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BP can slash its spending by 20% this year as the oil market goes into freefall, with some U.S. operations likely to get less investment. The London-based oil major’s shares have fallen more than 30% since the OPEC+ alliance broke down after a showdown between Saudi Arabia and Russia, triggering a price war as the... Continue Reading →
Hess on Tuesday announced a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3 billion. The company also announced a new $1 billion three-year term loan agreement. These actions further strengthen the company’s cash position and financial liquidity in response to the sharp decline in... Continue Reading →
March 17, 2020 Oil company is hiring data acquisition company to carry out the activity in the Santos Basin Shell submitted a 3D seismic research project to Ibama to obtain exclusive data on the Saturno block, in the Santos Basin. The campaign will last 180 days and is scheduled for July 2021. The work will... Continue Reading →
March 17, 2020 With ANP approval, the British operator will collect new seismic data in the block located in the Santos pre-salt The ANP approved the first revision of the exploration plan for the Pau Brasil area, aquired by BP Energy in the 5th Production Sharing Round, in 2018. According to the regulatory agency, the... Continue Reading →
U.S. oil major ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases. The oil price war and the sudden and sharp decline in oil prices as well as the global outbreak of the coronavirus have pushed oil and gas operators to reconsider... Continue Reading →
Deepwater acreage will continue to attract significant company interest through 2020, said a report. According to GlobalData, a significant portion of the acreage available in Q1 2020 is located in either deep or ultra-deep water, up from the previous quarter. In Q1 2020, approximately 60% of the acreage available in licensing rounds either open or... Continue Reading →
Golar Power Ltd has signed a ‘protocol of intentions’ with the State Government of Pernambuco to develop an LNG import terminal in the Port of Suape, located in northeast Brazil. With operations scheduled to start in 2H20, the project includes infrastructure for the supply of natural gas and LNG to generate electricity, in addition to... Continue Reading →
Mar 16, 2020 The price war between Saudis and Russians in the oil market and the slowdown in the global economy due to the coronavirus generate uncertainties about Petrobras' achievement of its debt reduction targets in 2020, the state company's president told CNN Brasil. The company had as a goal to reach the leverage measured... Continue Reading →
Norwegian vessel owner Solstad Offshore has sold its DLB Norce Endeavour lay pipe barge to Italian oilfield contractor Saipem. Solstad said last Friday that the barge was sold to Saipem’s Portuguese subsidiary, Saipem Portugal Commercio Maritimo Limitada, which chartered the vessel in December 2019. The charter contract started in January 2020 with a firm duration until... Continue Reading →
Major energy companies in the United States imposed work-from-home rules for office staff and began health checks for remote or critical workers as coronavirus spread and threatened an industry reeling from falling demand and profits. BP, Exxon Mobil, Kinder Morgan, Motiva Enterprises and Royal Dutch Shell told most office staff to work from home starting... Continue Reading →
