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As the New Year kicks off this week, some of Africa’s oil and gas producers are looking forward to fast-tracking approved offshore exploration plans to counter falling production volumes and meet the increasing demand especially for natural gas required for power generation and growing import orders especially from Asia and Europe. It is expected leading... Continue Reading →
Shares of Tullow Oil dropped by nearly a fifth on Thursday as the oil producer's update on the commercial viability of its new well offshore Guyana disappointed investors. Tullow said the Carapa well in the Kanuku offshore block contains oil with less than 1% sulphur content and is indicated to be 27 degrees API, a... Continue Reading →
Offsore services firm Subsea 7 on Thursday announced changes to its executive management team, including the appointment of a new Chief Executive Officer and three Executive Vice Presidents, effective from January 1, 2020. John Evans is now in place as Chief Executive Officer, succeeding Jean Cahuzac who retired at the end of 2019. Evans remains... Continue Reading →
McDermott International shares fell for a second day after reports that the company is negotiating with lenders ahead of a bankruptcy filing that could come within weeks. The Houston-based company, which builds oil platforms and gas-export plants for energy companies, is in discussions with lenders including Baupost Group LLC and HPS Investment Partners LLC about... Continue Reading →
January 2, 2020 Petróleo Brasileiro S.A. - Petrobras informs that the Board Member Clarissa de Araújo Lins presented her resignation as member of the Board of Directors of the company, as well as the Board Committees of which she was a member, for professional reasons that prevent her, at this moment, from continuing to perform... Continue Reading →
Brazil’s minimum wage will be increased to 1,039 reais ($258) a month in 2020, the government said on Tuesday, a higher level than it had previously forecast that will require even tighter controls on spending to ensure its fiscal rules are not broken. The new minimum wage, provisionally signed into law by President Jair Bolsonaro... Continue Reading →
BEI - Brazil Energy Insight wishes all our readers a happy and prosperous New Year!
December 30, 2019 Petróleo Brasileiro S.A. – Petrobras reports that JP Morgan Chase will be the new representative of the American Depositary Receipt (ADR) program for its shares traded in the New York Stock Exchange (NYSE) from January 1, 2020 to December 31, 2024. ADR holders may call the new depositary bank at 1-800-990-1135 (or... Continue Reading →
December 30, 2019 -Petróleo Brasileiro S.A. – Petrobras following up on the press release disclosed on 12/27/2019, reaffirms that the total value of the sale of 50% of exploration and production rights of the Tartaruga Verde field (concession BM-C-36) and Module III of the Espadarte field to Petronas Petróleo Brasil Ltda ("Petronas") was US$ 1,293.5... Continue Reading →
From 2015 to now, ExxonMobil has made 15 discoveries of oil wells offshore Guyana. It has always been keen to divulge details to the citizenry about the significance of its oil finds. But the same cannot be said for its gas discoveries. Up to three months ago, the oil operator told the media that it... Continue Reading →
