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Mar 25, 2020 Brazil's oil production totaled 2.97 million barrels per day (bpd) in February, down 6.2% from a record in January, but still up 19% from the same month in 2019. , pointed out data published by the National Petroleum, Natural Gas and Biofuels Agency (ANP) on its website. The contraction compared to the... Continue Reading →
Schlumberger, the world's largest oilfield services company, on Tuesday said it would cut spending by 30% this year from last year's levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war. The company expects a rapid reduction in active drilling and hydraulic fracturing activity, estimating the number of rigs... Continue Reading →
Norwegian oil and gas major Equinor has revealed an action plan to battle the impacts of the coronavirus and low commodity prices under which it will reduce its spending for 2020 by $3 billion. Equinor said on Wednesday that it could be organic cash flow neutral before capital distribution in 2020 with an average oil... Continue Reading →
Oil and gas major Chevron has made a decision to reduce its 2020 capital spending plan by $4 billion thereby joining many of its peers in drastic measures to mitigate the negative effects of the coronavirus pandemic and the recent plunge in oil prices. Apache, Murphy Oil, ExxonMobil, ConocoPhillips, Noble Energy, Shell, Aker BP, Husky Energy, Total, and Lundin are only some of the operators... Continue Reading →
March 24, 2020 Petrobras launched invitations to bid for the fourth definitive Libra production system Last Saturday (March 21), Petrobras launched invitations to tender for the charter of the fourth final FPSO in the Mero field, scheduled to go into operation in 2025. The submission of proposals was scheduled for 17 August. By then, the... Continue Reading →
Teekay Offshore Partners L.P., a provider of offshore oil production and storage vessels for the offshore oil and gas industry, has changed its name. The company announced Tuesday its name has changed to Altera Infrastructure L.P. effective 24 March 2020. The move comes following the recent acquisition of the company by Brookfield Business Partners L.P.... Continue Reading →
Mar 23, 2020 Amid the 21% drop in Brent-type oil prices, in the past week, oil companies are beginning to move to face the crisis scenario triggered by the covid-19 pandemic and the market dispute between Saudi Arabia and Russia. In Brazil, PetroRio announced that it will postpone investments, while Petrobras resorted to a disbursement... Continue Reading →
With the oil price crash and COVID-19, the near-term outlook for the offshore rig market is on a lot of minds. RigLogix has contacted a number of rig owners and operators and the consensus seems to be that it’s going to get worse before it gets better, especially if current conditions persist. Announcements of operators... Continue Reading →
One of the most powerful officials in the biggest U.S. oil state has been invited to OPEC’s inner sanctum in June in a rare rapprochement between two historically antagonistic crude powers. Texas Railroad Commissioner Ryan Sitton said Friday he was invited by OPEC Secretary General Mohammad Barkindo to attend the group’s summer meeting in Vienna.... Continue Reading →
The Trump administration plans to send a special energy envoy to Saudi Arabia to work with the kingdom on stabilizing the global oil market, officials said on Friday, as the U.S. scrambles to deal with a price crash so deep that regulators in Texas considered curbing production there for the first time in nearly 50... Continue Reading →
