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UK oilfield services provider Wood has decided to implement salary, headcount, and capex reductions as a response to the volatile market conditions. Wood will also be withdrawing its final dividend recommendation. Wood said on Thursday it has taken significant steps to enable its workforce to work from home due to the coronavirus pandemic, resulting in... Continue Reading →
April 1, 2020 Location: Brazil Event: Brazil has confirmed cases of COVID-19 in all 26 states and the Federal District, and the largest number of confirmed cases in South and Central America. As of March 30, 2020, Brazil has implemented a 30-day ban on all foreigners entering Brazil by air with limited exceptions for those that fall into one of... Continue Reading →
April 1, 2020 Chevron Brasil confirms that it made a donation through the Brazilian Petroleum Institute (IBP) to help build a field hospital for patients with COVID19 in Rio de Janeiro. The hospital will serve to support the treatment of cases in a highly populated area of the city that has been impacted. “Our company... Continue Reading →
Offshore accommodation services provider Prosafe is still working with its lenders to come up with a financial solution to ensure the company’s long-term stability. Prosafe previously reported it had received consent for temporary payment deferrals and waivers of certain identified defaults under the company’s $1.3 billion and $288 million facilities. These deferrals and waivers have now... Continue Reading →
Oilfield services provider Schlumberger on Tuesday said it will implement widespread salary and job cuts as it grapples with a sharp decline in revenue from the oil price collapse. Oil prices have plunged by more than 60% since the start of the year, prompting scores of oil and gas producers to slash spending on drilling... Continue Reading →
April 1, 2020 Petrobras then concludes the contracting of 90% of the TOR surplus in Búzios, alongside that of the Chinese state-owned companies CNODC and CNOOC, with 5% each. In addition to 100% of Itapu. - Búzios is the largest field under development in the country, with four Petrobras own units in operation, Búzios 5... Continue Reading →
April 1, 2020 The ANP board approved the review of the discovery assessment plan (PAD) for well 3-BRSA-1267-RJS, an extension well for the original Libra discovery, which provides for additional campaigns in the Southeast and Central areas of the block. - Southeast: the consortium led by Petrobras needs to decide on December 31 this year... Continue Reading →
April 1, 2020 OneSubsea presented the lowest price in Petrobras' bid for the acquisition of a PLEM (Production Line End Manifold) and an UTA (Umbilical Termination Assembly) for the Marlim and Voador Revitalization Project (Modules 1 and 2). In the reverse auction conducted by Petronect, the company offered a value about 12% lower than the... Continue Reading →
Guyana and Namibia focused oil and gas company Eco Atlantic has said that its board and management have agreed to voluntary pay cuts of up to 40 percent, in the wake of the situation with the coronavirus and the low oil prices. The company has said it has undertaken a strict cost-cutting program across all... Continue Reading →
Norway's offshore service vessels (OSVs) supplier Solstad Offshore and its creditors have agreed on a draft restructuring plan, which includes converting 10 billion crowns ($962.17 million) of debt into equity, the company said on Tuesday. The large majority of stakeholders, including secured lenders, leasing companies, industrial shareholders and key bondholders plan to sign a binding... Continue Reading →
