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Angola’s state oil giant Sonangol will next year accelerate reforms and efforts to raise revenue after the pandemic drained investor interest in an asset sale that has so far netted only around $60 million, its CEO told Reuters in a rare interview. Sonangol is the economic engine for Africa’s number two oil exporter, as the... Continue Reading →
Oil major BP has begun drilling on the Platina field in Block 18 offshore Angola using Valaris’ DS-12 drillship. Angola’s National Oil, Gas, and Biofuels Agency (ANPG) said last week that BP started drilling at the Platina field, a project that has been waiting to start with execution for several years. The initial date for the start... Continue Reading →
(Reuters) - The world’s top energy companies have slashed the value of their oil and gas assets by around $80 billion (60.05 billion pounds) in recent months after revising lower the long-term outlook for fuel prices in the wake of the coronavirus epidemic and the energy transition. Exxon Mobil, the largest U.S. oil company, announced... Continue Reading →
(Reuters) - Petrobras does not expect to invest in renewables over the next five years, Chief Executive Roberto Castello Branco said on Tuesday, adding that the Brazilian state-controlled company will instead put money into technologies to reduce the carbon footprint of its oil extraction activities. Castello Branco has repeatedly said Petroleo Brasileiro SA, as the... Continue Reading →
(Reuters) - Brazilian federal prosecutors have filed a lawsuit seeking damages from oil trading company Trafigura and former executives on corruption allegations involving Brazilian state-run oil company Petroleo Brasileiro SA (Petrobras), according to a statement on Monday. The prosecutors are also seeking a court order to freeze 1 billion reais ($187.55 million) of the defendants’... Continue Reading →
(Bloomberg) --Exxon Mobil is about to incur the biggest writedown in its modern history as what was once an exemplar of American capitalist might shudders under the weight of debilitated energy markets. Exxon -- already hobbled by cratering crude prices, a global supply glut and a pandemic-driven collapse in fuel sales -- on Monday disclosed... Continue Reading →
In the last 8 months, since March 2020, when the EnP Energy Platform was launched, our company has been dedicated to designing and articulating a competitive solution, contributing to the commercial viability of the gas produced on the coast of the Southeast of Brazil, both in the Pre-Salt and Post-Salt. Throughout this period, the project... Continue Reading →
Offshore drilling contractor Borr Drilling is facing a very challenging financial situation in 4Q and going into 2021 amid difficult market environment combined with payment delays for its rigs working for the Mexican oil giant Pemex. Borr Drilling has five rigs operating for Pemex offshore Mexico. According to its report on Monday, during the third... Continue Reading →
Joint venture partners in the Corentyne block offshore Guyana – Frontera Energy and CGX Energy – have concluded collaborative discussions with the Government of Guyana concerning the rescheduling of the work commitments on the block. Frontera said on Friday that the joint venture was committed to completing its exploratory commitments in full, despite operational activities... Continue Reading →
Malaysian state-owned energy giant Petronas warned on Friday that the remainder of the year would remain tough due to prolonged low oil prices and moderate demand recovery hampered by the coronavirus, as it recorded a third-quarter loss. "Amid the fluid operating environment brought about by the pandemic as well as prolonged volatility of oil prices,... Continue Reading →
