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Offshore oil driller Valaris PLC is exploring debt restructuring options as it grapples with a rig accident and a broader collapse in energy prices, people familiar with the matter said on Friday. Valaris has tapped debt restructuring attorneys at law firm Kirkland & Ellis LLP for advice on ways to rework its roughly $6.5 billion... Continue Reading →
In response to the current market environment, oil major Shell has decided to reduce its operating costs by up to $4 billion in 2020 and to cut its capital expenditure from $25 billion to $20 billion. As the COVID-19 virus spreads across the world – seriously impacting people’s health, the way of life and global... Continue Reading →
In an effort to alleviate the concequences of the recent oil price plunge, French oil major Total has revealed its plan to reduce the capex for 2020 by more than $3 billion and save about $800 million in operating costs compared to 2019. Total will also suspend its buyback program. Patrick Pouyanné, Chairman & CEO... Continue Reading →
March 20, 2020 Petrobras has requested the banks the disbursement of its revolving credit lines, in the amount of around US$ 8 billion. The disbursement is consistent with the strategy of strengthening the company's liquidity in order to protect itself within the current crisis scenario, due to the COVID-19 (coronavirus) pandemic and the oil prices... Continue Reading →
GENERAL SHAREHOLDERS' MEETING CALL NOTICE The Board of Directors of Petróleo Brasileiro SA - Petrobras convenes the Company's shareholders to meet at General Shareholders' Meeting on April 22, 2020, at 3:00 p.m., in the auditorium of the Headquarters Building, Avenida República do Chile 65, 1st floor, in the city of Rio de Janeiro (RJ),... Continue Reading →
Mar 19, 2020 (Reuters) - Brazil’s central bank said on Thursday that the $60 billion foreign exchange swap line facility provided by the U.S. Federal Reserve does not imply any economic policy conditionality. In a statement, Brazil’s central bank said the facility will be used to increase the provision of dollar liquidity where necessary, and... Continue Reading →
Brazil cut its benchmark interest rate by half a point to a record low in a bid to mitigate the effects of the coronavirus pandemic that’s likely to push Latin America’s largest economy into recession. The central bank’s board, led by its President Roberto Campos Neto, on Wednesday lowered the Selic to 3.75%, as forecast... Continue Reading →
Oil and gas company BW Energy, with assets in Gabon and Brazil, has decided to cut down its planned Gabon investments by 50 percent, citing coronavirus outbreak, oil price uncertainty, and restriction on international travel. "The impact of international travel restrictions is limiting the Company’s ability to move essential personnel, subcontractors and equipment to and... Continue Reading →
BP can slash its spending by 20% this year as the oil market goes into freefall, with some U.S. operations likely to get less investment. The London-based oil major’s shares have fallen more than 30% since the OPEC+ alliance broke down after a showdown between Saudi Arabia and Russia, triggering a price war as the... Continue Reading →
Hess on Tuesday announced a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3 billion. The company also announced a new $1 billion three-year term loan agreement. These actions further strengthen the company’s cash position and financial liquidity in response to the sharp decline in... Continue Reading →
Brazil Energy Insight 