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Oil services company TechnipFMC said on Wednesday it would slash the salaries of executives and retainers paid to company directors by 30%, after cutting its dividend by 75% in search of savings to cushion the impact of the novel coronavirus outbreak. The Franco-American firm, whose clients include major companies in the oil and gas sector,... Continue Reading →
Brazil’s real fell on Wednesday to a fresh all-time low close to 5.40 per dollar, as expectations intensified that the central bank will cut interest rates significantly in the coming weeks to combat the coronavirus-fueled economic crisis. The currency far underperformed its regional and emerging market peers on Wednesday, sliding more than 1% on the... Continue Reading →
Already grappling with one of Brazil’s most severe outbreaks of the novel coronavirus and a budget deep in the red, Rio de Janeiro state faces a potential threat to its solvency at the hands of investment giants PIMCO and Dodge & Cox. The U.S. asset managers have the right to a 2.5 billion real ($470... Continue Reading →
Oilfield firm Baker Hughes Co reported a $10 billion loss and lower-than-expected revenue in the first quarter on Wednesday as an 80% plunge in oil prices crushed demand for services and equipment. Oil futures this week turned negative for the first time in history as fuel demand collapsed from the spread of the novel coronavirus... Continue Reading →
Offshore oil driller Valaris PLC is preparing to start talks with creditors to see if they can agree on terms for a possible bankruptcy filing, as it grapples with a $6.5 billion debt burden and an unprecedented plunge in U.S. crude prices, people familiar with the matter said on Tuesday. Reuters reported last month that... Continue Reading →
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil, Chile and Ecuador, today announced its operational update for the three-month period ended March 31, 2020 (“1Q2020”). All figures are expressed in US Dollars and... Continue Reading →
Tokyo, April 21, 2020 MODEC, Inc. ("MODEC") is pleased to announce that a US$ 1.1 billion project bond, issued by an affiliate of MODEC in August 2019, has been awarded "Marine Money Offshore Deal of the Year 2019" in the Innovation category. This issuance by MV24 Capital B.V., an affiliate of MODEC, was for the... Continue Reading →
Seismic industry will suffer the most as a result of the Covid-19 pandemic and the low oil price. According to Rystad Energy, 2020 revenues could fall between 51 per cent and 77 per cent. Exploration spending could drop by more than 20 per cent from its 2019 levels. The hardest-hit area will be the acquisition... Continue Reading →
U.S. oilfield services giant Halliburton (HAL.N) on Monday reported a $1 billion first-quarter loss on charges and warned that bleak conditions in the U.S. shale patch would depress its results for the rest of the year. Oil prices have collapsed 80% since January to levels well below many shale drillers’ cost of production, resulting in... Continue Reading →
Apr 20, 2020 Petrobras has adopted emergency and temporary measures that have as a priority to preserve jobs and the company's sustainability in what is the worst crisis in the oil industry in a hundred years. There have not been and will not be dismissals of Petrobras employees. The measures to temporarily reduce personnel expenses... Continue Reading →
Brazil Energy Insight 