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Offshore oil driller Valaris PLC is exploring debt restructuring options as it grapples with a rig accident and a broader collapse in energy prices, people familiar with the matter said on Friday. Valaris has tapped debt restructuring attorneys at law firm Kirkland & Ellis LLP for advice on ways to rework its roughly $6.5 billion... Continue Reading →
In response to the current market environment, oil major Shell has decided to reduce its operating costs by up to $4 billion in 2020 and to cut its capital expenditure from $25 billion to $20 billion. As the COVID-19 virus spreads across the world – seriously impacting people’s health, the way of life and global... Continue Reading →
In an effort to alleviate the concequences of the recent oil price plunge, French oil major Total has revealed its plan to reduce the capex for 2020 by more than $3 billion and save about $800 million in operating costs compared to 2019. Total will also suspend its buyback program. Patrick Pouyanné, Chairman & CEO... Continue Reading →
Mexico's oil regulator approved on Friday a request by French oil company Total SA to give up its exploration and production rights to a deep water block in the southern Gulf of Mexico that the firm had won at auction in 2016. The regulator said Total decided to return the block due to the results... Continue Reading →
Mar 20, 2020 Despite the turbulent scenario, Petrobras kept schedule for receiving offers for a new Libra FPSO. SBM and Misc, belonging to the Petronas group, submitted bids for Petrobras' tender for the charter of the Mero 3 FPSO, which is scheduled to go into operation in 2023 in the Santos Basin pre salt. The... Continue Reading →
Mar 20, 2020 (Reuters) - Brazil’s Senate on Friday approved a presidential decree declaring a national emergency over the coronavirus epidemic, allowing the government to waive fiscal targets and free up budget resources to fight the virus that has killed seven and infected 621 in the country. The decree passed the lower house on Wednesday.... Continue Reading →
March 20, 2020 Petrobras has requested the banks the disbursement of its revolving credit lines, in the amount of around US$ 8 billion. The disbursement is consistent with the strategy of strengthening the company's liquidity in order to protect itself within the current crisis scenario, due to the COVID-19 (coronavirus) pandemic and the oil prices... Continue Reading →
March 20, 2020 Petrobras, due to the prevention measures to the coronavirus, will postpone the receipt of binding offers in the processes of divestment in downstream and its respective logistic assets, in order to ensure the effective performance of due diligence by potential buyers. The processes include the refineries Abreu e Lima (RNEST) in Pernambuco,... Continue Reading →
Rockhopper Exploration, a partner in Premier Oil-operated Sea Lion offshore oil project in the Falkland Islands, is confident it will manage to farm-out a share in the project despite the low oil prices and COVID-10 uncertainty. The two companies in January signed non-binding heads of terms with Navitas Petroleum, which should lead to Navitas obtaining... Continue Reading →
China's state-controlled oil company CNOOC Ltd is scheduled to load in the coming days its first cargo of crude from Guyana's offshore Liza oil project, the South American country's Director of Energy Mark Bynoe said. CNOOC has a 25% stake in the massive Stabroek block as part of a consortium with operator Exxon Mobil Corp... Continue Reading →
