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Though overall global upstream investments in 2020 will decrease by around 4%, deepwater will be the only segment expected to grow above 5% next year, spelling a boom for the industry, said a report. Rystad Energy is forecasting that overall global upstream investments in 2020 will decrease by around 4%. Investments in shale/tight oil are... Continue Reading →
McDermott said on Friday it was formally notified by the NYSE that the average closing price of the company’s shares of common stock had fallen below $1.00 per share over a period of 30 consecutive trading days, which is the minimum average share price for continued listing on the NYSE. McDermott’s stock last closed above... Continue Reading →
Dec 13, 2019 MODEC, the Japanese-based multinational global leader in the construction and operation of floating systems for oil and gas production, plans to open about 800 jobs in the country by 2020. Hiring is a direct response to the company's fleet expansion. , which currently has six vessels under construction - four for the... Continue Reading →
Weatherford International has completed its financial restructuring and emerged from chapter 11 protection. The company emerges with a stronger financial foundation, having reduced approximately $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, including a $450 million revolving credit facility, secured a $195 million letter of credit facility, and secured over... Continue Reading →
atings agency S&P Global on Friday downgraded Tullow Oil's long-term credit rating to 'B' from 'B+', days after the Africa-focused company's Chief Executive Officer stepped down and it scrapped its dividend. The London-listed company, which failed to meet production targets due to weak performance by flagship assets in Ghana, has been plagued by technical problems at its... Continue Reading →
Dec 13, 2019 The National Energy Policy Council (CNPE) has approved the creation of the Committee for Revitalizing the Activities of Exploration and Production of Oil and Natural Gas in Land Areas of the REATE 2020 Program. It will propose measures to improve market conditions and to increase the attraction of small and medium-sized companies... Continue Reading →
December 13, 2019 Petróleo Brasileiro S.A. – Petrobras informs that it has received correspondence from Banco Nacional de Desenvolvimento Econômico e Social ("BNDES"), in which it communicates the intention to evaluate the sale up to the totality of common shares issued by Petrobras in its ownership, through a secondary public offering of shares with broad... Continue Reading →
Brazil “trigger” Most all, it’s drill bit “luck” and reserves that bankroll Equinor, and the company’s long struggle to stay in Brazil — through rising costs, political turmoil and deepwater doubt — might now produce Equinor’s new El Dorado. In a letter to Norwegian DN, CEO Saetre sounded off on Brazil, suggesting current production of... Continue Reading →
Oil major Shell has signed a $10 billion revolving credit facility, which replaces Shell’s existing $8.84 billion revolving credit facility and is provided by a syndicate of 25 banks. In anticipation of the cessation of the London Interbank Offered Rate (LIBOR), this is one of the world’s first credit facilities linked to the new Secured... Continue Reading →
Announcing the delivery on Friday, Keppel said that, as part of the deal, Grupo R had entered into a sale and leaseback arrangement for the rig with a wholly-owned subsidiary of Keppel O&M. Keppel O&M will purchase the rig from Grupo R for about $190m which is the balance contract value of the rig. Keppel... Continue Reading →
