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A strange thing happened last Wednesday: Chevron’s market cap briefly exceeded Exxon’s cap, at $142 billion versus $141.6 billion. It was particularly remarkable given that Exxon’s market cap was just under $300 billion at the start of the year. Now, one analyst thinks it is time for drastic action. Paul Sankey of Sankey Research argued in a note last week... Continue Reading →
An analysis by Norwegian energy intelligence firm Rystad Energy shows that Chinese yards will outcompete Asian rivals on costs in an expected rebound in offshore oil and gas spending from 2021. Offshore investments are expected to rebound from 2021 and oil and gas operators will be looking for yards to build new facilities, with 40... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) (NYSE: PBR) announces that its wholly-owned subsidiary, Petrobras Global Finance B.V. (“PGF”), has commenced (i) an offering of additional notes of its 5.600% Global Notes due 2031 (CUSIP No. 71647NBH1/ ISIN No. US71647NBH17) (the “New Notes”), subject to market and other conditions (the “New Notes Offering”), and (ii) cash tender... Continue Reading →
The state-affiliated Japan Bank for International Co-operation (JBIC) has agreed to loan $352mn to a Japanese consortium developing a floating production, storage and offloading (FPSO) unit, which will be chartered to Brazil's state-controlled Petrobras for use at the Marlim oil field in the Campos basin offshore Brazil. The loan will be co-financed by private banks... Continue Reading →
(Bloomberg) - Petroleos Mexicanos returned to capital markets Thursday for its first debt sale since January as the embattled oil producer seeks to tap improved demand from investors. Pemex sold $1.5 billion in five-year bonds with a 6.95% yield, up from the $1 billion originally offered with a guidance price in the mid-to-high 7% range.... Continue Reading →
(Reuters) - Brazil has had a boom in oil and gas auctions since 2017, before the pandemic postponed new bids, but the first wells drilled by the winners of these disputes have disappointed, which sparks alerts for the government in relation to the next rounds, Wood Mackenzie analysts told Reuters. The initial results considered "disappointing"... Continue Reading →
Chevron’s market value leapfrogged that of Exxon Mobil for the first time on Wednesday during a week in which it closed a $4.1 billion, all-stock deal for Noble Energy, a smaller oil and gas producer. Chevron’s market cap ended the day around $142 billion, topping Exxon Mobil’s $141.65 billion market value at the end of... Continue Reading →
As London-listed Premier Oil and UK North Sea focused Chrysaor announced their proposed all-stock merger this week, creating one of the largest UK North Sea oil and gas producers, Global Data analysts think the deal is a "win-win." As reported Tuesday, Premier said it would merge with Chrysaor through a reverse takeover, with London listing... Continue Reading →
Tobias Cepelowicz and Roberto Jessourun are no longer heading the Ventura group (Petroserv). After almost five decades, the command of the rig and FPSOs company was transferred to Nelson Oliveira, executive of Geribá Investimentos, in the midst of a broad internal restructuring process, whose focus is to remedy the group's financial situation. Source: PetroleoHoje
(Bloomberg) --Measures taken by Transocean to stave off a bankruptcy filing could be exactly what ends up sending the offshore drilling company into Chapter 11 alongside some of its biggest peers. The world’s largest owner of deep-water oil rigs recently engineered a bond swap to trim some of its $9 billion debt load and ease... Continue Reading →
Brazil Energy Insight 