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3R Petroleum Oil and Gas recorded a loss of R$ 147.5 million in the fourth quarter of last year. With the result, the company recorded a total net loss of R$ 172.3 million in 2020. With regard to net revenue, the company recorded R$ 85.2 million in the fourth quarter, with a value of R$... Continue Reading →
Offshore drilling contractor Vantage Drilling managed to cut its losses in the last quarter of 2020 when compared to the same period in 2019 despite lower revenues but went from black to the red on a yearly basis. Vantage on Thursday reported a net loss attributable to controlling interest of approximately $44.9 million for the... Continue Reading →
(Bloomberg) Vitol Group reaped record profits of around $3 billion last year as the world’s largest independent oil trader surfed the dramatic moves in energy markets, according to people familiar with the matter. The results are the latest indication of the bonanza that oil traders enjoyed in 2020, when the commodity plunged amid a Saudi-Russian price war in... Continue Reading →
(Reuters) - Planned investment in clean energy must increase by 30% to a total of $131 trillion by 2050 to avert catastrophic climate change, with the need to massively scale up hydrogen production particularly acute, according to a study here published on Tuesday. In its annual flagship report, the International Renewable Energy Agency underscored the scale and... Continue Reading →
(Bloomberg) -- Petroleos Mexicanos discovered what’s expected to be a billion-barrel oil field in Tabasco as it aims to reverse a decade and a half of sinking production. The new field at the southern part of the Gulf of Mexico, when combined with nearby deposits, is similar in size to other billion-barrel discoveries, Pemex Chief... Continue Reading →
BW Ideol, a company established after oil & gas services provider BW Offshore’s bought into the floating wind technology developer Ideol, has applied for admission to the Oslo Stock Exchange and is expected to start trading there around 18 March. Through the offering of shares, for which a day-long bookbuilding period was launched on 11... Continue Reading →
UK’s Expro Group, an energy services company, and Dutch Frank’s International, an oil services company that provides drilling and completions solutions and services, have entered into a definitive agreement to combine in an all-stock transaction. Upon the closing of the transaction, Expro shareholders will own approximately 65 per cent of the combined entity, with Frank’s... Continue Reading →
(Reuters) - Royal Dutch Shell, owner of the world’s largest fuel retail network, said on Thursday its total greenhouse gas emissions dropped 16% in 2020 as oil and gas sales fell sharply due to the coronavirus pandemic. Shell said in its annual report that total emissions from its oil wells to forecourt fuel sales fell... Continue Reading →
(Reuters) - BP’s trading arm made nearly $4 billion in 2020, according to a copy of an internal BP presentation seen by Reuters, almost equalling the record trading profit in 2019 despite the collapse in oil demand caused by the pandemic. Trading revenue for majors such as BP and rival Royal Dutch/Shell shielded them from... Continue Reading →
(Reuters) - Chevron Corp on Tuesday outlined a plan to expand oil and gas production through 2025, but without spending significantly more, and pledged to limit the pace of growth of its carbon emissions. Falling energy demand due to pandemic-driven lockdowns sent the industry into a tailspin in 2020 and led Chevron to a $5.54... Continue Reading →
Brazil Energy Insight 