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Sonatrach signs MOU with Exxon

April 20, 2020
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Algeria’s Sonatrach has signed a Memorandum of Understanding (MOU) with Exxon Mobil Corp to pave the way for talks on exploration opportunities in the OPEC member North African country, the state-owned firm said in a statement on Monday. Algeria has been seeking foreign partnerships to boost output and exports which have dropped in recent years due to growing

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Shell plans for spud in of Saturno block in Santos Basin

April 20, 2020
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Shell starts, by the end of April, drilling its first well on Saturno, a block acquired in the 5th Production Sharing Round, in 2018. The information was confirmed by the company to PetróleoHoje. According to the activity characterization form, submitted to Ibama in 2018, the active drilling project foresees up to five wells (one firm and four contingents)

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WTI pulls a market first today, goes negative…

April 20, 2020
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A perfect storm of weak demand, unbridled production by warring producers, and an exhaustion of storage capacity drove West Texas Intermediate crude to a negative price for the first time in history, closing at -$37.63/bbl. Crude stockpiles at the Cushing pipeline hub in Oklahoma are reaching capacity, and many major pipeline operators are requiring shippers to prove their

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Chesapeake Energy lays off 200 Oklahoma employees

April 17, 2020
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Chesapeake Energy Corp, the debt-laden shale producer, has laid off 200 employees in Oklahoma, the state said on this past Thursday. Half of the job cuts were at the company’s Oklahoma City headquarters and half were in the oilfield, according to the Oklahoma Office of Workforce Development. After years of oil growth, U.S. shale producers are slashing budgets and

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Schlumberger books $8.5 bln impairment charge as oil prices collapse

April 17, 2020
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Schlumberger NV said on Friday it recorded an $8.5 billion charge to earnings as the world’s top oilfield services provider slashed the value of some of its units following the collapse of oil prices. The impairment charge led the company to report a net loss of $7.38 billion, or $5.32 per share, in the first quarter ended March

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Tidewater says Husky declares force majeure for PGR offtake agreements

April 17, 2020
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Tidewater Midstream said on Friday Canadian oil and gas producer Husky Energy has delivered a force majeure notice on offtake agreements from the Prince George Refinery because of drop in demand for refined products due to the coronavirus outbreak. Companies invoke force majeure when they cannot meet their contractual obligations because of circumstances beyond their control. Tidewater said it

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PTTEP moves forward with 2020 exploration plans

April 16, 2020
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PTTEP remains confident to move forward with its 2020 business plan under the current global oil price crisis and the spread of coronavirus (COVID-19). The reasons are its strong financial position and high liquidity attributed to its competitive cost structure, oil price hedging and secured natural gas selling prices as per sales agreements. The company is ready

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Diamond Offshore delays interest payment

April 16, 2020
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Diamond Offshore Drilling disclosed: Diamond Offshore Drilling, Inc. has elected not to make the semiannual interest payment due in respect of its 5.70% Senior Notes due 2039 (the “Notesâ€). Under the terms of the indenture governing the Notes, the interest payment was due on April 15, 2020, and the Company has a 30-day grace period to make the

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Brazil’s Petrobras begins shut in operations of 62 platforms

April 16, 2020
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Brazil’s state-owned oil firm Petroleo Brasileiro SA said on Wednesday it had begun suspending operations of 62 shallow water platforms in the Campos, Sergipe, Potiguar and Ceara basins. Petrobras, as the company is known, had previously announced the shutdowns, which amount to a production cut of 23,000 barrels of oil per day. Source: Reuters Check out our other current stories! Texas

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