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Major oil producers agreed to slash output as feuding members of the OPEC+ coalition buried differences in an effort to lift the market from a pandemic-driven collapse. The Organization of Petroleum Exporting Countries and its allies, meeting by video conference on Thursday, now have the outline of a deal to cut production by 10 million... Continue Reading →
The Covid-19 epidemic and the ongoing oil price war have ravaged global energy markets during the last two months, and offshore drilling, in particular, is among the most affected industry segments, according to energy intelligence firm Rystad Energy. A Rystad Energy impact analysis estimates that drillers will see up to 10% of their contract volumes... Continue Reading →
The 2020 Offshore Technology Conference (OTC) has been canceled due to the coronavirus pandemic. "While OTC’s purpose is to provide an opportunity for those in the offshore petroleum industry from around the world to meet and share knowledge, our first priority is to the health and safety of our attendees and exhibitors. Therefore, OTC has... Continue Reading →
President Donald Trump said he expects Saudi Arabia and Russia to cut oil production by about 10 million barrels after he spoke by phone with Crown Prince Mohammed Bin Salman on Thursday. Trump didn’t specify in a tweet whether the production cut would be per day. He said Prince Mohammed had spoken to Russian President... Continue Reading →
China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday. China started processing in March applications from its companies to waive import tariffs on U.S. energy goods as part of the Sino-U.S. Phase... Continue Reading →
March 31, 2020 Petróleo Brasileiro S.A. – Petrobras reports that the Board Member Ana Lúcia Poças Zambelli presented her resignation as member of the Board of Directors of the company, as well as the Board Committees of which she was a member, for personal reasons, with effect from April 1, 2020. The election of the... Continue Reading →
Mexico's oil regulator approved on Friday a request by French oil company Total SA to give up its exploration and production rights to a deep water block in the southern Gulf of Mexico that the firm had won at auction in 2016. The regulator said Total decided to return the block due to the results... Continue Reading →
Mar 20, 2020 (Reuters) - Brazil’s Senate on Friday approved a presidential decree declaring a national emergency over the coronavirus epidemic, allowing the government to waive fiscal targets and free up budget resources to fight the virus that has killed seven and infected 621 in the country. The decree passed the lower house on Wednesday.... Continue Reading →
Rockhopper Exploration, a partner in Premier Oil-operated Sea Lion offshore oil project in the Falkland Islands, is confident it will manage to farm-out a share in the project despite the low oil prices and COVID-10 uncertainty. The two companies in January signed non-binding heads of terms with Navitas Petroleum, which should lead to Navitas obtaining... Continue Reading →
Organizers of the Offshore Technology Conference (OTC) announced today that the event, planned for May 4-7, 2020, will be postponed until Q3 2020 due to "unprecedented global challenge associated with the current COVID-19 pandemic." With severe global travel restrictions and considering the rapidly changing guidance from governments and companies, OTC has chosen to postpone the... Continue Reading →
Brazil Energy Insight 