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Petrobras opened today the envelopes with the proposals to build their own P-78 and P-79 FPSOs. The Keppel / Hyundai consortium presented the lowest price in Petrobras' bid for the construction of the P-78, the oil company's own FPSO that will be used in the Búzios project. Three Korean shipyards submitted proposals and participated in... Continue Reading →
(Reuters) -Top U.S. oil producer Exxon Mobil on Tuesday posted its first annual loss as a public company as the COVID-19 pandemic hammered energy prices and it reduced the value of its shale gas properties by more than $20 billion in the fourth quarter. Exxon cut up to 15% of its workforce and delayed oil... Continue Reading →
Lenders of the troubled marine seismic contractor Polarcus, which last week took control of the company's vessel after a debt payment default, will sell Polarcus' vessels and all the employees will be let go. Banks last week tool control of Polarcus' subsidiaries that own seismic vessels, with the subsidiaries in question being Polarcus Asima AS,... Continue Reading →
(Reuters) - BP plunged to a $5.7 billion loss last year, its first in a decade, as the pandemic took a heavy toll on oil demand, and the energy company warned of a tough start to 2021 amid widespread travel restrictions. Despite the weak environment, however, CEO Bernard Looney told Reuters the company’s transition to... Continue Reading →
Petróleo Brasileiro S.A. - Petrobras, following up on the release disclosed on August 5, 2019, informs that it has signed with the companies OP Energia Ltda. and DBO Energia S.A. a contract for the sale of the totality of its participations in the production fields of Peroá and Cangoá, and in the concession BM-ES-21 (Malombe... Continue Reading →
Forbearance agreements entered into by offshore drilling contractor Seadrill Limited with certain creditors in respect of the group’s senior secured credit facility agreements have now expired. Seadrill said that the term of the forbearance agreements expired on 29 January 2021 and that the creditors with which forbearance agreements were entered into were no longer prevented... Continue Reading →
Even as the U.S. economy makes the switch over coming decades to renewable energy like wind and solar, the nation needs to ensure its fossil fuel industry stays healthy, a top U.S. central banker said on Friday. "The challenge for the country will be to transition, but it's going to also be critical for the... Continue Reading →
(Reuters) - Oil prices could rise to $65 a barrel by July amid a tight oil market and slow rebound in demand, Goldman Sachs said. The bank said in a note on Sunday data indicated a deficit of 2.3 million barrels per day (bpd) in the fourth quarter of 2020 driven by higher demand and... Continue Reading →
(Bloomberg) -- The chief executive officers of Exxon Mobil Corp. and Chevron Corp. spoke last year about combining the two largest U.S. oil companies, Dow Jones reported, citing people familiar with the talks. Chevron’s Mike Wirth and Exxon’s Darren Woods spoke as the Covid-19 outbreak hurt oil and gas demand, adding financial strain to both... Continue Reading →
U.S. oil major Chevron Corp swung to an $11 million fourth-quarter loss as low margins on fuel, acquisition costs and foreign currency effects overwhelmed improved drilling results. Oil companies are expected to benefit from a bounce-back in oil and gas prices after a one-two punch of falling demand and prices put the industry in a tailspin last year. But as... Continue Reading →
