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Seismic surveyor TGS, a supplier of geological data to the global oil industry, on Thursday said it had made an unsolicited cash offer of $600 million for a key part of rival PGS. If successful, the offer to buy PGS's so-called multi-client library would significantly broaden TGS's worldwide geophysical data offering, the company said. Continue... Continue Reading →
Hefty financial losses and a depressed oil market fail to sway Brazilian NOC from pursuing ambitious upstream strategy The first half of the year was dire for Brazilian state oil firm Petrobras. The producer posted a combined $10.1bn loss, driven mainly by the oil price shock of Covid-19, currency devaluation and $13bn in impairment charges.... Continue Reading →
Offshore drilling contractor Vantage Drilling reported a net loss attributable to controlling interest of approximately $31.9 million for the second quarter of 2020. For comparison, Vantage Drilling's 2Q income last year was $590 million, however, this result was mainly due to Vantage receiving around $700 million from Petrobras as part of an arbitration award over... Continue Reading →
The proposed all-stock merger between Bahamas Petroleum Company and Columbus Energy Resources was sanctioned by the court on Wednesday, paving way for the merger execution. Bahamas Petroleum Company, an oil firm with exploration assets in the Bahamas, and as of recently offshore Uruguay, and Trinidad-focused oil and gas production Columbus Energy Resources first announced intention to merge in... Continue Reading →
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil, Chile and Ecuador reports its consolidated financial results for the three-month period ended June 30, 2020 (“Second Quarter” or “2Q2020”). A conference call to discuss... Continue Reading →
On target despite global disruption August 6, 2020 Highlights Effective response to COVID-19 and oil price crises Successfully maintaining focus on health and safety of staff and business continuity Adapting the organization to ensure flexibility, performance and competitiveness Financial results in line with expectation 2020 Directional1 EBITDA guidance increased from “around” to “above” US$900 million... Continue Reading →
Aug 4, 2020 (Reuters) - Brazilian oil exports more than doubled in July to 8.19 million tonnes, compared to 3.76 million tonnes shipped a year earlier, according to data from the federal government released on Monday, following the exchange rate and firm demand from China. The volume was the second highest in 2020, behind only... Continue Reading →
Blame Covid-19, the oil price or both in equal measures. Either way, the offshore rig industry will need to adapt. Just last week during Saipem’s quarterly results presentation, CEO, Stefano Cao, was asked an interesting question that appears to be at the forefront of many minds in the oil and gas industry just now. Cao was... Continue Reading →
August 03, 2020 Petro Rio S.A. (“Company” or “PetroRio”) (B3: PRIO3) announces its 2Q20 earnings. Highlights for the Quarter Message from Management “In one of the most challenging and unprecedented quarters in the oil and gas industry’s history, PetroRio has had the opportunity to establish itself as one of the most resilient companies in its... Continue Reading →
BP (BP.L) cut its dividend for the first time in a decade after a record $6.7 billion second-quarter loss, when the coronavirus crisis hammered fuel demand, and it sought to win over investors by speeding up its reinvention as a lower carbon company. Its shares rose more than 7% on Tuesday after BP unveiled earlier... Continue Reading →
Brazil Energy Insight 