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Offshore drilling contractor Pacific Drilling has secured a new contract in Mexico for its drillship Pacific Sharav. The rig owner said on Wednesday that its Pacific Sharav drillship had been awarded a new two-well contract by Murphy in Mexico. The contract also includes one option well. It is scheduled to start in November 2020 and... Continue Reading →
U.S. oil and gas company Murphy Oil has slashed capital spending plans by $500 million citing "current market conditions and recent commodity price volatility." The company plans to preserve dividend payments. Murphy’s revised 2020 budget is approximately $950 million, a 35% downward revision. Continue reading
Guyana has extended the initial deadline in its search for an agent to market its share of oil produced by an Exxon Mobil-led consortium to March 24, the Department of Energy said on Wednesday. Guyana has no domestic refining capacity or national oil company and must sell the crude on the open market. Continue reading
The total capital and operational expenditure of exploration and production companies (E&Ps) is now likely to be cut by $100 billion in 2020 and another $150 billion in 2021 if oil prices remain at a $30 level, a Rystad Energy impact analysis revealed – a development that will heavily impact service company revenues, driving some... Continue Reading →
The Organization of the Petroleum Exporting Countries was set up in 1960 to coordinate oil production policy among its members but in recent decades it has increasingly cooperated with producers outside the group to manage the market. This month, OPEC's latest deal on oil supply cuts with Russia and other non-OPEC nations collapsed, sending the... Continue Reading →
March 11, 2020 Petróleo Brasileiro S.A. – Petrobras reports that it achieved on March 10th a new production record in Búzios field, in the Santos Basin pre-salt: 640 thousand barrels of oil per day and 790 thousand barrels of oil equivalent per day produced by the four platforms (P-74, P-75, P-76 and P-77) currently installed... Continue Reading →
Brazilian markets fell sharply on Wednesday, as stocks closed 8.5% lower and the real slid back toward its all-time low against the dollar after the World Health Organization declared the coronavirus outbreak a global pandemic. Reflecting the scale of investors’ risk aversion, longer term market-based interest rates surged, implying the central bank will eventually be... Continue Reading →
IKM said on Tuesday that the scope had included a pipeline concept study for gas export from the BM-C-33 field to the coast of the Rio de Janeiro state in Brazil. According to the company, this work will be a continuation of the IKM Ocean Design commitment to support Equinor’s major projects with innovative and... Continue Reading →
The oil price crash has led to Danish offshore wind developer Orsted overtaking Norwegian oil major Equinor as the most valuable energy company in the Nordics, highlighting the appeal to investors of renewables over fossil fuels. Shares in Equinor slid nearly 18% on Monday as crude prices plunged 25% after top producers Saudi Arabia and... Continue Reading →
Mar 11, 2020 There is a privatization plan for PPSA being discussed at the Ministry of Economy, led by Paulo Guedes, informs the Bloomberg agency. The state-owned company, which represents the Union in the pre-salt sharing contracts, would have been elected, along with Eletrobras, as the priority privatizations of 2020. - Still according to Bloomberg,... Continue Reading →
