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(Reuters) British oil major BP is close to selling its central London headquarters for about 250 million pounds [around $324,4 million] as the coronavirus pandemic has forced the company to cut costs, the Financial Times reported on Tuesday. The office, located at St James' Square, which houses about 500 employees is under offer to Lifestyle... Continue Reading →
Message from the Management “In this quarter, we continued to focus on keeping our operations safe and reliable, protecting the health of our employees and contractors on board, reducing the risk of Covid-19 spreading in our operations and minimizing the impact on our business. At the same time, we delivered the review and adjustment of... Continue Reading →
Oilfield services provider Petrofac has completed the disposal of its non-core assets in Mexico to Perenco, but the two companies have entered into a dispute related to this transaction. Petrofac first sold a 49 per cent of its operations in Mexico to Perenco back in October 2018. This included contracts for work on the Santuario and... Continue Reading →
Offshore drilling contractor Transocean booked a profit in the third quarter of 2020 backed by a gain on restructuring and retirement of debt, offset by a loss on disposal of assets. Transocean on Monday reported a net income attributable to controlling interest of $359 million for the third quarter of 2020 compared to a loss a year... Continue Reading →
UK oil company Premier Oil's creditors have given their approval for the company's merger with rival Chrysaor, proposed in October. To remind, the two UK-based offshore oil and gas companies Premier Oil and Harbour-controlled Chrysaor agreed to merge in an all-stock transaction, via a reverse takeover. The involved parties said the proposed merger would create... Continue Reading →
Norwegian company Aker Offshore Wind has received funding from Enova for a pre-project that aims to reduce costs and increase maturity in important technical segments of offshore floating wind. Enova is Norway’s innovation fund for environmentally friendly technologies. The objective of the project is to better understand how technology solutions can enable the use and development of a Norwegian... Continue Reading →
Well abandonment services provider Well-Safe Solutions has secured a £26 million ($33.6 million) investment to fund the next phase of the company’s growth plan. Well-Safe said on Monday that the further investment into the decommissioning company was led by MW&L Capital Partners, following their initial investment of $85 million to the company back in October 2019. Phil... Continue Reading →
Offshore drilling firm Pacific Drilling and certain of its subsidiaries have filed for Chapter 11 bankruptcy with the aim to eliminate $1.1 billion debt. The company, which had previously filed for Bankruptcy in 2017, said Friday that it and certain of its domestic and international subsidiaries had filed voluntary petitions for relief under Chapter 11 of... Continue Reading →
Total trimmed its 2020 investment target on Friday after a sharp drop in third-quarter net profit, though the French oil and gas producer maintained its dividend. The company cut its investment target to $13 billion from $14 billion and said it was keeping a lid on operating costs too, even as it strives to grow... Continue Reading →
(Reuters) - Chevron Corp CVX.N on Friday reported an adjusted third-quarter profit as oil prices recovered from spring lows and spending cuts benefited operating results, beating Wall Street expectations of a loss. Chevron and its peers have slashed spending budgets this year on plummeting demand and crude oil prices that remain about 40% below where they began... Continue Reading →
Brazil Energy Insight 