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Italian energy services group Saipem painted a gloomy outlook for the year after reporting a net loss of 616 million euros ($723 million) in the second quarter following writedowns. The company said the industry faced uncertain demand for oil and gas. In April the group pulled its 2020 outlook, saying the pandemic might trigger a... Continue Reading →
Australian oil and gas company Karoon Energy has said that its founder and CEO Robert Hosking will step down after 16 years at the helm. The company, with oil and gas projects in Australia, Peru, and Brazil, said Wednesday that Hosking had informed it of its decision to retire at the 2020 Annual General Meeting.... Continue Reading →
Tullow Oil said on Wednesday it was set to book $1.4-1.7 billion in impairments before tax in its half-year results, as it follows larger rivals in lowering its oil price forecasts. Tullow, which had a market capitalization of around $508 million after markets closed on Tuesday, had $3 billion in net debt and untapped liquidity... Continue Reading →
July 28, 2020 Galp has revised its portfolio in the Potiguar Basin and plans to exit “some licenses”, declared the oil company's operations director, Thore Kristiansen, in a conference with investors on Monday (27/7). According to the executive, most of the operating impairments recognized in the quarter, of € 93 million, correspond to assets in... Continue Reading →
July 28, 2020 Petrobras will forward a letter of intent (LOI) to Misc for the construction, chartering and operation of the Mero 3 FPSO in the Libra area. The two companies have completed all the internal approval and negotiation processes for contracting the production unit and the most recent projection is that the document to... Continue Reading →
Giant oilfield services provider Schlumberger is cutting around 21,000 jobs as a response to one of the most challenging quarters in over a decade affected by the coronavirus pandemic and the oil price crisis. In its quarterly report released last Friday, Schlumberger said it would pay over $1 billion in severance to the 21,000 employees... Continue Reading →
Equinor has short-listed four internal candidates to succeed Chief Executive Eldar Saetre who is likely to announce his departure within the next few months, a source familiar with the process told Reuters. The candidates have been asked to present their views on how to speed up the Norwegian oil and gas group's transformation towards becoming... Continue Reading →
The oilfield has historically been a place where brawny men, and mighty machines came together to bore holes deeply into the earth to wrest stores of oil and gas from the depths. This model, which developed over many decades of exploration and production activity carried huge costs, particularly as the focus of this activity moved... Continue Reading →
The upcoming partial return of curtailed OPEC+ oil production from August is set to create a new four-month supply glut of around 170 million barrels, a Rystad Energy analysis reveals. The analysis is based on the assumption that oil demand will not rebound as quickly as previously thought due to the persistent expansion of the... Continue Reading →
A former head of Mexico’s PEMEX is testifying that lawmakers were bribed to pass a 2014 reform that opened the energy sector to private investment, President Andres Manuel Lopez Obrador said on Friday. Lopez Obrador said that Emilio Lozoya, who was extradited from Spain this month to face corruption charges in Mexico, is shining light... Continue Reading →
