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Petrobrás is on a constant path to reduce its oil extraction costs even more, especially in the challenging scenario that operators are facing in the pandemic scenario. Over the past few months, the Brazilian company has managed to go further in this objective, reducing the cost of extraction in the pre-salt layer to U$ 2.27... Continue Reading →
Spanish oil and gas group Repsol reported a 7 million euro ($8.27 million) adjusted net profit for the third quarter on Thursday as crude prices recovered, edging back into positive territory after a deep loss in the second quarter. While much better than an average analyst forecast provided by the company of a 15 million... Continue Reading →
A new study by Westwood Global Energy Group shows that 11 billion barrels of oil and 36 billion barrels of oil equivalent (boe) gas in 119 discoveries >100 million boe in size made between 2008 and 2016 is currently stalled with no progression towards development. This oil and gas, potentially, worth more than $65 bn... Continue Reading →
MAN Energy Solutions will supply five radial compressor and two screw compressor trains for the Bacalhau FPSO, under the contract with the Japanese FPSO specialist MODEC. The compressor trains will be installed aboard the FPSO that will be used to produce oil for Equinor at the Bacalhau field, about 185 kilometers off the Brazilian coast... Continue Reading →
In November 2007 Brazil’s national oil company, Petrobras, shocked the E&P world by announcing a 5-to-8-Bbbl discovery in a completely unknown geological play: carbonate reservoirs below a 2-km layer of salt, offshore Brazil, in a 2,000-m water depth. This announcement marked the beginning of a complete turnaround in the history of Brazil’s oil and gas... Continue Reading →
Marine seismic player Polarcus has slipped into the red in Q3 2020 as revenue fell some 76 per cent compared to prior year due to the global slow-down on the back of the COVID-19 pandemic. The Oslo-listed company reported third quarter 2020 loss of $13.5 million, versus profit of $13.7 million in Q3 2019. Polarcus... Continue Reading →
Oil major and LNG giant Shell saw its third quarter 2020 earnings decrease when compared to the last year’s third quarter amid lower oil price environment but the oil major decided to increase its dividend. Shell on Thursday said that the income attributable to its shareholders was $0.5 billion for the third quarter of 2020,... Continue Reading →
Exxon Mobil Corp on Wednesday kept its fourth-quarter dividend flat at 87 cents a share, signaling 2020 will be the first year since 1982 that the U.S. oil producer has not raised its shareholder payout. The largest U.S. oil producer by volume was caught off guard by the sharp decline in energy prices and demand... Continue Reading →
The third quarter of 2020 ended with a financial loss for Petrobras. The company announced losses of R$ 1.546 billion between July and September. This is the third quarter followed of recorded losses for the oil company. For the first quarter of 2020 the company recorded losses of R$ 48.5 billion, between April and June... Continue Reading →
Equinor (NYSE:EQNR): Q3 Adj. net income of $780M vs. a consensus of $1.03B. Raises dividend to $0.11/share from $0.09. Revenue of $11.34B (-27.4% Y/Y) beats by $1.2B. EQNR delivered total equity production of 1,994 mboe per day in Q3, up from 1,909 mboe per day in the same period in 2019, with an increased share of gas.... Continue Reading →
