+1(833) 396-4204 info@riglynx.com
Menu

Archives

Oil’s surge continues as production cut gains traction

April 3, 2020
| Archives

Oil advanced above $32 a barrel in London as OPEC+ scheduled an urgent meeting next week to try and stem the crude market’s rout, with an output cut of 10% of global production being discussed. The coalition will hold a meeting of its members by video conference on Monday. It will be open to all producers — not

Read More...

TechnipFMC to reduce capex spending by 30%

April 3, 2020
| Archives

TechnipFMC plc today announced that it remains focused on taking all necessary steps to ensure the health and well-being of its employees, contractors and partners, and it is taking decisive actions in response to the current market environment. These actions include the following: 30% reduction in 2020 capital expenditures to $300 million – a reduction of $150 million when

Read More...

Petrobras and Sete Brazil bury the hatchet

April 3, 2020
| Archives

Petrobras reports that it has entered into a settlement agreement to end an arbitration filed by an investor in Sete Brasil under judicial reorganization, seeking compensation from Petrobras for alleged damages related to its investment in the Sondas Project. In the 1Q2020 Petrobras will revert a provision of R$ 634 million related to the disputes arising from the

Read More...

Brazil’s ANP suspends oil, gas bidding rounds due to coronavirus

April 3, 2020
| Archives

Brazil’s oil and gas regulator ANP on Wednesday approved the temporary suspension of the 17th round of auction bids for exploration and production rights planned for this year due to the coronavirus health crisis. In a press release, the ANP said its action followed the Mines and Energy Ministry’s decision to suspend pre-auction procedures such as the drafting

Read More...

OTC Houston 2020 Cancelled

April 3, 2020
| Archives

After significant consideration and in light of the COVID-19 pandemic, the difficult decision was made to cancel the 2020 Offshore Technology Conference. Amid continued health and travel concerns during this uncertain time, the OTC Board of Directors felt this decision was the most feasible and responsible for staff, exhibitors, partners, attendees, and the Houston community. “As we navigate

Read More...

Southeast Asia rig utilization targeted for 18% drop

April 1, 2020
| Archives

Southeast Asia’s rig market, which was poised for growth in 2020, is now set for decline. Several oil companies have already made significant cuts to their 2020 capex budgets due to the impact of the Covid-19 pandemic and the ongoing price war, a Rystad Energy’s analysis shows. E&Ps in Southeast Asia have been very cautious by locking in

Read More...

COVID-19 puts brakes on two ExxonMobil projects

April 1, 2020
| Archives

As a result of the novel Coronavirus (COVID-19), approvals for two major ExxonMobil projects in the Stabroek Block have been stalled. This was confirmed with head of the Environmental Protection Agency (EPA), Dr. Vincent Adams. During an interview with this newspaper, Dr. Adams recalled that ExxonMobil would have initiated steps to pursue a fourth development project at the

Read More...

Will shale win the battle?

April 1, 2020
| Archives

The bruised and battered U.S. shale industry is poised to emerge from the oil crash a winner, according to Goldman Sachs Group Inc. Shale’s high-pressured wells and short drilling time mean the industry is well positioned to benefit if the current plunge in oil causes long-term damage to production capacity, resulting in a price jump when demand returns,

Read More...

Helix provides operational and financial update

March 31, 2020
| Archives

Helix Energy Solutions Group, Inc. announced that, in light of the current, significant macroeconomic uncertainty resulting from the recent decline in oil prices and the ongoing COVID-19 crisis, it is withdrawing its previously issued financial and operational performance guidance for 2020. Owen Kratz, President and Chief Executive Officer of Helix, stated, “We are withdrawing our previously issued guidance for

Read More...