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Oilfield firm Baker Hughes Co reported a $10 billion loss and lower-than-expected revenue in the first quarter on Wednesday as an 80% plunge in oil prices crushed demand for services and equipment. Oil futures this week turned negative for the first time in history as fuel demand collapsed from the spread of the novel coronavirus... Continue Reading →
Apr 22, 2020 After a long period of negotiations, ExxonMobil signed a contract with Seadrill to charter the drill ship West Saturn, which will be responsible for resuming its exploratory activity in Brazil. The value of the contract was not disclosed, but it is estimated that the daily rate agreed was around US $ 250... Continue Reading →
Offshore oil driller Valaris PLC is preparing to start talks with creditors to see if they can agree on terms for a possible bankruptcy filing, as it grapples with a $6.5 billion debt burden and an unprecedented plunge in U.S. crude prices, people familiar with the matter said on Tuesday. Reuters reported last month that... Continue Reading →
Tokyo, April 21, 2020 MODEC, Inc. ("MODEC") is pleased to announce that a US$ 1.1 billion project bond, issued by an affiliate of MODEC in August 2019, has been awarded "Marine Money Offshore Deal of the Year 2019" in the Innovation category. This issuance by MV24 Capital B.V., an affiliate of MODEC, was for the... Continue Reading →
Seismic industry will suffer the most as a result of the Covid-19 pandemic and the low oil price. According to Rystad Energy, 2020 revenues could fall between 51 per cent and 77 per cent. Exploration spending could drop by more than 20 per cent from its 2019 levels. The hardest-hit area will be the acquisition... Continue Reading →
April 20, 2020 Shell starts, by the end of April, drilling its first well on Saturno, a block acquired in the 5th Production Sharing Round, in 2018. The information was confirmed by the company to PetróleoHoje. According to the activity characterization form, submitted to Ibama in 2018, the active drilling project foresees up to five... Continue Reading →
Piracy activity on the Mexican side of the Gulf of Mexico seems to be picking up, with several attacks in the past month on offshore support vessels. A little over a week ago, a Maersk Supply Service's offshore vessel was a target of an armed robbery offshore Ciudad Del Carmen, Mexico. Armed robbers boarded Maersk... Continue Reading →
Brazilian state-run oil firm Petrobras plans to restart operations in the coming days at two ships used in offshore oil production that suffered coronavirus outbreaks, an executive told journalists during a call on Friday. Petrobras Exploration and Production Director Carlos Alberto de Oliveira said operations at the Cidade de Santos should restart over the weekend,... Continue Reading →
U.S. oilfield services giant Halliburton (HAL.N) on Monday reported a $1 billion first-quarter loss on charges and warned that bleak conditions in the U.S. shale patch would depress its results for the rest of the year. Oil prices have collapsed 80% since January to levels well below many shale drillers’ cost of production, resulting in... Continue Reading →
Apr 17, 2020 Times of crisis in the industry are forcing Petrobras to reassess contracts with its suppliers. But the president of the state-owned company, Roberto Castello Branco, guaranteed on Friday (17) that he will not make renegotiations with small companies, to maintain the integrity of the national supply chain. In the executive's assessment, this... Continue Reading →
