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Brazilian state-run oil firm Petroleo Brasileiro SA (PETR4.SA) on Thursday posted a loss of 2.7 billion reais ($524 million) in the second quarter, hurt by tumbling oil prices despite record export volumes to China. The result, down from a record quarterly profit of 18.9 billion reais a year ago, came as the company pursued an... Continue Reading →
Dear Shareholders, I am glad to be able to tell you that we are running the ship safely through uncharted waters. We are very proud of our team whose talent and professional dedication allowed us to overcome, so far, the enormous challenges faced by our company. The outbreak of a major global health crisis caused... Continue Reading →
July 28, 2020 Galp has revised its portfolio in the Potiguar Basin and plans to exit “some licenses”, declared the oil company's operations director, Thore Kristiansen, in a conference with investors on Monday (27/7). According to the executive, most of the operating impairments recognized in the quarter, of € 93 million, correspond to assets in... Continue Reading →
The upcoming partial return of curtailed OPEC+ oil production from August is set to create a new four-month supply glut of around 170 million barrels, a Rystad Energy analysis reveals. The analysis is based on the assumption that oil demand will not rebound as quickly as previously thought due to the persistent expansion of the... Continue Reading →
Brazil’s natural gas sector is poised for profound change. After years of intense focus on the country’s enormous pre-salt oil reserves, the government is finally shifting its efforts towards the domestic gas market. State energy firm Petrobras has been tasked with leading the vanguard for change. The Brazilian company is in the process of radically... Continue Reading →
Oilfield services giant Halliburton Co (HAL.N) posted its third straight quarterly loss on Monday as it took a $2.1 billion impairment charge amid a slump in oil prices and the resulting collapse in drilling by North American customers. Demand for drilling services and oilfield equipment offered by Halliburton and rivals Schlumberger (SLB.N) and Baker Hughes... Continue Reading →
July 17, 2020 Petrobras is working to anticipate the deactivation of the floating platforms provided for in its current decommissioning plan. Among the priorities are the production units in the Marlim and Voador fields, in the Campos Basin. In a letter submitted to the ANP, the oil company proposed to send, first, the installation deactivation... Continue Reading →
The Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+, have agreed to curb oil supply from August as the global economy recovers from the COVID-19 pandemic. It is worth saying straight from the off that OPEC+ has been cutting oil production since May by 9.7 million barrels per day, or 10 per... Continue Reading →
The number of drilled oil and gas wells this year is expected to reach about 55,350, the lowest since at least the beginning of the century, Norwegian energy industry intelligence firm Rystad Energy said. The demand for drilling equipment is also down. The expected 55,350 wells in 2020 are a drop of 23% fall from... Continue Reading →
The offshore wind industry had by far its busiest half-year ever for final investment decisions in 1H 2020, surpassing the full-year figures from 2019, according to the latest report from research company BloombergNEF (BNEF). Offshore wind financings in 1H 2020 totaled $35 billion, up 319% year-on-year and even well above 2019’s record full-year figure (a... Continue Reading →
Brazil Energy Insight 