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U.S. oil major ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases. The oil price war and the sudden and sharp decline in oil prices as well as the global outbreak of the coronavirus have pushed oil and gas operators to reconsider... Continue Reading →
Mar 16, 2020 The price war between Saudis and Russians in the oil market and the slowdown in the global economy due to the coronavirus generate uncertainties about Petrobras' achievement of its debt reduction targets in 2020, the state company's president told CNN Brasil. The company had as a goal to reach the leverage measured... Continue Reading →
Oilfield services provider TechnipFMC has been forced to put off its planned separation into two independent entities amid challenging market conditions which have emerged recently, including the coronavirus outbreak, the sharp decline in oil prices, and the volatility in global equity markets. TechnipFMC announced its plan to separate into two independent, publicly-traded companies – TechnipFMC and Technip... Continue Reading →
In response to the current global macroeconomic and commodity outlook, the U.S.-based oil and gas company Noble Energy has announced its decision to reduce its 2020 expenditure guidance by $550 million. With this decision to cut its spending budget for 2020 as a result of oil market volatility, Noble Energy has joined its peers Apache and Murphy Oil.... Continue Reading →
The U.S. Bankruptcy Court for the Southern District of Texas has confirmed McDermott’s plan of reorganization and approved the sale of Lummus Technology to a joint partnership between The Chatterjee Group and Rhône Capital. McDermott filed for Chapter 11 bankruptcy in late January 2020 to eliminate $4.6 billion of debt. The company announced the confirmation of... Continue Reading →
Mar 12, 2020 Enauta registered the mark of 10 million barrels of oil produced by the Atlanta Field, which positioned the company as the 6th largest oil and gas producer in Brazil at the end of 2019, according to data from the ANP. Such numbers solidify the Consortium's decision to continue with the development of... Continue Reading →
Brazilian markets fell sharply on Wednesday, as stocks closed 8.5% lower and the real slid back toward its all-time low against the dollar after the World Health Organization declared the coronavirus outbreak a global pandemic. Reflecting the scale of investors’ risk aversion, longer term market-based interest rates surged, implying the central bank will eventually be... Continue Reading →
March 10, 2020 Petróleo Brasileiro S.A. - Petrobras reports that its Board of Directors deliberated on the New Deficit Equation Plan (New Plan) of the Renegotiated and Non-Renegotiated Petrobras System Petros plans (PPSP-R and PPSP-NR), managed by Petrobras Social Security Foundation - Petros and in compliance with CNPC Resolution No. 30/2018. The New Plan aims... Continue Reading →
Brazilian stocks plunged more than 12% on Monday to record their biggest fall since 1998 and the central bank intervened twice in the currency market as the real slumped to another record low, in a day of widespread fear and selling across global markets. The benchmark Bovespa index's 12.3% decline .BVSP was its biggest one-day fall since... Continue Reading →
Brazil’s currency is weakening so quickly the central bank may soon be forced to set aside its free-market principles and sell dollar reserves to halt the slide. Market volatility is rising, by some measures back to where it was when the central bank last sold foreign exchange reserves in November, and some analysts say the... Continue Reading →
Brazil Energy Insight 