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Oil services company TechnipFMC said on Wednesday it would slash the salaries of executives and retainers paid to company directors by 30%, after cutting its dividend by 75% in search of savings to cushion the impact of the novel coronavirus outbreak. The Franco-American firm, whose clients include major companies in the oil and gas sector,... Continue Reading →
Brazil's state-run oil producer Petroleo Brasileiro has 261 workers, either staff or contractors, who are infected with the coronavirus, the company said in a statement late on Wednesday. Last Friday, Petrobras, as the company is known, said it had 160 workers diagnosed with the virus. Source: OE
The Trump administration will not make a broad cut to the royalty rate oil and gas companies must pay on their offshore drilling operations despite a historic oil price collapse that has put the industry in crisis, a Gulf Coast lawmaker briefed on the matter told Reuters on Wednesday. The administration's decision scratches off one... Continue Reading →
Brazil’s real fell on Wednesday to a fresh all-time low close to 5.40 per dollar, as expectations intensified that the central bank will cut interest rates significantly in the coming weeks to combat the coronavirus-fueled economic crisis. The currency far underperformed its regional and emerging market peers on Wednesday, sliding more than 1% on the... Continue Reading →
Already grappling with one of Brazil’s most severe outbreaks of the novel coronavirus and a budget deep in the red, Rio de Janeiro state faces a potential threat to its solvency at the hands of investment giants PIMCO and Dodge & Cox. The U.S. asset managers have the right to a 2.5 billion real ($470... Continue Reading →
Norwegian offshore vessel operator DOF has warned that several of its vessels might be laid up after the end of their current contracts, citing lack of new work opportunities amid the oil price rout and COVID-19 pandemic effects. On a positive note, Equinor has chartered one of its vessels on a long term deal. "There... Continue Reading →
Norwegian oil and gas major Equinor has appointed a new acting executive vice president of its Exploration division as the current one will be taking on another role within the company. Equinor said on Wednesday that Tim Dodson would step down from the position of executive vice president of exploration, a role he held since 2011, and... Continue Reading →
More than 30 companies, including commodities traders like Gunvor and Vitol as well as units of oil majors like Exxon Mobil and Royal Dutch Shell, submitted expressions of interest for a contract to market the Guyanese government's share of the country's crude, the government said on Tuesday. The National Procurement and Tender Board administration unveiled... Continue Reading →
Oilfield firm Baker Hughes Co reported a $10 billion loss and lower-than-expected revenue in the first quarter on Wednesday as an 80% plunge in oil prices crushed demand for services and equipment. Oil futures this week turned negative for the first time in history as fuel demand collapsed from the spread of the novel coronavirus... Continue Reading →
Apr 22, 2020 After a long period of negotiations, ExxonMobil signed a contract with Seadrill to charter the drill ship West Saturn, which will be responsible for resuming its exploratory activity in Brazil. The value of the contract was not disclosed, but it is estimated that the daily rate agreed was around US $ 250... Continue Reading →
