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Brazil’s state-run oil company Petroleo Brasileiro SA (PETR4.SA) is studying exiting its stake in Braskem SA (BRKM5.SA) via a share offering, an executive said on Friday, the latest in a series of proposals to separate itself from the petrochemical firm. Anelise Lara, head of Petrobras’ downstream division, divulged the potential share offering, which she said... Continue Reading →
Finland’s Wartsila (WRT1V.HE) warned on Friday of a tough outlook for 2020 due to weaker demand for its ship technology and power plants and took a surprise multi-million euros charge on project cost overruns. Shares in the engineering group plummeted to their lowest level in seven years. “We are going to have, for the next... Continue Reading →
Brazilian state-owned oil company Petrobras said on Thursday that some of its costs in a key oil-producing region plunged in the third quarter, a positive sign given that the company is making a huge bet on the region. In a securities filing announcing its third-quarter results, Petroleo Brasileiro SA, as the company is formally known,... Continue Reading →
The company’s net profit for the quarter was 523 million euros, down 66 percent from 1,5 billion euros in the third quarter of 2018. Adjusted net profit was 776 million euros, a 44 percent fall compared to 1,38 billion euros in the corresponding quarter of last year. Explaining the profit drop, Eni cited lower oil... Continue Reading →
Oct 24, 2019 (Reuters) - Germany’s Siemens expects revenue from its oil and gas division in Brazil in 2020 to double compared to 2018 levels, an executive said on Thursday, citing upcoming oil auctions that could total around $26 billion. The company does not disclose revenues by division but in 2018 it hit 4.1 billion... Continue Reading →
Oct 24, 2019 MESSAGE FROM THE CEO The company's performance in 3Q19 is already starting to reflect the implementation of our value creation strategy. Oil and gas production reached a record level of 3.0 MMboed in August, when a daily record of 3.1 MMboed was also reached. The ramp-up of the new platforms significantly influenced... Continue Reading →
Oct 24, 2019 Karoon will raise AUD 284 million (US $ 194.42 million) to complete financing for the acquisition of the Bauna field, located in block BM-S-40, in the Santos Basin. The operation also aims to support future projects of the company. According to Karoon director Robert Hosking, the measure represents the final stage of... Continue Reading →
TechnipFMC has reported third-quarter 2019 profit of $22 million or 5 cents per diluted share. The services major has seen an 84 percent decrease compared to net profit of $137 million same time last year. The results were affected by after-tax charges and credits totaling $32.6 million of expense, or $0.07 per diluted share. Continue... Continue Reading →
Equinor’s (EQNR.OL) third-quarter profit fell by more than expected on Thursday after a significant decline in the volume and price of natural gas sold to Europe, although the Norwegian firm reiterated its forecast for flat 2019 production. Shares in Oslo-listed Equinor were up 2.2% by 0730 GMT after it also confirmed plans to reach Phase... Continue Reading →
CNOOC Ltd (0883.HK), the listed arm of China’s largest offshore oil and gas producer, on Thursday reported a 27.9% jump in capital spending in the third quarter amid Beijing’s push to boost oil and gas exploration and production. Capital expenditure at CNOOC reached 19.53 billion yuan ($2.76 billion) during July-September, up from 15.27 billion yuan... Continue Reading →
Brazil Energy Insight 