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Ill-timed bets on rising demand have Exxon Mobil Corp facing a shortfall of about $48 billion through 2021, according to a Reuters tally and Wall Street estimates, a situation that will require the top U.S. oil company to make deep cuts to its staff and projects. Wall Street investors are even starting to worry about... Continue Reading →
3R Petroleum registered with the CVM the IPO request for shares on the Brazilian stock exchange. The objective is to raise funds for new acquisitions of oil fields in Brazil and to sustain investments in the revitalization of assets. Starboard, with a stake in the private equity fund Apollo, holds 52.3% of the capital of... Continue Reading →
As major oil companies prepare to spend billions on renewable energy assets to stay relevant in a low-carbon future, the industry’s patchy track record on takeovers is a red flag for some investors. Ten years ago, the world’s top energy companies were spending billions of dollars on major oil and gas assets and costly drilling... Continue Reading →
At a time when oil production is at historic lows, lenders who want Mexican oil giant Pemex to adapt to climate change are struggling to be heard. Big oil companies such as BP (BP.L), Royal Dutch Shell (RDSa.L) and Repsol (REP.MC) have begun to build strategies to cut the carbon they emit. But state-owned Petroleos... Continue Reading →
Offshore drilling rig contractor Seadrill said on Monday it has proposed to creditors to turn over its stakes in oil services firms Archer and Seadrill Seabras to redeem its outstanding secured notes. The company controlled by Norwegian-born billionaire John Fredriksen has been in talks with creditors since the end of last year over new debt... Continue Reading →
Norwegian oil services investment firm Akastor will take full ownership of DOF Deepwater, a joint venture with company DOF, as part of the debt restructuring agreement with the JV's lenders. DOF Deepwater operates five mid-sized AHTS vessels As part of an agreement with DOF Deepwater lenders on a restructuring of its debt that secures continued... Continue Reading →
August 27, 2020 Petro Rio S.A. (“Company” or “PetroRio”) hereby informs its shareholders and the market in general, in compliance with CVM Instruction No. 358, of January 3, 2002, that, on this date, a meeting of the Company’s Board of Directors (“RCA”) was held, at which the following was approved: (i) The ratification of the... Continue Reading →
Shareholders of Sembcorp Marine and Sembcorp Industries (parent company of Sembcorp Marine) have approved the proposed Sembcorp Marine Renounceable Underwritten S$2.1 billion Rights Issue and Demerger from Sembcorp Industries at the companies’ respective Extraordinary General Meetings on Tuesday. Continue reading
August 26, 2020 Petróleo Brasileiro S.A. – Petrobras, in continuity to the notices to the market released on July 21 and July 29, 2020, hereby announces that a judicial decision was issued today in favor of the Company, determining the immediate suspension of the arbitration proceeding filed by Fundação Petrobras de Seguridade Pessoal (Petros) and... Continue Reading →
August 25, 2020 Petróleo Brasileiro S.A. – Petrobras, following up on the releases dated 07/27/2020 and 03/20/2020, informs that it made today the partial pre-payment of its revolving credit lines, in the amount of US$ 2.1 billion. With this prepayment, the company currently has available US$ 5.6 billion for new withdrawals on the revolving credit... Continue Reading →
Brazil Energy Insight 