Petróleo Brasileiro S.A. – Petrobras informs that the Eligibility Committee (CELEG) resumed today the meeting, started on 07/07/2022, to finalize the analyses of the candidates for the Board of Directors nominated by the controlling shareholder: Mr. Gileno Gurjão Barreto (also nominated as Chairman of the Board); Mr. Edison Antônio Costa Britto Garcia; Mrs. Iêda Aparecida... Continue Reading →
Saipem’s board endorses first sustainability plan with “challenging objectives”
(OEM) The board of directors of Italy’s Saipem has approved the offshore drilling contractor’s first sustainability plan, which represents an integrated strategy that combines business and financial objectives with environmental, social and governance (ESG) criteria, enabling the firm to reach net-zero by 2050. Saipem revealed on Tuesday that its board of directors, chaired by Chairman Silvia... Continue Reading →
Venezuela’s refining arm Citgo on the verge of yet another power shake-up
(Reuters) - A new battle for control of Citgo Petroleum, the eighth largest U.S. oil refiner and Venezuela's foreign crown jewel, could soon be unleashed under a proposed management shake-up by the South American country's opposition lawmakers. The revamping would come despite the company posting strong profits after two years of losses and could lead... Continue Reading →
Two oil & gas firms close long-anticipated deal for sale of stake in field off Nigeria
(OEM) London-based and Oslo-listed oil and gas company Panoro Energy has completed the sale of its interest in the Offshore Mining Lease no. 113 (OML 113) offshore Nigeria to Oslo-listed PetroNor. Back in October 2019, the two oil and gas players entered into a sale agreement, enabling PetroNor to buy out Panoro’s interest in OML 113, including... Continue Reading →
Tullow Expects Cashflow of $200M at Oil Price of $95/bbl
Africa-focused Tullow Oil said on Wednesday it expected to make $200 million in free cashflow this year at an average oil price of $95 a barrel, adding that it sees no cashflow in the first half after an arbitration payment and an acquisition. Tullow said a shareholder prospectus for its planned merger with Capricorn Energy... Continue Reading →
Alberto Ferrin is the new country head of ExxonMobil Brazil
Alberto Ferrin was nominated the new president of the oil company in the Brazil. With ExxonMobil for more than 15 years, Ferrin has held a variety of roles with the company in exploration and production around the world, including leadership positions in West Africa, Australia, the United States and Mexico. “Brazil remains a strategic country... Continue Reading →
Saipem shares plunge after cash call falls short
(Reuters) - Shares in Italy's Saipem (SPMI.MI) fell as much as 40% on Tuesday after investors subscribed for only 70% of its 2 billion euro cash call, signalling limited confidence in the turnaround plan for the Italian energy services group. Saipem said on Monday it had raised around 1.395 billion euros ($1.4 billion) at the closing of... Continue Reading →
Petrobras on loan linked to sustainability
Petróleo Brasileiro S.A. – Petrobras informs that it signed, on 07/08/22, a credit line with sustainability commitments (Sustainability-Linked Loan - SLL) in the amount of US$ 1.25 billion and maturity in July 2027. The operation was signed with the banks Bank of China, MUFG and The Bank of Nova Scotia, with competitive costs in comparison... Continue Reading →
Mexico’s largest oil refinery opens to fanfare, not yet operational
(Reuters) - Mexican President Andres Manuel Lopez Obrador formally opened a major new oil refinery on Friday, a signature project for the leftist leader who argues it will help the country cut a longstanding dependence on foreign gasoline and diesel supplies. The Olmeca refinery owned and operated by state-run oil company Pemex is billions of... Continue Reading →
Siemens: Timing of Siemens Energy share sale depends on market environment
(Reuters) - Siemens (SIEGn.DE) said the market environment would dictate when it sells further shares in Siemens Energy (ENR1n.DE), after warning late on Thursday that it was booking a writedown related to a slide in the value of Siemens Energy. "As we’ve emphasized in the past, we still clearly intend to reduce our stake in Siemens Energy. However,... Continue Reading →
Brazil Energy Insight 