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April 1, 2020 Total Brasil will not extend the charter contract for the Valaris-DS9 drillship, owned by Valaris (ex-Ensco), which, since last year, has carried out a drilling campaign in the Lapa field, in the Santos Basin pre-salt. The French oil company reviewed the operating strategy it had defined for the asset, opting to suspend... Continue Reading →
China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday. China started processing in March applications from its companies to waive import tariffs on U.S. energy goods as part of the Sino-U.S. Phase... Continue Reading →
Marine seismic company Polarcus is set to reduce workforce and employees' salaries, and stack survey vessels, as a response to the uncertainty marine seismic industry is facing in the wake of the coronavirus pandemic, and the current low oil prices. Polarcus on Tuesday evening announced cost-cutting measures, which the company expects to save it $15... Continue Reading →
Petrobras on new actions to strengthen resilience April 1, 2020 Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 03/26/2020, informs that due to the contraction of oil and oil products demand it has decided to adopt new measures that comprise reduction of oil production, postponement of cash disbursement and reduction of... Continue Reading →
Due to the general uncertainty in the world and for the industry caused by the coronavirus and the collapse in commodity prices, UK subsea engineering company Subsea 7 is withdrawing its guidance and outlook statements issued in February 2020. Subsea 7 said on Wednesday that, while the current year’s results are underpinned by a backlog... Continue Reading →
Norwegian oilfield services company Aker Solutions has revealed a package of measures with an aim to mitigate the effects of the coronavirus and sharp oil price decline, including layoffs, reductions in cost and investment levels, and salary freeze for executives as well as general population. Aker Solutions said on Wednesday it is implementing a number... Continue Reading →
March 31, 2020 Petróleo Brasileiro S.A. – Petrobras reports that the Board Member Ana Lúcia Poças Zambelli presented her resignation as member of the Board of Directors of the company, as well as the Board Committees of which she was a member, for personal reasons, with effect from April 1, 2020. The election of the... Continue Reading →
March 31, 2020 Petróleo Brasileiro S.A. - Petrobras, following up on the release dated 02/27/2020, announces the beginning of the binding phase referring to the sale of all its equity interest in Merluza and Lagosta fields, located in the shallow waters of Santos Basin. Qualified parties for this phase will receive a process letter with... Continue Reading →
Oil major BP has set out actions it is taking in response to the COVID-19 pandemic and ongoing market disruption, including a 25 percent reduction in capex. BP has underlined there will be no layoffs in the next three months as a result of coronavirus cost-cutting. In addition to revealing its action plan to deal... Continue Reading →
Mexico’s state oil company Pemex plans to maintain crude production levels even as the coronavirus pandemic knocks down demand and a price war between global oil producing powerhouses shakes up markets around the world. The company, formally known as Petroleos Mexicanos, said in a statement to the stock exchange that its fuel storage terminals have... Continue Reading →
