Oil and gas company Tullow Oil’s output during the first quarter of the year was below expectations due to issues on its operated fields located offshore Ghana. As a result, Tullow has lowered its 2019 production forecast range. In an operational update on Thursday Tullow said that its working interest production for the first quarter... Continue Reading →

U.S. oil and gas company Hess Corporation booked a profit for the first quarter of the year as opposed to a loss in the same period last year driven by higher production from the Gulf of Mexico, Bakken, and North Malay Basin. Hess Corporation on Thursday reported revenues of $1.57 billion compared to $1.35 billion... Continue Reading →

Rio de Janeiro, April 24, 2019 – Petróleo Brasileiro S.A. – Petrobras informs that its Board of Directors, at a meeting held today, elected Ms. Andrea Marques de Almeida as the Company's Chief Financial and Investor Relations Officer. Andrea is scheduled to take office on 05/02/2019. Andrea Almeida is a production engineer, with an MBA... Continue Reading →

April 24, 2019 Like the Temer government, the Bolsonaro government prioritizes supply of assets in the Campos and Santos basins The Brazilian government will offer a total of 20 exploration blocks in the Santos Basin in the three bidding rounds scheduled for 2019. If the agenda is maintained, this will be the first in 12... Continue Reading →

Rio de Janeiro, April 24, 2019 – Petróleo Brasileiro S.A. – Petrobras following up on the release dated 04/09/2019, informs that, on 04/18/2019, the Resolution of the National Council of Energy Policy (CNPE) No. 6 was published, setting forth the parameters for the bidding of the Transfer of Rights Agreement excess volumes under the Production... Continue Reading →

In March, 33 rig contracts were confirmed, according to Evercore ISI’s latest “Offshore Rig Market Snapshot.” This is up from 19 a year ago as the offshore drillers signed 135 contracts in 1Q or up 44% from 94 in 1Q 2018. The jackup mix was unchanged at 57%, but Evercore said it was encouraged that... Continue Reading →

Italian oil company Eni saw an increase in its first quarter 2019 net profit when compared to the last year’s performance. In 2019, Eni expects its production to grow fueled by ramp-up at new fields.  Eni’s adjusted operating profit in 1Q 2019 was €2.35 billion, slightly down from the profit of €2.38 billion in the... Continue Reading →

Brazil’s jailed former leftist president, Luiz Inacio Lula da Silva, could gain partial freedom within five months following a court decision on Tuesday to reduce his sentence in one of two corruption convictions. The popular politician began serving a 12-year prison sentence a year ago on a corruption and money-laundering conviction for accepting a luxury... Continue Reading →