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Oil major Chevron is planning to reduce its nearly 45,000-strong workforce by 10 to 15 per cent this year due to negative impacts of the coronavirus pandemic coupled with a sharp decline in oil and gas prices. Chevron has already revealed how it plans to mitigate the effects of the current market environment. Continue reading
Occidental Petroleum Corp has been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices, after paying $35.7 billion to acquire Anadarko Petroleum Corp. The proposed securities class action was filed late Tuesday in a New York state court in Manhattan... Continue Reading →
May 27, 2020 Petrobrás projects a gradual recovery in the price of oil over the next five years, until it returns to the level of US $ 50 per barrel - double the average price projected for this year, of US $ 25. As the scenario improves, it should also reduce the company's debt, from... Continue Reading →
About 50 workers were infected by the novel coronavirus during an outbreak in recent weeks at a production well at Brazil's Tubarao Martelo offshore oilfield, operated by Dommo Energia SA, two sources with knowledge of the matter told Reuters. The production well has been paralyzed since early May, added the sources, who requested anonymity to... Continue Reading →
Guyana received $4.9 million in royalty payments for oil production at the offshore Stabroek block in the first quarter, the finance ministry said on Monday, a period that included the South American country's first crude exports. The crude produced by an Exxon Mobil Corp-led consortium at the Stabroek's Liza field was priced for the purposes... Continue Reading →
Italian provider of oilfield and renewable energy services Saipem has signed a two-year frame agreement with Norway's Equinor covering offshore engineering services worldwide. Per Saipem's statement on Tuesday, The frame agreement covers feasibility and conceptual studies, FEED, detailed engineering, and related follow-on and support for R&D activities, as well as assistance to Equinor for its... Continue Reading →
(Reuters) - Norway’s Equinor ASA (EQNR.OL) and Anglo-French firm Perenco are among at least five oil producers that have registered coronavirus cases among employees or contractors at facilities off the coast of Brazil, according to industry and regulatory sources. Royal Dutch Shell PLC (RDSa.L) and Brazil’s Enauta Participacoes SA ENAT3.SA have registered one case each,... Continue Reading →
The total value of the global pool of offshore oil and gas decommissioning projects that will accumulate through 2024 could reach $42 billion, with the North Sea region taking up the biggest chunk, most notably the UK part, energy intelligence company Rystad Energy said in a report. Rystad says that, with an average asset age... Continue Reading →
Malaysian state oil firm Petronas posted a 68% slump in first-quarter profit on Friday and said it would cut capital expenditure and operating expenses as it braces for a big hit to its full-year performance due to the coronavirus pandemic. Petronas pointed to "unprecedented" market conditions resulting from a combination of severe demand destruction from... Continue Reading →
(Reuters) - Royal Dutch Shell has begun drilling the Saturn block in the Santos pre-salt basin, the company’s Brazil chief said on Thursday, adding that Brazil faces hurdles to remain attractive in a low-price environment. Brazil’s No. 2 oil producer after state-run Petroleo Brasileiro, Shell is the operator of block with a 45% stake, along... Continue Reading →
Brazil Energy Insight 