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Mar 12, 2020 Enauta registered the mark of 10 million barrels of oil produced by the Atlanta Field, which positioned the company as the 6th largest oil and gas producer in Brazil at the end of 2019, according to data from the ANP. Such numbers solidify the Consortium's decision to continue with the development of... Continue Reading →
Brazilian markets fell sharply on Wednesday, as stocks closed 8.5% lower and the real slid back toward its all-time low against the dollar after the World Health Organization declared the coronavirus outbreak a global pandemic. Reflecting the scale of investors’ risk aversion, longer term market-based interest rates surged, implying the central bank will eventually be... Continue Reading →
March 10, 2020 Petróleo Brasileiro S.A. - Petrobras reports that its Board of Directors deliberated on the New Deficit Equation Plan (New Plan) of the Renegotiated and Non-Renegotiated Petrobras System Petros plans (PPSP-R and PPSP-NR), managed by Petrobras Social Security Foundation - Petros and in compliance with CNPC Resolution No. 30/2018. The New Plan aims... Continue Reading →
Brazilian stocks plunged more than 12% on Monday to record their biggest fall since 1998 and the central bank intervened twice in the currency market as the real slumped to another record low, in a day of widespread fear and selling across global markets. The benchmark Bovespa index's 12.3% decline .BVSP was its biggest one-day fall since... Continue Reading →
Brazil’s currency is weakening so quickly the central bank may soon be forced to set aside its free-market principles and sell dollar reserves to halt the slide. Market volatility is rising, by some measures back to where it was when the central bank last sold foreign exchange reserves in November, and some analysts say the... Continue Reading →
Oilfield engineering and construction company Global E&C has said it has acquired 100% share capital in commissioning specialists Magma. Global E&C was formed in March 2019, following the majority acquisition of Apollo by Global Energy Group (GEG) and the subsequent amalgamation of GEG’s brownfield EPC business with Apollo’s brownfield modifications engineering team. Continue reading
FPSO operator BW Offshore nearly tripled its quarterly profit despite negative impact of a $13 million charge due to termination of an FPSO charter in New Zealand. In the fourth quarter of 2019 BW Offshore recorded operating revenue of $303.4 million, an increase compared to revenues of $255.4 million in 4Q 2018. BW nearly tripled... Continue Reading →
The coronavirus outbreak could cut oil industry investment this year by tens of billions of dollars and delay the delivery of offshore installations currently being built at Asian yards, Oslo-based consultancy Rystad Energy predicted on Friday. "Our current assessment forecasts that COVID-19 could result in global exploration and production (E&P) investments falling by around $30... Continue Reading →
Italian oil and gas company Eni booked a loss in the fourth quarter of 2019 compared to a profit in the same period of 2018 despite record production driven by project ramp-ups and start-ups. According to its quarterly report on Friday, Eni’s adjusted operating profit was €1.8 billion in the fourth quarter, down by 40%... Continue Reading →
The upstream oil and gas sector’s biggest commercial fear from the Coronavirus (COVID-19) epidemic is its impact on demand and prices. Only a small proportion of global supply comes from the worst-affected regions. Manufacturing shutdowns and shipping bottlenecks are causing project delays. Vessels and other large components being constructed in affected shipyards have the most... Continue Reading →
