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APR 9, 2020 Petrobrás has notified Enauta and PetroRio, its partners in the Manati field, that the current situation in the Covid-19 pandemic may affect the state's commitment to buy natural gas from the asset. To better understand, it is necessary to remember that the Manati field is operated by Petrobrás (35%), in partnership with... Continue Reading →
Dutch FPSO provider SBM Offshore has confirmed a number of positive coronavirus cases amongst the crewmembers on one of its FPSOs. SBM Offshore said in its company update last week that it had transported several crewmembers with symptoms from an undisclosed FPSO back to shore earlier this month. Continue reading
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand... Continue Reading →
Oilfield services provider Baker Hughes Co on Monday wrote down the value of its assets by $15 billion as plunging oil prices and the coronavirus pandemic hit demand and forced oil producers to cut back drilling. Producers have so far cut 2020 spending by about 30% or $37 billion, according to data compiled by Reuters, after a price war... Continue Reading →
April 13, 2020 Allocation of the replicating FPSO has been challenging Petrobras' boards and technical teams for years Although Petrobras' current Business Plan (PN) provides for the installation of the FPSO P-71 in the Lula Recovery Factor field (Lula FR, formerly Lula Oeste), the FPSO's fate is still open - with the Itapu field appearing... Continue Reading →
April 13, 2020 State-owned company wants to extend terms and payments due to the fall in demand and oil prices. Sector fears shock over a chain of 500,000 workers After cutting production and employee wages, Petrobras renegotiates contracts with major suppliers to further reduce costs. The goal is to extend delivery and payment terms. The... Continue Reading →
Global oil producers and refiners are struggling with a series of unprecedented dislocations as the simultaneous epidemic and volume war between Saudi Arabia and Russia rip through every element of the supply chain. Some idea of the extraordinary speed and scale of the disruptions was evident in the "Weekly Petroleum Status Report" published by the... Continue Reading →
OPEC, Russia, and allies are on the verge of ending the oil price war in an effort to save the oil industry which, in addition to the oil price war consequences, suffered even more as the coronavirus pandemic further curbed the oil demand, creating a whirlwind of adverse effects. However, the allies are still waiting... Continue Reading →
Offshore drilling contractor Noble Corporation has backtracked on its 2020 guidance announced in February, citing the recent sharp decline of oil price due to the oil oversupply and drop in demand caused by COVID-19, as the reason. Noble Corp, a provider of drilling services to oil and gas companies, said Thursday that it expected the... Continue Reading →
April 9, 2020 Petróleo Brasileiro S.A. - Petrobras reports that it has been working to reduce the impacts of the COVID-19 (coronavirus) pandemic on the natural gas chain, since the slowdown in the Brazilian and the global economic activity has the direct effect of reducing the market consumption of natural gas. Therefore, Petrobras proposed the... Continue Reading →
