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Italian oil major Eni is expecting to report impairments of around 3.5 billion euros (cca. $3.96 billion) as a result of a lower outlook for energy prices. Eni said on Monday that it was cutting its forecasts for oil and gas prices, both in the short and long term. Continue reading
July 3, 2020 Equinor intends to keep its US $ 15 billion investment plan active in the country, despite the expectation of a reduction in oil prices for the long term. While combing through its entire portfolio of assets, to fit them with the new reality of the market, the Norwegian oil company ensures that... Continue Reading →
Exxon Mobil Corp’s (XOM.N) oil and gas producing and refining businesses will report operating losses in the second quarter, it said in a regulatory filing on Thursday, setting the stage for the company to post another quarterly loss this year. Oil prices are down 35% since January as the COVID-19 pandemic slashed demand and a... Continue Reading →
U.S. engineering and construction services company McDermott International has completed its restructuring process by shedding nearly all of the company’s $4.6 billion of funded debt. McDermott said on Tuesday that it emerges from bankruptcy with $2.4 billion in letter of credit capacity and $544 million of funded debt. Continue reading
July 1, 2020 SBM Offshore is pleased to announce the closure of a US$600 million bridge loan facility for the financing of the construction of FPSO Sepetiba. The facility was secured by the special purpose company owning FPSO Sepetiba and was agreed with a consortium of four international banks. SBM Offshore is majority owner of... Continue Reading →
Royal Dutch Shell (RDSa.L) said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook. The Anglo-Dutch company has already been preparing a major overhaul after CEO Ben van Beurden laid out plans in April to reduce Shell’s... Continue Reading →
PGS and ION Geophysical have announced an agreement to collaborate globally on 2D exploration data. Both companies have multiclient data libraries that together cover all the significant hydrocarbon provinces around the world. Continue reading
Political risk is again emerging as a major source of market instability in Brazil, as a series of setbacks for President Jair Bolsonaro sucks the life out of a broad-based recovery that had appeared to be gathering momentum following March’s market crash. Brazil’s status as the world’s No. 2 COVID-19 hot spot, Bolsonaro’s mishandling of... Continue Reading →
June 29, 2020 Petróleo Brasileiro S.A. - Petrobras informs that the Board of Directors of its wholly-owned subsidiary Petrobras Transporte S.A. (Transpetro), approved the creation of a Voluntary Severance Program (PDV), exclusive to its employees. The PDV is an important staff management tool, being yet another measure focused on cost reduction, in order to strengthen... Continue Reading →
June 26, 2020 Petróleo Brasileiro S.A. – Petrobras announces that, following up to the release disclosed on July 25, 2019, it has received R$ 265 million related to the second installment of the leniency agreement executed by Technip Brasil and Flexibras (companies of the Technip Group). This payment arises from the damages suffered by Petrobras’... Continue Reading →
Brazil Energy Insight 