Brought to you by Quest Offshore & Southern Cone Consultants
MESSAGE FROM THE CEO We express our solidarity with the victims of the global pandemic, at the same time as we are deeply grateful to the health professionals who have been standing out as true heroes in the war against the COVID-19 disease. The global pandemic threatens our lives and our livelihood. The main public... Continue Reading →
SBM Offshore, one of the world's largest FPSO solutions providers, on Wednesday slightly reduced 2020 guidance due to uncertainty caused by the COVID-19 pandemic and the low oil price environment, but the CEO is optimistic the company will not just weather the storm, but come out stronger at the end. The company said it expected... Continue Reading →
TGS saw profits slashed in the first quarter due to impairments and lower revenue amid challenging seismic market conditions. Norwegian seismic player reported net loss for the first quarter 2020 of $56 million, against $4 million profit same time last year. Continue reading
May 11, 2020 The domino effect triggered by the coronavirus pandemic is affecting the players in the oil and gas sector, piece by piece. This time, who suffered the fall - and severe, by the way - was the multidisciplinary platform maintenance segment. Petrobras decided to demobilize the maintenance activities of these units and suspend... Continue Reading →
The swift oil price crash caused by the Covid-19 pandemic will reduce the combined free cash flow of FPSO fields, which have produced above three quarters of their original resources at just $2.20 per barrel this year. This is a jaw-dropping decline from 2019’s $11.10 per barrel, a Rystad Energy impact analysis reveals. We also estimate... Continue Reading →
Brazilian oil giant Petrobras (PETR4.SA) said on Friday that its cash burn could reach $1 billion a month in periods of extreme stress and volatility, noting the current level of uncertainty in being able to accurately predict spending. The state-owned firm, formerly known as Petroleo Brasileiro S.A., cited current costs, expenses and volatile oil prices... Continue Reading →
May 07, 2020 Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Fitch Ratings revised today the company's international long-term ratings outlook from stable to negative, and maintained the ratings of Petrobras at "BB-". This week the agency revised the sovereign rating outlook due to uncertainty over the duration and intensity of the Covid-19... Continue Reading →
Offshore drilling contractor Noble Corporation saw its quarterly net loss deepen after being negatively affected by rig impairment charges amid lower demand as a result of the coronavirus pandemic and low oil prices. Noble on Wednesday reported a net loss attributable to the company for the three months ended 31 March 2020, of $1.1 billion... Continue Reading →
Oil and gas company Murphy Oil plans to reduce its output in May by 40,000 barrels of oil equivalent per day, with the majority planned from offshore wells. Murphy is also closing two of its offices and making its office location in Houston the new corporate headquarters. For the month of April 2020, production averaged... Continue Reading →
Spain's Repsol reported a 28% fall in first-quarter profit on Tuesday, becoming the latest oil and gas company to show the deep damage done to its balance sheet by the coronavirus laying waste to energy demand. Oil prices fell 65% in the period as restrictions on movement to halt the spread of the virus paralyzed... Continue Reading →
