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April 22, 2020 On April 20th, the ANP published, in a special edition of the Federal Official Gazette, ANP Resolutions 815/2020 and 816/2020. They establish new procedures to be adopted by companies operating in oil and natural gas exploration and production activities while the temporary measures to deal with the public health emergency resulting from... Continue Reading →
With crude prices collapsing, Mexico’s president says his country will shut down new wells in a move that comes just over a week after he almost wrecked a global oil deal by refusing to make deep output cuts. The country invested last year in drilling new wells, Andres Manuel Lopez Obrador said during his daily... Continue Reading →
Offshore oil driller Valaris PLC is preparing to start talks with creditors to see if they can agree on terms for a possible bankruptcy filing, as it grapples with a $6.5 billion debt burden and an unprecedented plunge in U.S. crude prices, people familiar with the matter said on Tuesday. Reuters reported last month that... Continue Reading →
April 20, 2020 Petro Rio S.A. (“Company” or “PetroRio”) (B3: PRIO3), in compliance with article 157 of Law 6404/1976, CVM instruction 358/2002, and article 26 of the Novo Mercado Regulation, announces to its shareholders and the market the election, at its Annual Shareholders’ Meeting, of four new members of the Board of Directors (“Board”). In... Continue Reading →
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil, Chile and Ecuador, today announced its operational update for the three-month period ended March 31, 2020 (“1Q2020”). All figures are expressed in US Dollars and... Continue Reading →
Tokyo, April 21, 2020 MODEC, Inc. ("MODEC") is pleased to announce that a US$ 1.1 billion project bond, issued by an affiliate of MODEC in August 2019, has been awarded "Marine Money Offshore Deal of the Year 2019" in the Innovation category. This issuance by MV24 Capital B.V., an affiliate of MODEC, was for the... Continue Reading →
Seismic industry will suffer the most as a result of the Covid-19 pandemic and the low oil price. According to Rystad Energy, 2020 revenues could fall between 51 per cent and 77 per cent. Exploration spending could drop by more than 20 per cent from its 2019 levels. The hardest-hit area will be the acquisition... Continue Reading →
Exploration plans are being redrawn and the well count is expected to drop by as much as 35 per cent on 2019 levels due to the “double whammy” of the oil price collapse and COVID-19 pandemic, according to market research provider Westwood Global Energy Group. At the start of the year, the number of high-impact... Continue Reading →
Guyana has attracted interest from several oil trading companies for a contract to serve as the marketing agent for the government's share of the country's crude, despite a plunge in global prices, four people familiar with the matter said. Oil major Royal Dutch Shell and commodities traders Gunvor and Mercuria were among the companies that... Continue Reading →
A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse. U.S. West Texas Intermediate (WTI) crude for May delivery recouped some losses on Tuesday to be just... Continue Reading →
