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Chevron posts the worst quarterly loss in 30 years

July 31, 2020
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Chevron posted its worst quarterly loss in at least three decades and warned that the global pandemic wreaking havoc upon energy markets may continue to drag on earnings. Chevron fully erased the value of its Venezuela operations from its books, amounting to $2.6 billion, after they were effectively frozen by U.S. sanctions, and wrote down another $1.8 billion

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Seadrill Announces Cancellation of Share Plans, Cash Payment to Primary Insiders

July 30, 2020
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Seadrill Limited announces that Performance Share Unit awards ("PSUs") and Restricted Share Unit awards ("RSUs", and together with the PSUs referred to as "Awards") granted to employees and other Award holders under the Company's incentive plans have been offered surrendered in exchange for a one-off compensatory cash payment to such holders (the "Payment").  The primary insiders of the

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Transocean Q2 Results Highlights

July 30, 2020
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Transocean released their 2nd quarter financial results and below are the highlights: Total contract drilling revenues were $930 million (total adjusted contract drilling revenues of $983 million), compared with $759 million in the first quarter of 2020 (total adjusted contract drilling revenues of $807 million); Revenue efficiency(1) was 97.2%, compared with 94.4% in the prior quarter; Operating and maintenance expense was $525 million, compared with $540 million in

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Shells reports a loss of over $18 billion for Q2

July 30, 2020
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Royal Dutch Shell avoided its first quarterly loss in recent history, helped by a booming trading business, but announced nearly $17 billion in impairment charges reflecting a pessimistic outlook for oil and gas prices. Shell had warned last month it was set to slash the value of its oil and gas assets by up to $22 billion as

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Weatherford remotely installs liner hanger due to COVID-19 restrictions

July 30, 2020
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Weatherford International plc announced it successfully and remotely used a restricted crew to install a 16-inch liner hanger on an offshore platform in Sakhalin Island, Russia during the COVID-19 lockdown. Remote training and monitoring procedures enabled the successful installation of the liner hanger system, cementing products and tubular running services. The operator objectives were clear: First, install and cement a 16-inch liner and

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Maersk Drilling investing in carbon-neutral tech from California’s Clean Energy Systems

July 29, 2020
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Maersk Drilling has entered an agreement to invest USD 1m in the California-based company Clean Energy Systems to help develop a new technology called Carbon-Negative Energy. The concept builds on proven technology originally developed for the aerospace industry, which is now being deployed in a process that is expected to result in net-negative carbon emissions. For Maersk

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Tokyo Gas acquires oil and gas assets in Louisiana

July 29, 2020
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In connection with the acquisition of additional oil and gas assets in the U.S. of Louisiana, Tokyo Gas Co., Ltd. ("Tokyo Gas") has decided that Tokyo Gas America Ltd. ("Tokyo Gas America", President: Kazuya Kurimoto), a wholly owned subsidiary of Tokyo Gas, will take majority interest in Castleton Resources LLC ("CR"), an upstream oil and gas company

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Current offshore projects for Columbia

July 29, 2020
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Colombia has 11 active offshore oil and gas contracts with combined exploration commitments totalling US$1.96bn.  The largest in investment terms are the Repsol-operated Col-4 and Gua-Off-1 blocks, which each carry minimum obligations totaling US$345.21mn in their exploration stage. The information was published in a mines and energy ministry report that accompanied proposed new technical guidelines for offshore drilling, released for

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