Tullow Oil said on Wednesday it was set to book $1.4-1.7 billion in impairments before tax in its half-year results, as it follows larger rivals in lowering its oil price forecasts. Tullow, which had a market capitalization of around $508 million after markets closed on Tuesday, had $3 billion in net debt and untapped liquidity... Continue Reading →
Galp plans farm-outs in the Potiguar Basin
July 28, 2020 Galp has revised its portfolio in the Potiguar Basin and plans to exit “some licenses”, declared the oil company's operations director, Thore Kristiansen, in a conference with investors on Monday (27/7). According to the executive, most of the operating impairments recognized in the quarter, of € 93 million, correspond to assets in... Continue Reading →
Schlumberger cuts 21,000 jobs after ‘the most challenging quarter in past decades’
Giant oilfield services provider Schlumberger is cutting around 21,000 jobs as a response to one of the most challenging quarters in over a decade affected by the coronavirus pandemic and the oil price crisis. In its quarterly report released last Friday, Schlumberger said it would pay over $1 billion in severance to the 21,000 employees... Continue Reading →
Petrobras on Revolving Credit Lines
July 27, 2020 Petróleo Brasileiro S.A. – Petrobras, following up on the press release on 03/20/2020, informs that, as of today, it has made the partial prepayment of its Revolving Credit Lines, in the amount of US$ 3.5 billion. These resources will be available for new withdrawals, if necessary. “The US$ 8 billion withdrawal of... Continue Reading →
DECOMMISSIONING PLATFORMS ESTIMATED INVESTMENTS OF R $ 5.5 BILLION – ANP
Jul 27, 2020 The National Petroleum Agency (ANP) launched this Monday (27) a new dynamic panel with information on decommissioning of facilities in Brazil. For this year, the tool has an estimated investment of R $ 5.5 billion in activities to deactivate oil and gas fields in the country. Most of these resources will... Continue Reading →
Charges and revenue drop drag Schlumberger into the red
Oilfield services major Schlumberger recognised a $3.34 billion loss in the second quarter on $3.7 billion charge and revenue drop of some 35 per cent. The loss of $2.47 per share compares with profit of 35 cents per share same time last year. Continue reading
PETRORIO 2Q20 EARNINGS RELEASE AND CONFERENCE CALL SCHEDULE
2Q20 EARNINGS RELEASE AND CONFERENCE CALL SCHEDULE Rio de Janeiro, July 23, 2020 – Petro Rio S.A. [B3: PRIO3] announces 2Q20 Earnings Release Conference Call schedule: 2Q20 EARNINGS RELEASE August 03, 2020 (after market hours) All information will be available on our website (ri.petroriosa.com.br/en/) CONFERENCE CALL WILL BE HELD IN PORTUGUESE WITH SIMULTANEOUS TRANSLATION... Continue Reading →
Global Oil & Gas FIDs Set for Massive Drop in 2020
Global oil and gas project sanctioning is set for a monstrous 75% plus drop in 2020 from 2019 levels, as the Covid-19 pandemic has led to massive E&P spending cuts, the energy intelligence company Rystad Energy has estimated. According to Rystad Energy, the total sanctioning value will end up at around $47 billion, an amount... Continue Reading →
Equinor sees red as low oil price and Covid-19 halve 2Q revenues
Norwegian oil and gas giant Equinor sank to the red in the second quarter of the year as its revenues were halved amid Covid-19 pandemic and low oil prices. Equinor on Friday reports adjusted earnings of $0.35 billion, down from $3.15 billion in the same period in 2019 Adjusted earnings after tax were $0.65 billion... Continue Reading →
EMGS loss widens on halved revenues
Norwegian geophysical services company EMGS has seen its second-quarter loss widened as revenues slipped almost 50 per cent The Oslo-listed firm booked Q2 2020 loss of $6.6 million or 5 cents, versus loss of $2 million in Q2 2019. Revenues for the quarter fell at $7.5 million from $14.5 million same time last year. Continue... Continue Reading →
