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(OEM) London-based and Oslo-listed oil and gas company Panoro Energy has completed the sale of its interest in the Offshore Mining Lease no. 113 (OML 113) offshore Nigeria to Oslo-listed PetroNor. Back in October 2019, the two oil and gas players entered into a sale agreement, enabling PetroNor to buy out Panoro’s interest in OML 113, including... Continue Reading →
Africa-focused Tullow Oil said on Wednesday it expected to make $200 million in free cashflow this year at an average oil price of $95 a barrel, adding that it sees no cashflow in the first half after an arbitration payment and an acquisition. Tullow said a shareholder prospectus for its planned merger with Capricorn Energy... Continue Reading →
(WO) The Global Underwater Hub (GUH) says floating offshore wind represents the greatest opportunity for the £8 billion ($9.5 billion) subsea industry in the UK this generation and must not be missed. The new strategic, intelligence-led organization, set up to transform the UK’s underwater industry into one of the largest and fastest-growing industries in the... Continue Reading →
(Reuters) - EDF (EDF.PA) shares surged on Tuesday, after two sources told Reuters that the French government was poised to pay more than 8 billion euros ($8 billion) to bring the power giant back under full state control. One of the sources said the cost of buying the 16% stake the French state does not already own... Continue Reading →
(Reuters) - Shares in Italy's Saipem (SPMI.MI) fell as much as 40% on Tuesday after investors subscribed for only 70% of its 2 billion euro cash call, signalling limited confidence in the turnaround plan for the Italian energy services group. Saipem said on Monday it had raised around 1.395 billion euros ($1.4 billion) at the closing of... Continue Reading →
(Reuters) Mexico's state-owned oil company Pemex plunged deeper into so-called junk status on Monday after a major credit rating agency downgraded its long-term debt by one notch. Moody's Investors Service cut Pemex's credit rating to B1 from Ba3, or four notches into the agency's speculative status, reflecting a higher risk of default for the company formally known... Continue Reading →
(Reuters) - Italy's Saipem (SPMI.MI) has raised around 1.395 billion euros ($1.4 billion) to stabilise its finances, the energy services group said on Monday, adding that around 70% of the new shares it was issuing in a cash call were subscribed. Last month Saipem launched a 2 billion euro hyper-dilutive capital increase, which was open until Monday,... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras informs that it signed, on 07/08/22, a credit line with sustainability commitments (Sustainability-Linked Loan - SLL) in the amount of US$ 1.25 billion and maturity in July 2027. The operation was signed with the banks Bank of China, MUFG and The Bank of Nova Scotia, with competitive costs in comparison... Continue Reading →
(Reuters) - Brazil's real is expected to firm over the next 12 months but will come under growing pressure from planned extra social spending against a complex economic backdrop in the run-up to October's presidential vote, a Reuters poll showed. A median forecast in a poll of 28 analysts, which usually reflects a more conservative... Continue Reading →
(Reuters) - Norway's Equinor (EQNR.OL)said on Thursday its second-quarter results would be positively impacted by between $400 million and $550 million from trade in natural gas derivatives used to hedge its physical deliveries. The oil firm has earned record profits from soaring oil and gas prices and is widely expected to see a further increase in... Continue Reading →
