(Reuters) Chevron Corp will lay off about 25% of Noble Energy's employees who joined the oil major after its $4.1 billion purchase of the smaller rival earlier this month, the company told Reuters on Tuesday. A collapse in crude oil prices has forced most oil and gas producers to drastically cut costs by laying off thousands... Continue Reading →
Eni Posts 3Q Loss. Output Drops but Full Year Forecast Unchanged
Italian energy group Eni's balance sheet remains strong, it said on Wednesday after swinging to a third-quarter net loss as the coronavirus crisis took its toll. The company said it recorded an adjusted net loss of 0.15 billion euros ($177 million), in line with an analyst consensus provided by the company for a loss of... Continue Reading →
Green energy to draw $11 trillion in investments by 2050
(Bloomberg) - Green power is set to draw around $11 trillion of investment in the coming decades as the cost of renewables plummets and more of the world’s energy comes from electricity. That’s the latest analysis from BloombergNEF in its annual New Energy Outlook report. It’s further evidence of how cheap renewable power sources will... Continue Reading →
Hess posts wider-than-expected third quarter loss, cuts annual production forecast
(Reuters) - U.S. oil and gas producer Hess Corp HES.N reported a wider-than-expected loss on Wednesday and slightly lowered its full year production forecast, as its operations were affected by hurricanes in the Gulf of Mexico and lower production in South East Asia. The company also cut its exploration and production budget for the year to $1.8... Continue Reading →
Petrobras on the FPSO P-71 and the development of Tupi
Petróleo Brasileiro S.A. – Petrobras informs that, after negotiations with its partners in BM-S-11 Consortium, Shell Brasil Petróleo Ltda (25%) and Petrogal Brasil S.A. (10%), signed a commitment to purchase platform P-71, subject to the foregoing conditions related to milestones in the unit's physical progress. It was also agreed to prepare a new Development Plan... Continue Reading →
FSO Nabarima Is ‘Upright’ but Crude Transfer Could Be Risky
(Reuters) A Venezuelan floating oil facility that had been listing in recent weeks is upright and shows no sign of sinking, but plans to offload crude from the vessel posed some risks, the energy minister of neighboring Trinidad and Tobago said on Thursday. A team of experts from Trinidad inspected the Nabarima facility on Tuesday... Continue Reading →
Mexico: Energy Minister Open to Pemex Farmouts
Mexican Energy Minister Rocio Nahle said on Monday so called farmouts, or joint ventures, could be done with state oil firm Petroleos Mexicanos if feasible projects are put forward, marking a potential shift from her previous skepticism. Nahle, one of the staunchest defenders of President Andres Manuel Lopez Obrador's drive for a more statist energy... Continue Reading →
BP swings back to profit, epidemic uncertainty weighs
(Reuters) - BP BP.L swung back to a small profit in the third quarter but warned the pace of recovery from the pandemic remains uncertain and continued to weigh on fuel demand and refining profits. The London-based company said that while fuel demand in Asia, particularly in China, was recovering, global consumption remained weak so far in... Continue Reading →
Pre-salt buoys Petrobras
Booming crude production in the region is helping to offset financial shock caused by Covid-19 Production growth has slowed to a crawl for much of the global oil sector this year. Subdued commodity prices and persistent market volatility have incentivised producers to slash capex and focus on the profitability of existing output until better economic... Continue Reading →
New Karoon CEO to take over in late November
Australian oil and gas player Karoon Energy has appointed Dr Julian Fowles its as Chief Executive Officer and Managing Director. Karoon announced the resignation of its CEO and MD Robert Hosking at the end of July 2020 with effect from Karoon’s annual general meeting. Karoon said on Monday that Dr Fowles will start with Karoon immediately... Continue Reading →
