Brought to you by Quest Offshore & Southern Cone Consultants
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 →
July 31, 2020 Petrobras plans to reach 2030 with at least 12 platform vessels in the Buzios field, its crown jewel in the Campos Basin pre-salt. Currently, the area has four units under production, one under construction, three under contract and another four under study. With these new units, the goal of the state-owned company... Continue Reading →
Regardless of the recent loan forbearance agreement extension expiring, Prosafe is still in discussions with lenders to find a long-term financial solution which would stabilize operations. Namely, Prosafe agreed on a forbearance agreement for $1.3 billion and $288 million facilities earlier this year. As part of this, the company was allowed to defer making payments... Continue Reading →
Oil major ExxonMobil reported a back-to-back quarterly loss for the first time in over three and a half decades. ExxonMobil last Friday posted an estimated second-quarter 2020 loss of $1.1 billion compared with earnings of over $3.1 billion in the same quarter last year. Results included a positive non-cash inventory valuation adjustment from rising commodity... Continue Reading →
Noble Corp., the offshore drilling contractor, filed for bankruptcy after the crash in crude prices made subsea wells too expensive to compete. The Chapter 11 filing in Texas envisions eliminating all of the company’s borrowings -- more than $3.4 billion -- by swapping debt for equity, the company said in a statement. Bondholders have agreed... Continue Reading →
Brazilian state-run oil firm Petroleo Brasileiro SA (PETR4.SA) on Thursday posted a loss of 2.7 billion reais ($524 million) in the second quarter, hurt by tumbling oil prices despite record export volumes to China. The result, down from a record quarterly profit of 18.9 billion reais a year ago, came as the company pursued an... Continue Reading →
Chevron Corp (CVX.N) on Friday reported an $8.3 billion loss on asset writedowns from plummeting fuel prices, a forced exit from Venezuela and expenses tied to thousands of jobs cuts. Multibillion-dollar asset writedowns have become a prominent part of second-quarter energy results, as a global oil glut emerged as the COVID-19 pandemic cut fuel demand.... Continue Reading →
