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Ratings agency Moody's Investors Service said on Tuesday that a credit upgrade of Mexican state oil company Petroleos Mexicanos is unlikely given its consistent negative free cash flow generation, despite a recovery in oil prices. Moody's said that its Ba2 credit rating for Pemex, as the company is known, includes the assumption of "very high... Continue Reading →
(Oilprice) Latin America’s largest oil producer Brazil is one of the worst affected countries globally by the COVID-19 pandemic. According to the World Health Organization, Brazil is the third ranked country by volume of cases and second by deaths. There were fears earlier this year that the rapid spread of the virus would derail Brazil’s offshore oil... Continue Reading →
Norwegian offshore seismic surveyor PGS has been awarded a 4D seismic acquisition contract by ExxonMobil for work offshore Guyana. PGS will deploy a Titan class seismic acquisition vessel in the fourth quarter of 2021 with the acquisition slated for completion in the first quarter of 2022. President & CEO in PGS, Rune Olav Pedersen said: "We... Continue Reading →
Oil and gas company Eco Atlantic has agreed to acquire a stake in JHI Associates, which owns a share in the Canje block, offshore Guyana, where ExxonMobil is drilling for oil. Eco will acquire up to a 10% interest in JHI and appoint Keith Hill, a non-executive Director of Eco, to the JHI Board. "The... Continue Reading →
UK-based engineering firm John Wood Group, also known as Wood, on Monday said it had reached agreements with authorities in the UK, Brazil, and the U.S. to resolve their respective bribery and corruption investigations into the past use of third parties in the legacy Amec Foster Wheeler business. The U.S. Department of Justice last week... Continue Reading →
TechnipFMC said on Tuesday it has been awarded a subsea contract by Petrobras for the Búzios 6-9 fields, located in the deepwater Santos basin offshore Brazil. TechnipFMC, which called the award is "substantial", worth between $250 million and $500 million, will supply subsea trees with controls, electrical and hydraulic distribution units, topside systems, and installation... Continue Reading →
(Offshore Energy) Oil and gas company Enauta has revealed that the Brazilian Oil, Gas and Biofuels Agency (ANP) has approved the constitution of guarantees for the company to take over a 100 per cent stake in the Atlanta field off Brazil, doubling its oil production. Enauta said on Friday that the ANP has approved the... Continue Reading →
France's TotalEnergies confirmed Friday it had with its partner Qatar Petroleum been awarded Block 6 and Block 8 in the Suriname SHO Bid Round 2020/2021. TotalEnergies will operate the two shallow-water blocks, with depths between 30 meters and 50 meters, and located near the company's operated Block 58, where 4 significant discoveries have been made... Continue Reading →
U.S. oil major Chevron Corp has no plans to shrink its oil and gas business for wind and solar energy unlike some rivals, Chief Financial Officer Pierre Breber said on Thursday, amid pressure from shareholders to lower carbon emissions. Major oil and gas producers are facing pressure from investors to lower greenhouse gas emissions and... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 06/26/2020, informs that today it received the third, and last, installment, in the amount of R$ 271.1 million, of the leniency agreement entered into by Technip Brasil and Flexibras (companies of the Technip Group). Petrobras had already received the first two installments of... Continue Reading →
