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Brazil's state-run oil company Petroleo Brasileiro SA said in a letter to the workers union on Thursday that it will idle six oil and gas platforms in five fields of the Campos basin due to the coronavirus epidemic. The company said the idling was aimed at reducing costs in the middle of the crisis hitting... Continue Reading →
APR 9, 2020 An SBM Offshore platform vessel, at the service of Petrobras, off the coast of Espírito Santo, recorded 53 cases of Covid-19 in workers on board the unit. The information was confirmed by the Brazilian state-owned company to the Secretary of State for Health of Espírito Santo. Of the total infected, 29 have... Continue Reading →
APR 9, 2020 Today , the Organization of Petroleum Exporting Countries (OPEC) and Russia will hold a virtual conference to try to reach a new agreement on cutting production. The agreement between the sides seems to be imperative and a new study published by the Brazilian Petroleum Institute (IBP) reinforces this thesis. The document highlights... Continue Reading →
Major oil producers agreed to slash output as feuding members of the OPEC+ coalition buried differences in an effort to lift the market from a pandemic-driven collapse. The Organization of Petroleum Exporting Countries and its allies, meeting by video conference on Thursday, now have the outline of a deal to cut production by 10 million... Continue Reading →
April 8, 2020 Petrobras and Modec are close to signing the FPSO charter contract Anita Garibaldi, which will be installed in the Marlim field, in the Campos Basin. The formalization should take place in April, about six months after the signature of the letter of intent, in mid-October 2019.
Brazil's state-controlled oil company Petrobras aims to save 7.6 billion reais ($1.4 billion) by 2025 through voluntary buyout programs that will affect 3,800 employees, according to a securities filing on Wednesday. Petroleo Brasileiro SA, as the company is formally known, on Wednesday launched a new program focused on employees who are eligible for retirement, and... Continue Reading →
Offshore accommodation rig provider Prosafe is in talks with clients over contract amendments for its flotels. These might see some of the rigs going off-hire. Prosafe, the world's largest operator of semi-submersible accommodation vessels, said Thursday it was "in dialogue with clients regarding potential temporary off-hire and/or potential contract amendments." Continue reading
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the combined effect on oil and gas activities of the Covid-19 virus and the oil price war, a Rystad Energy impact analysis shows. These wells, located in Norway, Brazil, the Bahamas, Guyana, the... Continue Reading →
The Covid-19 epidemic and the ongoing oil price war have ravaged global energy markets during the last two months, and offshore drilling, in particular, is among the most affected industry segments, according to energy intelligence firm Rystad Energy. A Rystad Energy impact analysis estimates that drillers will see up to 10% of their contract volumes... Continue Reading →
April 8, 2020 Petróleo Brasileiro S.A. – Petrobras informs, in addition to the press release disclosed on 04/07/20 about the cancellation of the Annual General Meeting (AGM), that all the dates related to the payment of dividends based on the 2019 annual result are being cancelled, in the amount of R$ 1.7 billion (R$ 0.233649... Continue Reading →
