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December 16, 2019 Petróleo Brasileiro S.A. - Petrobras, following up on the press release disclosed on August 14, 2019, reports that it has prepaid today a US$ 5 billion loan with China Development Bank (CDB), due in 2027. This prepayment will lead to the termination of the obligation to preferentially supply, under market conditions and... Continue Reading →
Though overall global upstream investments in 2020 will decrease by around 4%, deepwater will be the only segment expected to grow above 5% next year, spelling a boom for the industry, said a report. Rystad Energy is forecasting that overall global upstream investments in 2020 will decrease by around 4%. Investments in shale/tight oil are... Continue Reading →
Weatherford International has completed its financial restructuring and emerged from chapter 11 protection. The company emerges with a stronger financial foundation, having reduced approximately $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, including a $450 million revolving credit facility, secured a $195 million letter of credit facility, and secured over... Continue Reading →
atings agency S&P Global on Friday downgraded Tullow Oil's long-term credit rating to 'B' from 'B+', days after the Africa-focused company's Chief Executive Officer stepped down and it scrapped its dividend. The London-listed company, which failed to meet production targets due to weak performance by flagship assets in Ghana, has been plagued by technical problems at its... Continue Reading →
December 13, 2019 Petróleo Brasileiro S.A. – Petrobras informs that it has received correspondence from Banco Nacional de Desenvolvimento Econômico e Social ("BNDES"), in which it communicates the intention to evaluate the sale up to the totality of common shares issued by Petrobras in its ownership, through a secondary public offering of shares with broad... Continue Reading →
Oil major Shell has signed a $10 billion revolving credit facility, which replaces Shell’s existing $8.84 billion revolving credit facility and is provided by a syndicate of 25 banks. In anticipation of the cessation of the London Interbank Offered Rate (LIBOR), this is one of the world’s first credit facilities linked to the new Secured... Continue Reading →
December 13, 2019 Following the announcement on December 11, 2019, with respect to the contract signature for FPSO Sepetiba, SBM Offshore is pleased to announce that it has entered into a shareholder agreement with its long standing business partners Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK) regarding the divestment of a 35.5% interest... Continue Reading →
S&P Global Ratings revised on Wednesday 11 December 2019 Brazil’s sovereign rating outlook to positive from stable and affirmed the debt grade at ‘BB-’, citing as main driver behind the revision fiscal consolidation measures aimed at reducing Brazil's still large fiscal deficit. Moody's credit rating for Brazil was last set at Ba2 with stable outlook.... Continue Reading →
Brazil’s central bank cut its benchmark Selic interest rate to an all-time low of 4.50% on Wednesday, but indicated that with borrowing costs so low and economic growth starting to pick up, it may mark a pause in the easing cycle, if not the end. The unanimous decision by the bank’s nine-person rate-setting committee, known... Continue Reading →
Oil major Chevron has announced that its organic capital and exploratory spending program for 2020 will be $20 billion, the same as this year. Chevron has also decided to reduce spending on gas-related projects and expects to take up to $11 billion charge in 4Q 2019. Chevron said on Tuesday that the 2020 budget supports... Continue Reading →
