Oil major Shell booked a loss of $18.1 billion in the second quarter of 2020 due to huge impairments as it cut its price outlook in response to the coronavirus pandemic and the oil price crisis. Shell said on Thursday that it had booked a loss of $18.1 billion for the second quarter of 2020... Continue Reading →
Siemens Gamesa Slashes 2020 Revenue Forecast on COVID-19 Impact
Wind turbine maker Siemens Gamesa expects the fallout of the COVID-19 pandemic will cut 1 billion euros ($1.2 billion) from its sales revenue in the full year, the German-Spanish manufacturer said on Thursday. The company said the impact will be harsher than previously expected, with fewer sales of turbines in several markets and slower execution... Continue Reading →
Apache, Total Make Major Oil Find Offshore Suriname
Apache Corp and its joint venture partner Total on Wednesday said they had made their third oil discovery offshore Suriname. The "major oil discovery" was made at the Kwaskwasi-1 well drilled by the Noble Sam Croft in Block 58, where Apache is operator and holds 50% working interest and Total holds the other 50%. Continue... Continue Reading →
Massive service company writedowns may mark downturn’s bottom, says Morgan Stanley
The world’s three biggest oilfield service companies wrote down the value of their assets to the tune of about $45 billion during the past year as customers engaged in severe spending cutbacks, according to Morgan Stanley. The combined write offs, half of which stem from what were supposed to be blockbuster M&A deals, almost equal... Continue Reading →
State of Ceará wins another project for offshore wind
July 30, 2020 Ceará emerges as the main center of investment attraction for offshore wind in the country, after BI Energia started licensing process for a new park in Camocim, with 1.2 GW of power, distributed in 100 12 MW wind turbines. With the new project, four of the seven offshore wind farms currently being... Continue Reading →
G.E. To Sell Remaining Stake In Baker Hughes Over Three Years
Today General Electric announced its plans to completely divest from oil services giant Baker Hughes BHI -0.4% by selling its remaining 377 million shares over three years. At current prices, the 37% stake is worth $5.5 billion — down significantly in the past year as shares in both companies have slumped nearly 40% ytd. With the oil industry... Continue Reading →
Petrobras on VAT tax (ICMS) in PIS/COFINS calculation basis
July 29, 2020 Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 07/21/2020, informs that the best estimate of the amounts to be recovered for the period from October 2001 to June 2020, considering the current calculation assumptions and the documental surveys, is R$ 16.9 billion, before the tax effects, which will... Continue Reading →
Petrobras on arbitration involving Sete Brasil
July 29, 2020 Petróleo Brasileiro S.A. – Petrobras informs that the Board of Directors approved, in a meeting held today, an agreement with Fundação Petrobras de Seguridade Social (Petros), which aims to end the arbitral dispute proposed by Petros in order to obtain compensation from Petrobras for alleged material damages related to the investment in... Continue Reading →
Total Books $8 Bln Asset Impairments
French energy group Total will book an exceptional impairment charge of $8 billion mainly on its Canadian oil sands and liquefied natural gas projects, it said on Wednesday. "Overall, the exceptional asset impairments that will therefore be taken into account in the second quarter of 2020 amount to $8.1 billion, including $7 billon on Canadian... Continue Reading →
ExxonMobil Finds More ‘High-quality’ Reservoirs Off Guyana, Hess Says
The U.S. oil major ExxonMobil has recently discovered two more high-quality oil reservoirs offshore Guyana, Hess, the company's partner in the prolific Stabroek block said Wednesday. To remind, back in January, ExxonMobil said it had struck its 16th oil discovery in the offshore block in Guyana, boosting recoverable resource base in Guyana to more than... Continue Reading →
