Brought to you by Quest Offshore & Southern Cone Consultants
Oil major BP has set out actions it is taking in response to the COVID-19 pandemic and ongoing market disruption, including a 25 percent reduction in capex. BP has underlined there will be no layoffs in the next three months as a result of coronavirus cost-cutting. In addition to revealing its action plan to deal... Continue Reading →
Mar 31, 2020 Royal Dutch Shell said today that it has been facing "significant uncertainties" linked to the coronavirus pandemic and the recent volatility in oil prices, but that it has strong liquidity to overcome crises. The Anglo-Dutch oil company expects a write-off of $ 400 million to $ 800 million in the first quarter... Continue Reading →
March 30, 2020 Petróleo Brasileiro S.A. – Petrobras reports that its Board of Directors has decided to join the initiative of the company's Executive Board and approved the postponement of 30% of the remuneration of its members in April, May and June, for payment in September. Petrobras has already announced on 03/26/2020 the payment postponement... Continue Reading →
Under Rystad Energy’s updated base case scenario of $34 per barrel in 2020 and $44 per barrel in 2021, global capital expenditure for exploration & production firms is expected to drop by up to $100 billion this year, about 17% versus 2019 levels. Energy intelligence firm Rystad Energy said on Monday that the E&P capex... Continue Reading →
Houston-based oilfield services provider Helix Energy Solutions has withdrawn its previous financial and operational guidance for this year due to the current situation in the market. Expecting the spot market for 2020 to be significantly weaker than previously predicted, Helix plans to slash its capex by 20 percent. In an update on Monday, Helix Energy... Continue Reading →
March 30, 2020 Investment cut leads large companies, such as Schlumberger and TechnipFMC, to reduce expenses and postpone projects The fall in the price of oil in recent weeks has led to a wave of investment cuts by global oil companies and, little by little, this movement begins to affect the chain of suppliers of... Continue Reading →
Brazil’s central bank could soon be forced to fire up the money printing presses if the coronavirus-fueled recession facing Latin America’s largest economy is as devastating as some economists fear. Hopes for any growth this year have all but evaporated. Many observers expect Brazil’s $1.8 trillion economy to post its first annual contraction since 2016.... Continue Reading →
Kongsberg Maritime has completed the sale of its US-based underwater technology company Hydroid to Huntington Ingalls Industries (HII). The two companies entered into $350-million sale and purchase agreement in February this year. Back in 2007, Kongsberg Maritime acquired Hydroid for $80 million. In connection with the transaction, Kongsberg Maritime and HII have entered into a... Continue Reading →
Brazilian oil company Petrobras on Thursday said it was dialing back short-term production, delaying a dividend payment and trimming its 2020 investment plan, among other measures aimed at reducing costs in the face of the coronavirus pandemic. In a securities filing, Petroleo Brasileiro SA, as the state-run firm is formally known, said it was reducing... Continue Reading →
Italian oil and gas company Eni has decided to reduce its capex and opex for this year and the next as a result of the coronavirus pandemic and the oil price war. The reductions are mainly related to Eni’s Upstream activities. Last week, Eni said that, due to the recent market developments, the spread of the... Continue Reading →
