchange. Continue reading
Following the publication of the upstream industry’s first quarter results, a Rystad Energy analysis reveals a gloomier investment-budget picture than previously thought. Global spending is now forecasted to reach $383 billion this year, the lowest level in 15 years and a staggering 29 per cent decrease of $156 billion compared to 2019, according to Rystad’s... Continue Reading →
Brazil Energy Insight 