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Finland’s Wartsila (WRT1V.HE) sees the second half of the year as ‘extremely challenging’, its chief executive said on Friday, after the engineering firm reported smaller-than-feared 51% drop in April-June profits. The ship technology and power plants maker said the effects of the pandemic on its 2020 numbers would be material and CEO Jaakko Eskola told... Continue Reading →
Brazil increased crude exports to Asia in the first half of the year, stealing a slice of a coveted developing market from global rivals who made record cuts to shipments to match the unprecedented fall in demand caused by the coronavirus pandemic. The rise reflects Brazil’s growing clout among global oil producers as its massive... Continue Reading →
U.S. oil major Chevron has agreed to buy with Noble Energy, in an all-stock transaction valued at $5 billion, or $10.38 per share. Based on Chevron’s closing price on July 17, 2020 and under the terms of the agreement, Noble Energy shareholders will receive 0.1191 shares of Chevron for each Noble Energy share. The total... Continue Reading →
Norwegian oil service providers Aker Solutions and Kvaerner, both controlled by Norwegian billionaire Kjell Inge Roekke, will merge to strengthen their base in the global energy industry, both companies said on Friday. Aker Solutions, which provides engineering services, and Kvaerner, which builds oil platforms, were hit when energy firms slashed spending as crude demand plunged... Continue Reading →
July 15, 2020 BOGOTA, Colombia--(BUSINESS WIRE)--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 June 30, 2020 (“2Q2020”). All figures are... Continue Reading →
Norwegian oil services firm Aker Solutions said on Wednesday the outlook has improved for the second half of the year with oil prices partly recovered from the lows in April and Norway offering tax incentives for the oil industry. Its full-year 2020 revenue, however, is still expected to fall by about a quarter year-on-year to... Continue Reading →
The offshore wind industry had by far its busiest half-year ever for final investment decisions in 1H 2020, surpassing the full-year figures from 2019, according to the latest report from research company BloombergNEF (BNEF). Offshore wind financings in 1H 2020 totaled $35 billion, up 319% year-on-year and even well above 2019’s record full-year figure (a... Continue Reading →
Jul 14, 2020 With a 'significantly reduced' risk of corruption, Petrobras is once again eligible to receive investments from KLP, Norway's largest pension fund, with a total equity of R$ 430 billion. In a statement, the fund noted that the company has significantly strengthened its governance in recent years, so that the risk of corruption... Continue Reading →
Norwegian oil firm Aker BP on Tuesday beat second-quarter pretax profit expectations helped by record output and a partial reversal of impairments from the previous quarter as oil prices rose. Pretax profit fell to $151 million from $249 million a year earlier but beat a forecast of $91.3 million in a Refinitiv poll of analysts,... Continue Reading →
July 13, 2020 The new coronavirus pandemic accelerated Petrobras' strategy of concentrating efforts on the pre-salt layer. The state-owned company, which had already been selling subsidiaries, announced plans in the last three months to reduce by 34% the number of employees (from 45,500 to 30,000), to close nine commercial buildings and leave half of the... Continue Reading →
