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Total reported a 96 per cent drop in adjusted profit for the second quarter of 2020 due to lower prices and COVID-19 effects. The company reported an adjusted net income of $126 million, down from $2.9 billion reported in the corresponding quarter last year. Total noted it will take an $8.1 billion impairment on its... Continue Reading →
Oil major Shell booked a loss of $18.1 billion in the second quarter of 2020 due to huge impairments as it cut its price outlook in response to the coronavirus pandemic and the oil price crisis. Shell said on Thursday that it had booked a loss of $18.1 billion for the second quarter of 2020... Continue Reading →
Apache Corp and its joint venture partner Total on Wednesday said they had made their third oil discovery offshore Suriname. The "major oil discovery" was made at the Kwaskwasi-1 well drilled by the Noble Sam Croft in Block 58, where Apache is operator and holds 50% working interest and Total holds the other 50%. Continue... Continue Reading →
French energy group Total will book an exceptional impairment charge of $8 billion mainly on its Canadian oil sands and liquefied natural gas projects, it said on Wednesday. "Overall, the exceptional asset impairments that will therefore be taken into account in the second quarter of 2020 amount to $8.1 billion, including $7 billon on Canadian... Continue Reading →
The U.S. oil major ExxonMobil has recently discovered two more high-quality oil reservoirs offshore Guyana, Hess, the company's partner in the prolific Stabroek block said Wednesday. To remind, back in January, ExxonMobil said it had struck its 16th oil discovery in the offshore block in Guyana, boosting recoverable resource base in Guyana to more than... Continue Reading →
U.S. oil and gas producer Hess Corp reported a bigger quarterly loss on Wednesday, hurt by lower oil prices as the COVID-19 pandemic sapped global energy demand. Crude prices sank to historic lows in April as economic activity plummeted across the world due to coronavirus lockdowns and a price war between the world's top producers... Continue Reading →
London-listed oil and gas exploration and production firm Tullow Oil expects to hire an offshore drilling rig soon for drilling operation in Suriname. The company said Monday that the drilling of the Goliathberg-Voltzberg North prospect (GVN-1) in the offshore Block 47 is now planned for the first quarter of 2021. Continue reading
May 29, 2020 Petrobras will return the Discovery Assessment Plan (PAD) area of well 1-BRSA-1143D-ESS, called São Bernardo, located in the BM-ES-22A concession, in the ES-M-527 block, in the Espírito Santo Basin Holy. The asset is operated by the state-owned company, with a 75% stake, in partnership with Equinor (25%), which bought Vale's stake in... Continue Reading →
Australian oil and gas company Karoon Energy has said that its founder and CEO Robert Hosking will step down after 16 years at the helm. The company, with oil and gas projects in Australia, Peru, and Brazil, said Wednesday that Hosking had informed it of its decision to retire at the 2020 Annual General Meeting.... Continue Reading →
Tullow Oil said on Wednesday it was set to book $1.4-1.7 billion in impairments before tax in its half-year results, as it follows larger rivals in lowering its oil price forecasts. Tullow, which had a market capitalization of around $508 million after markets closed on Tuesday, had $3 billion in net debt and untapped liquidity... Continue Reading →
