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Mar 19, 2020 (Reuters) - Brazil’s central bank said on Thursday that the $60 billion foreign exchange swap line facility provided by the U.S. Federal Reserve does not imply any economic policy conditionality. In a statement, Brazil’s central bank said the facility will be used to increase the provision of dollar liquidity where necessary, and... Continue Reading →
Brazil cut its benchmark interest rate by half a point to a record low in a bid to mitigate the effects of the coronavirus pandemic that’s likely to push Latin America’s largest economy into recession. The central bank’s board, led by its President Roberto Campos Neto, on Wednesday lowered the Selic to 3.75%, as forecast... Continue Reading →
Oil and gas company BW Energy, with assets in Gabon and Brazil, has decided to cut down its planned Gabon investments by 50 percent, citing coronavirus outbreak, oil price uncertainty, and restriction on international travel. "The impact of international travel restrictions is limiting the Company’s ability to move essential personnel, subcontractors and equipment to and... Continue Reading →
BP can slash its spending by 20% this year as the oil market goes into freefall, with some U.S. operations likely to get less investment. The London-based oil major’s shares have fallen more than 30% since the OPEC+ alliance broke down after a showdown between Saudi Arabia and Russia, triggering a price war as the... Continue Reading →
Hess on Tuesday announced a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3 billion. The company also announced a new $1 billion three-year term loan agreement. These actions further strengthen the company’s cash position and financial liquidity in response to the sharp decline in... Continue Reading →
U.S. oil major ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases. The oil price war and the sudden and sharp decline in oil prices as well as the global outbreak of the coronavirus have pushed oil and gas operators to reconsider... Continue Reading →
Mar 16, 2020 The price war between Saudis and Russians in the oil market and the slowdown in the global economy due to the coronavirus generate uncertainties about Petrobras' achievement of its debt reduction targets in 2020, the state company's president told CNN Brasil. The company had as a goal to reach the leverage measured... Continue Reading →
Oilfield services provider TechnipFMC has been forced to put off its planned separation into two independent entities amid challenging market conditions which have emerged recently, including the coronavirus outbreak, the sharp decline in oil prices, and the volatility in global equity markets. TechnipFMC announced its plan to separate into two independent, publicly-traded companies – TechnipFMC and Technip... Continue Reading →
In response to the current global macroeconomic and commodity outlook, the U.S.-based oil and gas company Noble Energy has announced its decision to reduce its 2020 expenditure guidance by $550 million. With this decision to cut its spending budget for 2020 as a result of oil market volatility, Noble Energy has joined its peers Apache and Murphy Oil.... Continue Reading →
The U.S. Bankruptcy Court for the Southern District of Texas has confirmed McDermott’s plan of reorganization and approved the sale of Lummus Technology to a joint partnership between The Chatterjee Group and Rhône Capital. McDermott filed for Chapter 11 bankruptcy in late January 2020 to eliminate $4.6 billion of debt. The company announced the confirmation of... Continue Reading →
