Message from the Management “In this quarter, we continued to focus on keeping our operations safe and reliable, protecting the health of our employees and contractors on board, reducing the risk of Covid-19 spreading in our operations and minimizing the impact on our business. At the same time, we delivered the review and adjustment of... Continue Reading →
Enauta evaluates closing the Atlanta field operations
Enauta evaluates closing the Atlanta field operations, in the Santos Basin post-salt, after Barra Energia informs that it will abandon the asset. An alternative is to take 100% of the field. The decision should be taken by the end of this month, Enauta reported today. - “Enauta had already been revising the project in order... Continue Reading →
Petrofac closes sale of Mexican operations but plans legal action against Perenco
Oilfield services provider Petrofac has completed the disposal of its non-core assets in Mexico to Perenco, but the two companies have entered into a dispute related to this transaction. Petrofac first sold a 49 per cent of its operations in Mexico to Perenco back in October 2018. This included contracts for work on the Santuario and... Continue Reading →
Premier Oil Creditors Support Merger with Chrysaor
UK oil company Premier Oil's creditors have given their approval for the company's merger with rival Chrysaor, proposed in October. To remind, the two UK-based offshore oil and gas companies Premier Oil and Harbour-controlled Chrysaor agreed to merge in an all-stock transaction, via a reverse takeover. The involved parties said the proposed merger would create... Continue Reading →
South America’s Offshore Output Set to Surpass North America’s by 2024
South America’s offshore output is on track to surpass volumes coming from North America by 2024, energy intelligence group GlobalData said Tuesday. While several projects in Brazil and Guyana have taken final investment decision (FID), and are less likely to be postponed or suspended, offshore US and Mexico tell a different story, GlobalData says. Key... Continue Reading →
Well-Safe Solutions secures $33.6 million investment
Well abandonment services provider Well-Safe Solutions has secured a £26 million ($33.6 million) investment to fund the next phase of the company’s growth plan. Well-Safe said on Monday that the further investment into the decommissioning company was led by MW&L Capital Partners, following their initial investment of $85 million to the company back in October 2019. Phil... Continue Reading →
Energy group Equinor aims for net zero emissions by 2050
(Reuters) - Norwegian energy company Equinor EQNR.OL aims to become a net zero emitter of greenhouse gases by 2050, including emissions from the production and final consumption of oil and gas, its new chief executive said as he took office on Monday. Anders Opedal, the first engineer to lead state-controlled Equinor, plans to expand the acquisition... Continue Reading →
Total Keeps Dividend But Cuts Investment Target
Total trimmed its 2020 investment target on Friday after a sharp drop in third-quarter net profit, though the French oil and gas producer maintained its dividend. The company cut its investment target to $13 billion from $14 billion and said it was keeping a lid on operating costs too, even as it strives to grow... Continue Reading →
Chevron posts profit on deep cost cuts, improved oil prices
(Reuters) - Chevron Corp CVX.N on Friday reported an adjusted third-quarter profit as oil prices recovered from spring lows and spending cuts benefited operating results, beating Wall Street expectations of a loss. Chevron and its peers have slashed spending budgets this year on plummeting demand and crude oil prices that remain about 40% below where they began... Continue Reading →
Exxon posts third straight loss as pandemic hits energy demand, prices
(Reuters) - Exxon Mobil Corp XOM.N posted its third straight quarterly loss on Friday and detailed deeper spending cuts to come, as the oil major reels from the COVID-19 impact on energy demand and prices. The largest U.S. oil producer plans to cut its capital spending for 2021 to between $16 billion to $19 billion, down from... Continue Reading →
