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The following article is a guest post by Andreas Dracoulis, Partner, and Jonathan Morton, Associate, at Haynes and Boone, a U.S.-based law firm specializing in business litigation The article delves into legal intricacies of declaring force majeure events on existing offshore construction contracts in case of delays caused by the coronavirus pandemic as well as key points... Continue Reading →
Apr 16, 2020 The storm that has come in the oil and gas sector will not change Petrobras' direction. Despite the strong devaluation of the price of a barrel of oil, the president of the state-owned company, Roberto Castello Branco, guaranteed that the company will not change its position to focus its efforts on exploration... Continue Reading →
Apr 15, 2020 In March 2020, Wilson Sons recorded eight years without lost time accidents at its offshore support bases, a milestone in the oil and gas sector. There were 4.6 million man-hours worked in dozens of operations along the Brazilian coast. The new record reinforces the Company's commitment to the well-being of its employees,... Continue Reading →
This report is aimed at providing detailed information on collection of taxes and participations made by Petrobras S.A. in 2019, on a cash basis. Read Report - PBR 2019 Tax Report
Italian oilfield contractor Saipem has decided to withdraw its 2020 guidance, reserving the right to issue a new one should the market conditions improve. After a meeting of the Saipem board of directors, chaired by Francesco Caio, the company on Wednesday opted to withdraw its previously announced guidance for the year. Continue reading
April 16, 2020 MME is working to carry out the 2nd Permanent Offer Auctions in the second half of this year, said Minister Bento Albuquerque, during a webinar held by FGV, in partnership with the EPBR agency, on Wednesday (4/15). Of the four rounds planned for this year - 17th of Concessions, 7th of sharing... Continue Reading →
Offshore vessel provider Telford Offshore's offshore accommodation and hook-up unit Telford 28 was attacked earlier this week while anchored in Mexico. One crew member was injured. In an email sent to Offshore Engineer, Telford Offshore said: "We can confirm that the Telford 28 came under attack while anchored at Cuidad Del Carmen, Mexico on the... Continue Reading →
Yinson has completed an $800 million refinancing exercise for FPSO John Agyekum Kufuor, with the loan drawn down on April 14. The FPSO firm had announced the refinancing deal for the FPSO located in Ghana back in November 2019. The company at the time said it had signed an agreement with 13 local and international... Continue Reading →
-Mexico’s Petroleos Mexicanos expects to receive some relief from its oil hedge this year as producers grapple with a record slump in demand. “The Finance Ministry has full coverage, and in the case of Pemex it is a part of our production,” said Pemex Chief Executive Officer Octavio Romero at a press conference in Mexico... Continue Reading →
The physical oil market, where millions of barrels of real cargoes are traded each day, needed OPEC+’s historic cuts to global crude production months ago. On Sunday, producer nations pledged to limit output by an unprecedented 10% of global supply. While there’s skepticism the cuts will prove deep enough -- demand has plunged by far... Continue Reading →
