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Saudi Aramco completes $69 billion SABIC stake deal

June 17, 2020
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Saudi Aramco has completed its purchase of a 70% stake in petrochemicals company Saudi Basic Industries for $69.1 billion and extended the payment period by three years to 2028, providing a cushion against weak oil prices. The deal values Saudi Basic Industries Corp (SABIC) at 123.39 riyals ($32.90) per share, 27.5% above the company’s share price of 89.40

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Weatherford Announces Changes to Executive Leadership

June 17, 2020
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Weatherford announced that Karl Blanchard, Executive Vice President and Chief Operating Officer, will assume the role of Interim Chief Executive Officer, reporting directly to the Board of Directors, until a permanent President and Chief Executive Officer has been appointed. In addition, Christian Garcia, Executive Vice President and Chief Financial Officer, has decided to leave the Company following the filing of

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U.S. shale cranking up output by 500,000 bpd before month-end

June 17, 2020
| Archives

U.S. shale producers are expected to restore roughly half a million barrels per day (bpd) of crude output by the end of June, according to crude buyers and analysts, amounting to a quarter of what they shut since the coronavirus pandemic cut fuel demand and hammered oil prices. Such a swift rise in U.S. production would complicate efforts

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UAE states oil prices will return to normal very soon

June 16, 2020
| Archives

Oil-production limits adopted by a group of major crude suppliers will soon bring prices back to “normal,” according to the energy minister of the United Arab Emirates. When markets were collapsing as the coronavirus pandemic crushed demand in March and early April, the idea that crude could rise again to $40 a barrel was “a dream,” the UAE’s

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Solstad bags 3 year contract for two anchor handling vessels with Petrobras

June 16, 2020
| Archives

Solstad Offshore ASA is pleased to announce that the AHTS’s Far Sagaris and Far Statesman, have been awarded a contract with Petróleo Brasileiro S.A. (“Petrobras”) for a period of 3 years firm to support Petrobras’ exploration and production activities on the Brazilian continental shelf. Both vessels will sail under Brazilian REB Flag and will be equipped with Work

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Petrobras puts four Brazilian power plants up for sale

June 16, 2020
| Archives

Brazil’s state-run oil company Petroleo Brasileiro SA said on Monday it had begun the non-binding phase for the sale of four thermoelectric plants, as part of a broader divestment strategy to shed assets and pay down debt. Three of the plants are located in Camaçari, in the state of Bahia and run on fuel oil, while another, which

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Shelf receives 12 month suspension notice for High Island IV

June 15, 2020
| Archives

Shelf Drilling, Ltd. announced today that it has received a notification from customer on suspension of operations for the High Island IV jack-up rig for a period of up to 12 months. The foregoing suspension at zero dayrate will be effective upon the completion of work currently in progress and will automatically extend the term of the

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BP to write off up to $17.5 bln after reduced oil price forecast

June 15, 2020
| Archives

BP will incur an up to $17.5 billion writedown in the value of its assets after lowering its long-term oil and gas price outlook in expectation of an accelerated transition away from fossil fuels, the oil major said on Monday. In a statement, BP said that the aftermath of the new coronavirus pandemic will accelerate the pace of

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Brazil’s Petrobras says it will not hire oil tankers that visited Venezuela

June 15, 2020
| Archives

Petrobras has told shippers it will not hire any tankers that have visited Venezuela in the past 12 months, the state-controlled oil company said on Friday, signaling adherence to U.S. sanctions on the Latin American nation. The United States this year blacklisted oil tankers and shipping companies over their dealings with Venezuela, seeking to drain oil revenues that

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