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March 10, 2020 Petróleo Brasileiro S.A. - Petrobras reports that its Board of Directors deliberated on the New Deficit Equation Plan (New Plan) of the Renegotiated and Non-Renegotiated Petrobras System Petros plans (PPSP-R and PPSP-NR), managed by Petrobras Social Security Foundation - Petros and in compliance with CNPC Resolution No. 30/2018. The New Plan aims... Continue Reading →
IKM Ocean Design has been awarded a pipeline study contract by Equinor for its ultra deepwater project in Brazil. The scope includes a pipeline concept study for gas export from the BM-C-33 field to the coast of the Rio de Janeiro state in Brazil. “This work will be a continuation of the IKM Ocean Design... Continue Reading →
TechnipFMC has been awarded a significant integrated engineering, procurement, construction, and installation (iEPCI) contract from BP Angola for the Platina field development, located offshore Angola. The Platina field is located in Block 18 at water depths ranging from 1,200 to 1,500 meters. TechnipFMC said on Tuesday that the contract covers the manufacture, delivery and installation... Continue Reading →
Oil and gas companies might be heading for another round of 'brutal' cost cuts in the wake of the oil price crash caused by coronavirus outbreak and Saudi-Russia stand-off on output cuts. Wood Mackenzie’s Tom Ellacott said: “The price collapse could be the trigger for a new phase of deep industry restructuring - one that... Continue Reading →
Oil clawed back some of its biggest drop in a generation as investors grappled with the most volatile market on record in the midst of simultaneous supply and demand shocks. Futures rose about 4% in early Asian trading on Tuesday after collapsing by a quarter on Monday -- the biggest price drop since the 1991... Continue Reading →
Brazilian stocks plunged more than 12% on Monday to record their biggest fall since 1998 and the central bank intervened twice in the currency market as the real slumped to another record low, in a day of widespread fear and selling across global markets. The benchmark Bovespa index's 12.3% decline .BVSP was its biggest one-day fall since... Continue Reading →
Why is the world reacting so irrationally to the Covid-19 outbreak? While we still have a lot to learn about the virus, we do know this much: It will continue to spread across the globe despite travel bans because it is highly contagious and many, if not most, suffer only mild common flu-like symptoms and... Continue Reading →
March 9, 2020 - Petróleo Brasileiro S.A. - Petrobras reports that today it signed an agreement with Eagle Exploração de Óleo e Gás Ltda. (Eagle) for the sale of 100% of its stakes in four onshore fields, located in the Tucano Basin, in the countryside of the state of Bahia, for US$ 3.01 million. The... Continue Reading →
The size of the prize of so-called digitalization technologies is enormous. How much is reality and how much is hype? UK-based analyst firm Wood Mackenzie asked this very question. The results are perhaps not that surprising. Speaking at Offshore Europe, last year, Martin Kelly, VP of Wood Mackenzie’s corporate research group, outlined the results. For... Continue Reading →
Mar 4, 2020 Petrobras decided to suspend the pilot project for offshore wind generation in the Ubarana field, in the Potiguar Basin, on the coast of Rio Grande do Norte. The decision was communicated to Ibama, responsible for the environmental licensing of the project, at the end of January. In a letter sent to the... Continue Reading →
