Exxon Mobil and Chevron’s unwillingness to venture beyond their core oil and gas business will face a test Wednesday when shareholders vote on climate change proposals at both oil companies’ annual meetings. The U.S. oil majors have typically enjoyed an easier ride from investors on environmental issues compared with their European rivals. But pressure is... Continue Reading →

Brazil’s economy likely shrank in the first quarter of this year for the first time since 2016, a Reuters poll of economists showed on Tuesday, with activity hit by delayed fiscal reforms, weak investment and rising unemployment. If confirmed, it will be the first contraction since a deep 2015-2016 recession from which the economy has... Continue Reading →

Amid mounting recovery concerns, Seadrill Ltd. plunged to their lowest since the embattled drilling company emerged from bankruptcy less than year ago, when Carnegie Investment Bank AB recommended selling their shares and slashed the price target by 88%. The offshore rig market recovery is “not happening fast enough” for Seadrill, Carnegie said in a note... Continue Reading →

— Rio de Janeiro, May 27, 2019 - Petróleo Brasileiro S.A. – Petrobras, in relation to the news published in the media, clarifies that it has not yet been summoned of the injunction issued by Supreme Court Judge Edson Fachin, determining the suspension of the competitive process for the sale of 90% of the company's... Continue Reading →

05/27/2019 Alvopetro intends to start marketing natural gas from the Caburé field in the Recôncavo Basin in January 2020. The information is from the president of the company in Brazil, Carlos Eduardo Freitas. "Among the possible alternatives to monetize gas, we opted for the direct sales model with the [Bahiagás] distributor," the executive told BE... Continue Reading →

05/27/2019 Fugro has made available 110,000 km² of high-resolution bathymetric data from the northern portion of the Atlantic Ocean to two projects that study seabed mapping, the company said on Friday. The data was made available to the Seabed 2030 project - which aims to develop a bathymetric ocean bottom map by 2030 - and... Continue Reading →

Chinese oil, shipping, telecom, dredging, and offshore drilling companies are facing a threat of U.S. sanctions if a South China Sea bill introduced last Thursday by several U.S. senators is enacted. U.S. Senators Marco Rubio (R-FL) and Ben Cardin (D-MD) last Thursday introduced the bill to impose sanctions against Chinese individuals and entities that participate... Continue Reading →

Malaysian OSV and FPSO leasing company Bumi Armada has posted a rise in net profit for the first quarter of 2019. The company’s net profit was 62.2 million Malaysian ringgit, up from RM 48.7 million a year ago. “The increase is mainly due to higher allowance for impairment losses of receivables in YTD 2018 and... Continue Reading →