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(Reuters) - U.S. oil major Chevron Corp on Thursday cut billions off its long-term capital and exploratory budget after a major restructuring of its operations in a bid to ride out a collapse in oil prices and preserve its dividend. Reeling from a sharp decline in oil demand and revenue due to the COVID-19 pandemic,... Continue Reading →
Angola’s state oil giant Sonangol will next year accelerate reforms and efforts to raise revenue after the pandemic drained investor interest in an asset sale that has so far netted only around $60 million, its CEO told Reuters in a rare interview. Sonangol is the economic engine for Africa’s number two oil exporter, as the... Continue Reading →
Brazilian oil production decreased 1.2% in October compared to September, totaling 2.874 million barrels per day according to the accounts of the National Petroleum Agency (ANP). Compared to the same month last year, the drop was 3%. As for natural gas, production totaled 130 million cubic meters per day, an increase of 3.8% compared to... Continue Reading →
(Bloomberg) --Exxon Mobil is about to incur the biggest writedown in its modern history as what was once an exemplar of American capitalist might shudders under the weight of debilitated energy markets. Exxon -- already hobbled by cratering crude prices, a global supply glut and a pandemic-driven collapse in fuel sales -- on Monday disclosed... Continue Reading →
Petrobras detailed on Monday its new Business Plan for the period 2021 to 2025. In this plan, the company classifies the Campos Basin as a strategic area and will allocate a volume of US$ 13 billion to the region's fields. The amount, however, will be less in relation to the resources provided for in the... Continue Reading →
(Reuters) - Brazil’s Petrobras on Monday projected a surge in oil exports and divestments over the next five years as it steps up plans to target overseas demand and cut debt. In a virtual presentation to investors during the state-controlled company’s annual investor day, Petroleo Brasileiro SA, as it is formally known, said domestic oil... Continue Reading →
After having been suspended due to the adverse scenario of the Covid-19 pandemic, the 17th Concession Round of the National Petroleum Agency (ANP) will be resumed. The event will take place on October 7, 2021. The restart of the usual procedure for organizing the bid was approved this week during the meeting of the ANP... Continue Reading →
Joint venture partners in the Corentyne block offshore Guyana – Frontera Energy and CGX Energy – have concluded collaborative discussions with the Government of Guyana concerning the rescheduling of the work commitments on the block. Frontera said on Friday that the joint venture was committed to completing its exploratory commitments in full, despite operational activities... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, in relation to the news published in the media, regarding the divestment of the Papa-Terra field, Campos Basin, clarifies that the stage of receiving binding offers was completed on 9/29/2020. As a result, on 10/29/2020, negotiations started with Starboard Asset Ltda (Starboard), a fund manager that has a relevant stake... Continue Reading →
Group moves forward in negotiations to acquire its first deepwater project in the Campos Basin. 3R Oil & Gas should acquire the Papa-Terra field in Petrobras' divestment program. Sources linked to the business anticipated that the Brazilian group presented the best proposal in the process, being selected as the preferred leader. The company has already... Continue Reading →
Brazil Energy Insight 