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(Reuters) - Mexico’s government will inject between $1.3 billion and $1.6 billion into state oil company Petroleos Mexicanos (Pemex) this year and offer a tax break of 75 billion Mexican pesos ($3.68 billion), a senior official told Reuters on Thursday. The world’s most indebted oil company, Pemex had more than $110 billion in financial debt... Continue Reading →
Spanish energy group Repsol posted on Thursday forecast-beating fourth-quarter adjusted income, pushing its shares up even though write-downs on the value of oil and gas assets dragged it to a second consecutive annual net loss. Curbs on mobility to stop the spread of the coronavirus sapped energy demand last year and pushed companies including much... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras announces that the rating agency Fitch affirmed the ”BB-“ issuer default ratings for Petrobras, with a negative outlook, reflecting the agency’s opinion on the sovereign’s ratings. Petrobras stand-alone credit profile was also affirmed at "bbb", 4 notches above the sovereign. Fitch highlighted the company's strong capital structure, declining debt levels... Continue Reading →
(Reuters) - Oil major BP is launching its first share award scheme to rally its more than 60,000 employees around CEO Bernard Looney’s plan to shift to renewable energy following a bruising year of mass layoffs, bonus suspensions and spending cuts. The distribution of the shares, which will be locked for four years, will take... Continue Reading →
Norwegian offshore seismic services company Axxis Geo Solutions will file for court-protected restructuring, it said Tuesday. Axxis said it had not been able to reach an agreement with all creditors in order to implement a voluntary solution to refinance the company. "Consequently, and as previously reported, the Company will file for court-protected reconstruction," Axxis Geo... Continue Reading →
In 2020, Norwegian oil and gas giant Equinor purchased goods and services worth NOK 150.8 billion (about $17.8 billion) from around 8500 suppliers globally. About NOK 112 billion ($13.2 billion), i.e. 74 per cent of total purchases, went to suppliers with a Norwegian billing address, Equinor said on Monday. Arne Sigve Nylund, Equinor’s executive vice president for... Continue Reading →
Offshore drilling contractor Transocean has secured new contracts and extensions for its rig fleet, bringing the total backlog to $7.8 billion. The rig owner has also decided to retire the Leiv Eiriksson semi-submersible rig. In a fleet status report published last Friday, Transocean said that, as of 12 February, the company’s total backlog was approximately $7.8 billion.... Continue Reading →
Norwegian energy services player Aker Solutions has seen its loss widened in the fourth quarter 2020 on impairments and lower activity, which led to some 30 per cent revenue drop. The Oslo-listed company recognised quarterly net loss of NOK 844 million, versus net loss of NOK 129 million in Q4 2019. Revenue for the Q4... Continue Reading →
The global financial investment for offshore wind capacity set records in 2020, with total capacity investment as well as cash amount earmarked surpassing that of 2018, the previous record year, according to The Renewables Consulting Group (RCG). RCG said that the total capacity financed for offshore wind in 2020 had hit 8,370 megawatts (MW) across... Continue Reading →
(Reuters) - S&P Global Ratings on Thursday cut the credit ratings of top U.S. oil producers Exxon Mobil Corp, Chevron Corp and ConocoPhillips by a notch, citing massive quarterly losses and the pressure to tackle climate change. The ratings slipped to ‘AA-,’ weeks after the agency warned it was considering downgrades for 13 of the... Continue Reading →
Brazil Energy Insight 