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Brazil’s real rose for the fifth day in a row on Tuesday, sealing its longest winning streak against the dollar this year as buoyant global markets and ebbing of domestic political tensions added fuel to the rally. The real’s near 2% jump brought its gains since the start of last week to around 10%, and... Continue Reading →
Prosafe, a provider of offshore accommodation rigs, sank deeper into the red in the first quarter of 2020 due to impairment charges resulting from the oil price collapse and the coronavirus pandemic. According to its report on Tuesday, Prosafe’s operating revenues in 1Q 2020 were $25 million compared to $67.3 million in the same period... Continue Reading →
Guyana received $4.9 million in royalty payments for oil production at the offshore Stabroek block in the first quarter, the finance ministry said on Monday, a period that included the South American country's first crude exports. The crude produced by an Exxon Mobil Corp-led consortium at the Stabroek's Liza field was priced for the purposes... Continue Reading →
Malaysian state oil firm Petronas posted a 68% slump in first-quarter profit on Friday and said it would cut capital expenditure and operating expenses as it braces for a big hit to its full-year performance due to the coronavirus pandemic. Petronas pointed to "unprecedented" market conditions resulting from a combination of severe demand destruction from... Continue Reading →
Oilfield services provider Halliburton has decided to cut its dividend amid uncertainties related to the duration of the market downturn. Halliburton said on Wednesday that its board of directors had declared a 2020 second-quarter dividend of four and one-half cents ($0.045) a share on the company’s common stock payable on 24 June 2020, to shareholders... Continue Reading →
Oilfield services and equipment provider National Oilwell Varco said Wednesday that its Board of Directors elected to suspend the quarterly dividend until further notice. Clay Williams, Chairman, President, and CEO said: "With the view that capital is becoming increasingly scarce and valuable within our industry, we believe that it is in the best long-term interest... Continue Reading →
German oil and gas company Wintershall Dea reported a sharp drop in earnings in the first quarter of 2020, prompting it to cut costs and reduce oil and gas exploration. Production amounted to 626,000 barrel of oil equivalent per day (mboe/d) in Jan-March, unchanged from the same 2019 period, the company said in a statement... Continue Reading →
Norwegian oil company Equinor has raised 1.75 billion euros ($1.9 billion) in the bond market, it said on Monday, in its latest push to secure long-term funding at a time of weak crude prices. The issue of a six-year 750 million euro bond and a 12-year 1 billion euro bond follow last month's $5 billion... Continue Reading →
May 15, 2020 Petrobras is well prepared to operate with oil prices as low as $ 15 a barrel, after putting in place several measures to deal with the sector's global crisis scenario, and may make further cost cuts, the company executive director of Finance and Investor Relations, Andrea Almeida, said on Friday. In view... Continue Reading →
May 15, 2020 At the press conference given by Petrobras management, the company's president, Roberto Castello Branco, made a point of stressing the change in the name of the Rio de Janeiro Petrochemical Complex (Comperj), which he refers to as a “graveyard of corruption”. In an attempt to erase the past of scandals involving the... Continue Reading →
Brazil Energy Insight 