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German oil and gas company Wintershall Dea reported a sharp drop in earnings in the first quarter of 2020, prompting it to cut costs and reduce oil and gas exploration. Production amounted to 626,000 barrel of oil equivalent per day (mboe/d) in Jan-March, unchanged from the same 2019 period, the company said in a statement... Continue Reading →
Norwegian oil company Equinor has raised 1.75 billion euros ($1.9 billion) in the bond market, it said on Monday, in its latest push to secure long-term funding at a time of weak crude prices. The issue of a six-year 750 million euro bond and a 12-year 1 billion euro bond follow last month's $5 billion... Continue Reading →
May 15, 2020 Petrobras is well prepared to operate with oil prices as low as $ 15 a barrel, after putting in place several measures to deal with the sector's global crisis scenario, and may make further cost cuts, the company executive director of Finance and Investor Relations, Andrea Almeida, said on Friday. In view... Continue Reading →
May 15, 2020 At the press conference given by Petrobras management, the company's president, Roberto Castello Branco, made a point of stressing the change in the name of the Rio de Janeiro Petrochemical Complex (Comperj), which he refers to as a “graveyard of corruption”. In an attempt to erase the past of scandals involving the... Continue Reading →
Norwegian offshore support and subsea service vessel owners DOF and DOF Subsea have reached stand-still agreements with lenders representing to 93% secured debt of DOF companies. The agreement means all payments of principal and interest to the secured lenders are suspended until 30 June 2020 on certain customary terms and conditions. Continue reading
Oilfield services companies have collectively lost almost half of their market capitalization, hit by the combination of the coronavirus pandemic and low oil prices, with offshore drillers, in particular, the most affected, Norway's Rystad Energy has said in its analysis released on Friday. "It is widely acknowledged that the oilfield services sector (OFS) is the... Continue Reading →
May 15, 2020 PetroRio recorded positive indicators in the first quarter, such as the increase in production and reserves and an Adjusted EBITDA of R $ 238.9 million - almost 12x above the R $ 20.2 million obtained in the same period of 2019. Net profit in the period was R $ 44.5 million, despite... Continue Reading →
May 14, 2020 The crisis in the oil industry forced Enauta to change its plans for the Atlanta field, in the Santos basin. The company announced that it has decided to postpone the taking of prices for chartering the definitive FPSO for the field. In addition, the oil company will also reevaluate the design of... Continue Reading →
Brazil's Petrobras took a 65.3 billion real ($11.2 billion) impairment on its exploration and production assets on Thursday, warning investors that changes in consumer behavior resulting from the coronavirus pandemic would likely be permanent. The impairment led Petroleo Brasileiro SA, as the firm is formally known, to book a first-quarter net loss of 48.5 billion... Continue Reading →
Petrobras released their 1st quarter, 2020 Financial Results. Please read full report here: PBR 1Q2020 Performance
