(Bloomberg) -- After one of the most difficult years in the oil industry’s history, crude prices have recovered and major producers are finally generating spare cash. Investors really want to get their hands on it, but most are likely to be disappointed. That’s because the pandemic has created a legacy of debt for the world’s... Continue Reading →
Total Declares Force Majeure on $20B Mozambique LNG Projectd After Attacks
(Reuters) Total declared force majeure on its $20 billion liquefied natural gas (LNG) project in Mozambique and confirmed it had withdrawn all staff from the construction site following insurgent attacks last month. Dozens of civilians were killed in the Islamic State-linked attacks in the coastal Mozambique town of Palma, near gas projects that are worth... Continue Reading →
ENGLISH COMPANY SUES PETROBRAS CLAIMING LOSSES CAUSED BY SERVICES NOT PAID BY SCHAHIN GROUP
(PetroNoticias) The English company Marin Holding International hired the law firm Luzone Legal, specialized in the business area and in the oil and gas sector, to sue Petrobras for possible losses arising from the services provided by the vessel, Vitoria 10,000. As a reminder, the case is one of the most emblematic in the oil... Continue Reading →
Schlumberger signals improving international drilling activity
International oil activity should ramp-up through the end of this year and beyond, Schlumberger NV (SLB.N) top boss Olivier Le Peuch said on Friday, a shift that will help the company grow revenue outside North America by double-digits in the second half of the year. The oilfield service provider's shares were up 1.27% in pre-market trading at... Continue Reading →
GeoPark Announces Successful First Phase of Its Strategic Deleveraging Process
(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil, and Argentina, today announced successful first phase of its strategic deleveraging process that is expected to result in a significant debt reduction and an... Continue Reading →
CNOOC’s 1Q Revenue Up 21% on Recovering Oil Prices
China's national offshore oil and gas producer CNOOC Ltd reported on Thursday its first-quarter revenue surged 21% on year on recovering oil and gas prices and higher sales. Revenue was 48.34 billion yuan ($7.45 billion) over the January-March period. Realized oil prices rose 20.5% to $59.07 per barrel, while gas prices were up 5% on... Continue Reading →
Carney, Kerry launch global finance plan to boost climate action
(Reuters) UN climate envoy Mark Carney and U.S. peer John Kerry on Wednesday announced a new plan to boost efforts by the financial system to help move the global economy to net zero greenhouse gas emissions. While many large banks, insurers and asset managers have started to commit to some form of action, the frameworks... Continue Reading →
Former Enron Trader Sees Change in Houston Oil Patch
(Bloomberg) -- For John Arnold, the billionaire philanthropist who made his fortune betting on natural gas prices, Houston’s fossil-fuel industry seems finally ready to move on. A year ago, talk in the Texas energy hub was mostly about defending oil and gas and denouncing renewables, Arnold, 47, said Monday on his Twitter account. Now, much of the... Continue Reading →
Baker Hughes sticks to oilfield activity recovery prediction after weak quarter
Oilfield equipment and services provider Baker Hughes Co (BKR.N) top boss on Wednesday reiterated he is "cautiously optimistic" about oil demand recovering this year from the coronavirus blow, echoing a view he shared on the company's last earnings call. The company reported a 40% fall in first-quarter adjusted profit, compared to the fourth, as the pandemic's hit... Continue Reading →
Halliburton profit rises as oilfield activity rebounds on higher crude prices
(Reuters) Halliburton Co (HAL.N) on Wednesday reported a 6% rise in first-quarter adjusted profit from the previous three months, as a rebound in oil prices from pandemic lows fueled drilling activity and demand for oilfield services. Higher oil prices during the quarter boosted drilling, completion and production, which led to the rebound in demand for oilfield equipment... Continue Reading →
Brazil Energy Insight 