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(Reuters) - Petrobras shares traded in New York plunged nearly 17% in premarket trading on Monday as analysts cut ratings on the stock after far-right Brazilian President Jair Bolsonaro moved to replace the state-controlled oil company’s market friendly CEO with a retired army general. Credit Suisse, Scotiabank, Bank of America, Bradesco and XP analysts were... Continue Reading →
(Reuters) - State-led oil company Petrobras’ board is set to meet on Tuesday as its chief executive faces pressure from Brazilian President Jair Bolsonaro to resign amid a disagreement over fuel price policies, sources told Reuters on Friday. The company’s board will discuss Bolsonaro’s efforts to force out Roberto Castello Branco over his insistence on... Continue Reading →
The downturn brought by the Covid-19 pandemic and the accelerating energy transition has created a new reality for the world’s oil and gas industry, whose production will peak lower and earlier than expected before the 2020 market crisis, a Rystad Energy analysis shows. The five integrated supermajors – ExxonMobil, BP, Shell, Chevron, and Total –... Continue Reading →
(Reuters) - The chief executive of Brazil’s state-led oil company Petrobras is resisting pressure from President Jair Bolsonaro to resign following tensions over rising fuel prices, two sources with direct knowledge of the matter told Reuters. Roberto Castello Branco was appointed CEO of Petroleo Brasileiro SA, as the state-controlled firm is known, when Bolsonaro took... Continue Reading →
(Reuters) - Mexico’s government will inject between $1.3 billion and $1.6 billion into state oil company Petroleos Mexicanos (Pemex) this year and offer a tax break of 75 billion Mexican pesos ($3.68 billion), a senior official told Reuters on Thursday. The world’s most indebted oil company, Pemex had more than $110 billion in financial debt... Continue Reading →
Italy's Saipem and renewable energy companies AGNES and Qint’x have applied for permits to develop one of the world's biggest offshore clean energy hubs, to generate wind and solar power and produce green hydrogen, Saipem said on Thursday. The companies have agreed to build 620 megawatts of wind and solar capacity off the coast of... Continue Reading →
Spanish energy group Repsol posted on Thursday forecast-beating fourth-quarter adjusted income, pushing its shares up even though write-downs on the value of oil and gas assets dragged it to a second consecutive annual net loss. Curbs on mobility to stop the spread of the coronavirus sapped energy demand last year and pushed companies including much... Continue Reading →
Oil major ExxonMobil has experienced technical issues with a gas compressor on the SBM Offshore-owned FPSO Liza Destiny, working for ExxonMobil offshore Guyana. Experts are now working to define the scope of repairs and fix the issue. ExxonMobil said at the end of January 2021 that there was a technical issue regarding a seal on... Continue Reading →
(Reuters) - Oil major BP is launching its first share award scheme to rally its more than 60,000 employees around CEO Bernard Looney’s plan to shift to renewable energy following a bruising year of mass layoffs, bonus suspensions and spending cuts. The distribution of the shares, which will be locked for four years, will take... Continue Reading →
Results from an independent prospective resource study confirm the views of Frontera and CGX Energy JV about the high prospectivity of the Corentyne North Area, Corentyne Main Area, and Demerara block, located offshore Guyana. The JV is now preparing for an exploration well in Corentyne Block slated for 2H 2021. Frontera Energy and CGX Energy,... Continue Reading →
