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Following the publication of the upstream industry’s first quarter results, a Rystad Energy analysis reveals a gloomier investment-budget picture than previously thought. Global spending is now forecasted to reach $383 billion this year, the lowest level in 15 years and a staggering 29 per cent decrease of $156 billion compared to 2019, according to Rystad’s... Continue Reading →
Bahamas Petroleum Company, an oil firm with assets in the Bahamas, and as of recently offshore Uruguay, is set to merge with Trinidad-focused Columbus Energy Resources. The boards of directors of the two companies on Thursday said they had reached agreement on the terms of a recommended all-share merger by way of a share for... Continue Reading →
Mexico’s state oil giant is suspending contracts with service providers and suppliers, triggering thousands of job losses, people with direct knowledge of the situation said. Over the past several weeks, Pemex has suspended contracts with at least eight local and international oil-service providers and suppliers to cut spending, said the people, who asked not to... Continue Reading →
BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney’s plan to shift the oil and gas major to renewable energy, it said on Monday. Looney told employees in a global online call that the London-based company will cut 10,000 jobs from the... Continue Reading →
Norwegian seismic player PGS said Monday it would reduce office-based personnel count by approximately 40%, including reductions already implemented, to address the lower market activity and to cut costs. The company said its plan is to bring annual gross cash cost run-rate to approximately $400 million through staff reductions, reorganization, consolidation of offices, re-negotiation of... Continue Reading →
Ithaca Acquisition Holdings reported Tuesday that it has completed its acquisition of the former pipe fabrication assets of The Shaw Group from McDermott International, Inc. “We saw this as a great opportunity to partner with an experienced investor group to acquire the former Shaw Group pipe fabrication portfolio and bring these assets back to the... Continue Reading →
A Brazil-based wholly-owned subsidiary of Singapore’s offshore rig builder Sembcorp Marine (SembMarine) has entered into a revolving facility agreement for up to $500 million with Standard Chartered Bank. SembMarine said on Friday that the subsidiary in question was Estaleiro Jurong Aracruz (EJA). According to the company, the facility agreement will be guaranteed by SembMarine. Continue... Continue Reading →
Jun 4, 2020 Two views on Petrobras' 1Q2020 results and the R $ 65.3 billion impairment that led to the historic loss of R $ 48.5 billion. - "The amplitude of the estimated volume of recoverable value of Petrobras' assets can also be used as a technical / political instrument to reinforce the strategies defined... Continue Reading →
June 03, 2020, Petróleo Brasileiro S.A. - Petrobras announces that today it concluded the offering of two series of Global Notes in the international capital market in the amount of US$ 3.25 billion, with US$ 1.5 billion from the issuance of the 2031 new notes and US$1.75 billion from the issuance of the 2050 new... Continue Reading →
Brazil’s real extended its rally in dramatic fashion on Tuesday, taking advantage of improving global market sentiment and demand for riskier assets to chalk up its biggest rise against the dollar in two years. The real was one of the worst-performing currencies in the world this year as markets tanked and the global economic and... Continue Reading →
Brazil Energy Insight 