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March 30, 2020 Investment cut leads large companies, such as Schlumberger and TechnipFMC, to reduce expenses and postpone projects The fall in the price of oil in recent weeks has led to a wave of investment cuts by global oil companies and, little by little, this movement begins to affect the chain of suppliers of... Continue Reading →
Brazil’s central bank could soon be forced to fire up the money printing presses if the coronavirus-fueled recession facing Latin America’s largest economy is as devastating as some economists fear. Hopes for any growth this year have all but evaporated. Many observers expect Brazil’s $1.8 trillion economy to post its first annual contraction since 2016.... Continue Reading →
Kongsberg Maritime has completed the sale of its US-based underwater technology company Hydroid to Huntington Ingalls Industries (HII). The two companies entered into $350-million sale and purchase agreement in February this year. Back in 2007, Kongsberg Maritime acquired Hydroid for $80 million. In connection with the transaction, Kongsberg Maritime and HII have entered into a... Continue Reading →
Brazilian oil company Petrobras on Thursday said it was dialing back short-term production, delaying a dividend payment and trimming its 2020 investment plan, among other measures aimed at reducing costs in the face of the coronavirus pandemic. In a securities filing, Petroleo Brasileiro SA, as the state-run firm is formally known, said it was reducing... Continue Reading →
Italian oil and gas company Eni has decided to reduce its capex and opex for this year and the next as a result of the coronavirus pandemic and the oil price war. The reductions are mainly related to Eni’s Upstream activities. Last week, Eni said that, due to the recent market developments, the spread of the... Continue Reading →
March 26, 2020 Petróleo Brasileiro S.A – Petrobras informs that its Board of Directors, in a meeting held yesterday, approved the change in the date of payment of the remaining remuneration to the shareholders in the form of dividends for the year 2019, which was subject to the resolution of the Annual General Meeting, from... Continue Reading →
China's national offshore energy producer CNOOC Ltd reported a 15.9% rise in 2019 profit on Wednesday, its best performance in five years thanks to higher oil and gas output and persistent cost control. CNOOC, one of the industry's lowest-cost explorers and producers, had planned to lift capital spending this year to its highest level since... Continue Reading →
Schlumberger, the world's largest oilfield services company, on Tuesday said it would cut spending by 30% this year from last year's levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war. The company expects a rapid reduction in active drilling and hydraulic fracturing activity, estimating the number of rigs... Continue Reading →
Norwegian oil and gas major Equinor has revealed an action plan to battle the impacts of the coronavirus and low commodity prices under which it will reduce its spending for 2020 by $3 billion. Equinor said on Wednesday that it could be organic cash flow neutral before capital distribution in 2020 with an average oil... Continue Reading →
Oil and gas major Chevron has made a decision to reduce its 2020 capital spending plan by $4 billion thereby joining many of its peers in drastic measures to mitigate the negative effects of the coronavirus pandemic and the recent plunge in oil prices. Apache, Murphy Oil, ExxonMobil, ConocoPhillips, Noble Energy, Shell, Aker BP, Husky Energy, Total, and Lundin are only some of the operators... Continue Reading →
Brazil Energy Insight 