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Political risk is again emerging as a major source of market instability in Brazil, as a series of setbacks for President Jair Bolsonaro sucks the life out of a broad-based recovery that had appeared to be gathering momentum following March’s market crash. Brazil’s status as the world’s No. 2 COVID-19 hot spot, Bolsonaro’s mishandling of... Continue Reading →
June 29, 2020 Petróleo Brasileiro S.A. - Petrobras informs that the Board of Directors of its wholly-owned subsidiary Petrobras Transporte S.A. (Transpetro), approved the creation of a Voluntary Severance Program (PDV), exclusive to its employees. The PDV is an important staff management tool, being yet another measure focused on cost reduction, in order to strengthen... Continue Reading →
June 26, 2020 Petróleo Brasileiro S.A. – Petrobras announces that, following up to the release disclosed on July 25, 2019, it has received R$ 265 million related to the second installment of the leniency agreement executed by Technip Brasil and Flexibras (companies of the Technip Group). This payment arises from the damages suffered by Petrobras’... Continue Reading →
Norway’s recent tax relief package for the oil and gas industry is expected to cut breakeven prices by 40 per cent, thereby boosting the country’s rig demand while the UK’s plunges, according to Rystad Energy. A Rystad Energy assessment of the temporary tax relief package for the petroleum industry that Norway recently approved reveals that... Continue Reading →
Occidental Petroleum Corp will write down the value of its oil and gas properties by up to $9 billion this quarter and restructure some debts to avoid a possible default, the company said on Thursday. The U.S. oil producer is trying to shed nearly $40 billion in debt from its purchase of rival Anadarko Petroleum... Continue Reading →
Argentinian energy company YPF has sent a force majeure notice to Belgium shipowner Exmar, saying it is unable to pay for the charter of the Tango FLNG unit due to the effect of the coronavirus pandemic. According to Exmar, YPF claims that effects of the coronavirus pandemic both worldwide and in Argentina have hindered YPF's... Continue Reading →
Jun 24, 2020 Dommo Energia posted a negative result of R $ 397.5 million during the first quarter of this year. The loss was 874% greater compared to the same period in 2019. According to the company, the losses were increased by factors such as the incidence of PIS / Cofins on financial results (R... Continue Reading →
The US District Court of Texas has rejected a $250 million damage claim filed by Petrobras America against South Korean shipbuilder Samsung Heavy Industries (SHI). Samsung Heavy said on Monday in a stock exchange filing that the damage claim was submitted back in March 2019. Continue reading
The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms. A collapse of the offshore industry will have broad impact. Drillers and their suppliers have... Continue Reading →
Offshore seismic services provider Polarcus is reducing its headcount further by 20 percent, the company said Monday, citing the market uncertainty and bleak near-term outlook caused by low oil prices and COVID-19. Oslo-listed Polarcus had on March 31 announced cost-cutting measures which were planned to save it $15 million in 2020. These included reductions in headcount and employees' salaries and... Continue Reading →
