Brought to you by Quest Offshore & Southern Cone Consultants
(Reuters) - BP BP.L swung back to a small profit in the third quarter but warned the pace of recovery from the pandemic remains uncertain and continued to weigh on fuel demand and refining profits. The London-based company said that while fuel demand in Asia, particularly in China, was recovering, global consumption remained weak so far in... Continue Reading →
Up to a quarter of the active floating drilling rig fleet - drillship and semi-submersibles - could be scrapped, as the demand, which had never recovered from the previous downturn, is now expected to remain under pressure "until 2022," Rystad Energy, a Norwegian energy intelligence firm said. "The new downturn that the Covid-19 pandemic has... Continue Reading →
UK-based TechnipFMC has reported third-quarter 2020 loss of $3.9 million or 1 cent per diluted share against $119 million loss same time last year. Adjusted diluted earnings per share, excluding charges and credits, was 16 cents, with analysts projecting some 22 cents. Revenues for the quarter were flat at $3.34 billion. TechnipFMC has secured quarterly... Continue Reading →
(Reuters) - Brazil’s central bank will leave its key interest rate unchanged at a record low of 2.0% next week as it waits to see how a nascent economic recovery evolves, although most economists polled by Reuters now see rate risks skewed to the upside. The bank’s rate-setting committee, known as Copom, is set to... Continue Reading →
Brazilian state-run oil company Petrobras said on Tuesday that 2020 production should exceed previously disclosed estimates, as the firm ramps up production at some of its most prolific offshore oilfields. Petroleo Brasileiro SA, as the company is formally known, said it expects to produce roughly 2.84 million barrels of oil equivalent per day (boepd) this... Continue Reading →
Petróleo Brasileiro S.A. - Petrobras announces that yesterday it concluded the offering of its 5.60% Global Notes due January 2031 in the international capital market in the amount of US$ 1 billion (CUSIP No. 71647NBH1/ ISIN No. US71647NBH17), by means of its wholly-owned subsidiary Petrobras Global Finance B.V. (PGF). Pricing of the notes occurred on... Continue Reading →
(Reuters) - Exxon Mobil Corp XOM.N is "very close" to completing its workforce appraisals in the United States and Canada and expects to unveil job cuts, its chief executive told employees in an email on Wednesday. The second-largest U.S. oil company by market value lost nearly $1.7 billion in the first six months and analysts forecast a... Continue Reading →
Oilfield services provider Helix Energy Solutions saw its profit and revenues drop in the third quarter of 2020 compared to the same period last year due to lower utilization and activity. Helix Energy on Wednesday reported a net income of $24.5 million for the third quarter of 2020 compared to $31.7 million for the same... Continue Reading →
PGS has seen red in the third quarter of 2020 as revenues fell close to 70 per cent. The Oslo-listed seismic player reported quarterly loss of $32.6 million, or 8 cents per share on revenues of $85 million. This result compares against profit of $31.5 million, or 9 cents per share on 276.5 million revenues in the... Continue Reading →
Baker Hughes Co reported a third straight quarterly loss on Wednesday, as a coronavirus-induced slump in commodity prices continued to hurt demand for equipment and services. Producers have been drilling fewer wells following a collapse in crude oil prices this year as demand for oil products has sunk. The downturn has hit rivals Schlumberger NV... Continue Reading →
Brazil Energy Insight 