Spanish oil and gas firm Repsol posted a quarterly net loss and wrote down $1.5 billion in assets on Thursday as it revised down unusually high expectations for oil and gas prices over the next 30 years. The demand-sapping COVID-19 crisis has piled pressure on a sector already battered by oil prices dragged down by... Continue Reading →
Struggling Oilfied Services Firms May Find Some Respite in Renewables Markets
Some oilfield services providers struggling to find work due to the oil industry downturn might replace some of the revenue by providing services in the renewable energy markets. For those in the SURF, maintenance, construction, and installation segments, the opportunities are especially ample, Norway-based energy intelligence firm Rystad Energy said. "Hit by the Covid-19 downturn,... Continue Reading →
Petrobras approves dividends payment
July 22, 2020 Petróleo Brasileiro S.A. – Petrobras informs that, in a meeting held today, the Annual General Meeting approved dividends to shareholders in the amount of R$ 1.7 billion for common shares (R$ 0.233649 per share) and R$ 2.5 million for preferred shares (R$ 0.000449 per share) outstanding, based on the 2019 annual result.... Continue Reading →
Polarcus’ 2Q Revenue Hit by Contract Cancellations, Lower Rates
Marine seismic contractor Polarcus saw its second-quarter revenue fall due to contract cancellations and lower dayrates caused by the slump in oil prices and the oil companies' exploration budget cuts that followed. During the quarter, the company saw its vessel utilization drop to 50%, compared to 72% in Q2 2019. Backlog was approximately USD 141... Continue Reading →
Baker Hughes Posts Q2 Loss as Oil Slump Hits Demand
Baker Hughes Co posted its second consecutive quarterly loss on Wednesday and said it would rein in costs as it prepares for a longer period of volatility in oil prices that has crushed demand for its oilfield services. Oil producers halted drilling new wells and drastically cut their budgets following a collapse in crude oil... Continue Reading →
Petrobras Highlights on production and sales in 2Q20
July 21st, 2020 In a challenging context, we presented solid operational performance in 2Q20. The preventive measures against COVID-19 demanded a reduction in the number of shifts in our operations, in which we have been working with 50% of the regular staff. In view of this new scenario for the oil and gas industry, we... Continue Reading →
OPTION FOR DEEP WATER EXPLORATION MAY HAVE BEEN THE REASON FOR CANCELLATION OF DRILLING RIGS TENDER
Jul 21, 2020 Since December, Petrobrás had been receiving bid proposals for the chartering of drill rigs for water depths up to 700 meters. But, after a few postponements, the company decided to cancel the tender, leaving a the companies that worked in the bids and invested funds to prepare the proposals frustrated and at... Continue Reading →
Petrobras on VAT tax (ICMS) in PIS/COFINS calculation basis
July 21, 2020 Petróleo Brasileiro S.A. - Petrobras informs that it has obtained a favorable and final decision from the Federal Regional Court of the 2nd Region in process that seeks to recover the PIS and COFINS contributions overpaid due to the inclusion of VAT tax (ICMS) in the calculation basis from October 2001 onwards.... Continue Reading →
Finland’s Wartsila sees challenging H2, shares drop
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 boosts oil exports to Asia as global rivals make record cuts
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 →
