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BP (BP.L) cut its dividend for the first time in a decade after a record $6.7 billion second-quarter loss, when the coronavirus crisis hammered fuel demand, and it sought to win over investors by speeding up its reinvention as a lower carbon company. Its shares rose more than 7% on Tuesday after BP unveiled earlier... Continue Reading →
August 3, 2020 Petróleo Brasileiro S.A. – Petrobras, following up on the press release disclosed on July 3, 2020, informs the beginning of the non-binding phase regarding the sale of its wholly-owned subsidiary Petrobras Biocombustível S.A. (PBIO). Qualified parties for this phase will receive a process letter with detailed information about the aforementioned company, as... Continue Reading →
Former Guyanese housing minister Irfaan Ali was sworn in as president of the newly oil-producing South American country on Sunday, after he was declared winner of a disputed March 2 election following a recount. Preliminary recount data released in June showed Ali, a member of the opposition People's Progressive Party (PPP), had won the initial... Continue Reading →
Pioneer project is another step of the company towards innovation Tuglab, Wilson Sons’ innovation laboratory, in partnership with the IT Management of the company’s Towage division, developed the Closed Circuit TV (CCTV) and Network Cabling project for the fleet. Local internet network and 480 cameras are planned to be installed. The equipment has already been installed... Continue Reading →
July 31, 2020 Petrobras plans to reach 2030 with at least 12 platform vessels in the Buzios field, its crown jewel in the Campos Basin pre-salt. Currently, the area has four units under production, one under construction, three under contract and another four under study. With these new units, the goal of the state-owned company... Continue Reading →
July 31, 2020 The downstream segment in Brazil is experiencing a unique moment in its history. The oil refining activity is going through a period of transition to a framework with a greater plurality of agents, more open and dynamic, with numerous planning and regulatory challenges. The Brazilian refining park has a daily oil processing... Continue Reading →
August 03, 2020 Petróleo Brasileiro S.A. – Petrobras, in accordance with the commitments made through the Agreement signed with the Administrative Council for Economic Defense (CADE), on July 8, 2019, and following up on the release dated December 9, 2019, informs that it published today the Bidding Process Call for the leasing of the LNG... Continue Reading →
Regardless of the recent loan forbearance agreement extension expiring, Prosafe is still in discussions with lenders to find a long-term financial solution which would stabilize operations. Namely, Prosafe agreed on a forbearance agreement for $1.3 billion and $288 million facilities earlier this year. As part of this, the company was allowed to defer making payments... Continue Reading →
Oil major ExxonMobil reported a back-to-back quarterly loss for the first time in over three and a half decades. ExxonMobil last Friday posted an estimated second-quarter 2020 loss of $1.1 billion compared with earnings of over $3.1 billion in the same quarter last year. Results included a positive non-cash inventory valuation adjustment from rising commodity... Continue Reading →
Suriname's state-owned oil company Staatsolie is considering farming into an offshore oil block where Apache Corp and France's Total SA have announced a third major discovery, an executive said on Sunday. Staatsolie has the right to a stake of up to 20% in the 1.4 million-acre Block 58, where Apache and Total last week announced... Continue Reading →
