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Yinson has completed an $800 million refinancing exercise for FPSO John Agyekum Kufuor, with the loan drawn down on April 14. The FPSO firm had announced the refinancing deal for the FPSO located in Ghana back in November 2019. The company at the time said it had signed an agreement with 13 local and international... Continue Reading →
In response to the COVID-19 pandemic and a significant decline in oil and gas demand and prices, Noble Energy is focusing on liquidity and balance sheet strength. With that in mind, Noble has further reduced its 2020 capex, executive team salaries, and implemented a furlough program for employees. “Recent events have had an unprecedented and... Continue Reading →
Apr 14, 2020 The oil price crisis, aggravated by the drop in demand due to the new coronavirus pandemic, forces large oil companies to cut costs, cut investments and concentrate efforts on more profitable assets. The scenario, however, is more complex for small and medium producers, who, in general, have fewer opportunities to reduce costs... Continue Reading →
Oilfield services provider Baker Hughes Co on Monday wrote down the value of its assets by $15 billion as plunging oil prices and the coronavirus pandemic hit demand and forced oil producers to cut back drilling. Producers have so far cut 2020 spending by about 30% or $37 billion, according to data compiled by Reuters, after a price war... Continue Reading →
April 8, 2020 Petróleo Brasileiro S.A. – Petrobras informs, in addition to the press release disclosed on 04/07/20 about the cancellation of the Annual General Meeting (AGM), that all the dates related to the payment of dividends based on the 2019 annual result are being cancelled, in the amount of R$ 1.7 billion (R$ 0.233649... Continue Reading →
April 7, 2020 - Petróleo Brasileiro S.A. – Petrobras reports that it will release its quarterly production and sales report on April 27th and its financial statements report on May 14th,after the markets close. The company will held two webcasts (Portuguese and English) to present the results, according to the schedule below: May 15, 2020... Continue Reading →
April 7, 2019 Petróleo Brasileiro S.A. – Petrobras informs that S&P Global Ratings Agency (S&P) has changed the company's global credit rating outlook from positive to stable, and has kept the risk level (rating) of corporate debt at "BB-". Yesterday the agency revised Brazil's global credit rating outlook to stable due to the impact of... Continue Reading →
Oil major ExxonMobil is reducing its 2020 capital spending by 30 percent and lowering cash operating expenses by 15 percent in response to low commodity prices resulting from oversupply and demand weakness from the COVID-19 pandemic. Capital investments for 2020 are now expected to be about $23 billion, down from the previously announced $33 billion,... Continue Reading →
Dutch geotechnical survey firm Fugro has announced a set of 'painful measures' including workforce cuts, and a hiring and salary freeze, as the company expects the COVID-19 pandemic and low oil prices to negatively impact its business. "The company is implementing a program to significantly reduce costs and capital expenditure, with the aim of realizing... Continue Reading →
Oil and gas company Tullow Oil has identified further cost savings while its lenders have approved its credit facility with a $1.9 billion of debt capacity. Tullow said on Friday that the company continues to adapt to the challenging external environment. Continue reading
