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Apr 30, 2020 Karoon announced on Thursday that it will eliminate discretionary and capex costs, except for those involving the acquisition of the Baúna field, in the Santos Basin. Regulatory approvals and contracting of the project's FPSO in the Santos Basin have been hampered by the pandemic. The company will also cut costs, including shrinking... Continue Reading →
Royal Dutch Shell RDSa. cut its dividend for the first time since World War Two on Thursday in a drastic step to preserve cash as it prepares for a protracted slump in demand for oil because of the coronavirus pandemic. The Anglo-Dutch energy company also suspended share buybacks and said it would reduce oil and... Continue Reading →
Apr 30, 2020 Petrobras intends to acquire Equinor's stakes in blocks ES-M-598 and ES-M-673, in deep waters in the Espírito Santo Basin. They are operated by the Norwegian company with a 40% stake, in partnership with Petrobras (40%) and Enauta (20%). At the end of the operation, Petrobras will hold an 80% interest in both... Continue Reading →
Apr 30, 2020 This week the company delivered the Environmental Impact Report (Rima) for the campaign for blocks BM-C-753, BM-C-789 (concession, in Campos), BM-S-536, BM-S-647 (concession, in Santos) and Titã (sharing, in Santos). - Indicative schedule foresees the drilling of two firm Titã wells and in BM-C-789, between July and January 2021, followed by contingent... Continue Reading →
China Petroleum & Chemical Corp (Sinopec) (600028.SS) (0386.HK) recorded a 19.15 billion yuan ($2.71 billion) net loss in first-quarter earnings, as the coronavirus pandemic walloped fuel consumption and led to collapsing oil prices. It was the first quarterly loss posted by the listed branch of Asia’s largest refiner since at least the fourth quarter in... Continue Reading →
Chinese oil and gas company CNOOC saw an increase in its quarterly output driven by new project startups in China and the contribution from new international projects. However, CNOOC’s quarterly revenues decreased due to lower oil and gas prices. According to its report on Wednesday, CNOOC achieved a total net production of 131.5 million barrels... Continue Reading →
BP's first-quarter profits tumbled by two-thirds as the coronavirus crisis hammered oil demand and the energy major's debt rose sharply as it warned of exceptional uncertainty ahead. London-based BP said it expected significantly lower refining margins in the second quarter when global restrictions on movement to halt the spread of the virus reached their peak,... Continue Reading →
Apr 27, 2020 ANP published (April 27), Resolution nº 817/2020 dealing with the decommissioning (deactivation) of oil and natural gas exploration and production facilities, the procedure for returning areas to the ANP (with inclusion in the Permanent Offer) and the sale and reversal of assets. This is a milestone for the industry, as the modernization... Continue Reading →
Angolan state oil company Sonangol said on Friday it has opened a public tender to sell its stakes in some private firms as part of a government bid to privatize key state assets including parts of Sonangol itself by 2022. Describing Sonangol as an "octopus," the country's minister of Mineral Resources and Petroleum, Diamantino Azevedo,... Continue Reading →
Apr 27, 2020 Petronas group company, Misc, negotiates with Petrobras the chartering of the third production unit for the Mero 3 field. Petrobras and Misc initiated direct negotiation of the daily rate offered in the tender for the charter of the FPSO of Mero 3 - an indication that the group offered a lower price... Continue Reading →
Brazil Energy Insight 