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The global plunge in electricity demand will drag on long after nations lift stay-at-home orders, leading to the biggest annual drop since the Great Depression and fundamentally reshaping power markets. As economies struggle to recover, worldwide electricity consumption will decline 5% in 2020, the most in more than eight decades, according to the International Energy... Continue Reading →
May 21, 2020 Petróleo Brasileiro S.A. – Petrobras, following up on the press release disclosed on 03/06/20, informs that the non-binding phase related to the sale of 100% of the shares held by Petrobras International Braspetro B.V. (PIB BV) and other Petrobras subsidiaries, in Petrobras Colombia Combustibles (PECOCO) is underway, as described in the teaser,... Continue Reading →
Oilfield services and equipment provider National Oilwell Varco said Wednesday that its Board of Directors elected to suspend the quarterly dividend until further notice. Clay Williams, Chairman, President, and CEO said: "With the view that capital is becoming increasingly scarce and valuable within our industry, we believe that it is in the best long-term interest... Continue Reading →
May 20, 2020 Petróleo Brasileiro S.A. - Petrobras informs that the Parque das Baleias Area reached today the mark of 1 billion barrels of oil produced. The Parque das Baleias Area is formed by the fields of Jubarte, Baleia Anã, Cachalote, Caxaréu and Pirambú. The first field, of Jubarte, was discovered in 2001. Currently, four... Continue Reading →
May 20, 2020 Chinese demand for oil is almost at the levels last seen before Beijing imposed national isolation to combat the coronavirus outbreak, according to people with knowledge of the country's energy sector operations. China is the second largest consumer of oil in the world, behind the United States, and the country's rapid recovery... Continue Reading →
The coronavirus pandemic has done in a handful of months what even a 27-year civil war did not: it has brought oil drilling to a halt in Angola, Africa's second-largest oil producer. The consequences could be grave for a poor country that relies heavily on oil revenues and is saddled with debts that exceed its... Continue Reading →
German oil and gas company Wintershall Dea reported a sharp drop in earnings in the first quarter of 2020, prompting it to cut costs and reduce oil and gas exploration. Production amounted to 626,000 barrel of oil equivalent per day (mboe/d) in Jan-March, unchanged from the same 2019 period, the company said in a statement... Continue Reading →
Confidence had returned to global exploration with improved performance and the emergence of several new multi-billion barrel plays. The confidence carried over into 2020 but has evaporated in the face of the Covid-19 crisis and the collapse in oil prices. Short term plans are in a state of flux and exploration strategy is being reset... Continue Reading →
Wind turbine maker Siemens Gamesa has unveiled a new SG 14-222 DD offshore Direct Drive wind turbine with 14-megawatt (MW) capacity. The capacity can reach up to 15 MW using the company’s Power Boost function, a 222-meter diameter rotor, 108-meter long blades, and a 39,000 m2 swept area. Continue reading
May 19/2020 Petrobras expects to announce good news related to the sale of assets, in an important step in the search to reduce the company's debt, the president of the state oil company, Roberto Castello Branco, said on Tuesday in a videoconference transmitted by Safra Bank. The executive, who did not give details about the... Continue Reading →
