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Offshore seismic services provider Polarcus is reducing its headcount further by 20 percent, the company said Monday, citing the market uncertainty and bleak near-term outlook caused by low oil prices and COVID-19. Oslo-listed Polarcus had on March 31 announced cost-cutting measures which were planned to save it $15 million in 2020. These included reductions in headcount and employees' salaries and... Continue Reading →
Exxon Mobil Corp has restored crude output at its nascent project off Guyana's coast after addressing problems with gas reinjection equipment, the South American country's environmental regulator said on Friday. Output at the offshore Liza field, which Exxon operates in a consortium with Hess Corp and CNOOC Ltd has been restored to between 80,000-90,000 barrels per day... Continue Reading →
Jun 19, 2020 The Board of Directors of Petróleo Brasileiro S.A. – Petrobras convenes the Annual General Shareholders Meeting to be held on July 22, 2020, at 3 p.m, exclusively by digital format, pursuant to Article 4, Paragraph 2, Item I and Article 21-C, Paragraphs 2 and 3 of CVM Instruction 481, of December 17, 2009 (“CVM Instruction 481”), via the Digital Platform... Continue Reading →
Jun 19, 2020 3R Petroleum plans to invest US $ 200 million over the life cycle of the Polo Macau fields - a cluster of assets purchased from Petrobras in the Potiguar Basin, Rio Grande do Norte. - In a live interview with epbr, CEO Ricardo Savini, explained that the pandemic forced the company to... Continue Reading →
Jun 19, 2020 The ANP collegiate board approved the assignment of rights to 10 Petrobras concession contracts to Trident Energy do Brasil, referring to the Pampo and Enchova clusters, covering the fields of Badejo, Bicudo, Bonito, Enchova Oeste, Enchova, Sole, Marimbá, Pampo, Piraúna and Trilha. The assignment is part of Petrobras' divestment plan. The ten... Continue Reading →
Jun 18, 2020 The Brazilian Petroleum Institute (IBP) announced the creation of the Brazilian Downstream Association (ABD), which was officially instituted this week during a virtual assembly. The new entity will have its headquarters at the current IBP office in Rio de Janeiro, and already has a defined focus of action. In addition to prioritizing... Continue Reading →
Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, recovering. Iraq and Kazakhstan, during a meeting of an OPEC+ panel on Thursday, pledged to comply better with oil cuts, sources said. This... Continue Reading →
June 19, 2020 Petróleo Brasileiro S.A. - Petrobras informs that it has started the opportunity disclosure stage (teaser), referring to the sale of its entire stake in the Atum, Curimã, Espada and Xaréu fields, maritime production concessions in shallow waters located in the Mundaú sub-basin, in the State of Ceará. The teaser, which includes key... Continue Reading →
The Covid-19-caused downturn is set to cause a 25 per cent yearly drop in global demand for oilfield services (OFS), a Rystad Energy analysis shows. Rystad said on Thursday that OFS spending was expected at $481 billion this year and take the first step towards recovery in 2021 when it is forecast to tick up... Continue Reading →
Seven major European investment firms told Reuters they will divest from beef producers, grains traders and even government bonds in Brazil if they do not see progress in resolving the surging destruction of the Amazon rainforest. The rising threats from investors with more than $2 trillion in assets under management, including Finland-based Nordea and the... Continue Reading →
