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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 →
Digitalization has revolutionized the world, and hydrographic survey techniques are no exception. While advances in mechanical design have enabled the survey of increasingly remote locations, electronics and digital processing techniques have dramatically increased resolution. Where once a few spot soundings were considered enough to make a chart, today’s survey vessels generate vast amounts of data... Continue Reading →
Oil prices could fall into the low $20s for the global market to rebalance, as Rystad Energy expects an increase in global supplies in the next three months. OPEC+ countries are locked and loaded to add between 1.5 million and 2.5 million barrels per day (bpd), which Rystad estimates is their realistic short-term capability. After... Continue Reading →
The total capital and operational expenditure of exploration and production companies (E&Ps) is now likely to be cut by $100 billion in 2020 and another $150 billion in 2021 if oil prices remain at a $30 level, a Rystad Energy impact analysis revealed – a development that will heavily impact service company revenues, driving some... Continue Reading →
Brazil Energy Insight 