Finance News

 

IEA: Global Energy Investment to Plunge 20%

May 27, 2020

Global energy investment is expected to plunge by around 20% or $400 billion in 2020, its biggest fall on record, because of the new coronavirus outbreak, the International Energy Agency (IEA) said on Wednesday.The Paris-based IEA said this could have serious repercussions for energy security and the transition to clean energy as the global economy recovers from the pandemic.Governments are easing…

US Proposal Would Allow Oil and Gas Drillers to Delay Royalty Payments

2 hours ago

The U.S. Department of Interior has proposed allowing oil and gas companies to delay royalty payments due to the impacts of the new coronavirus pandemic.According to the web site of the White House Office of Management and Budget, Interior's…

Why U.S. Energy CEOs will Get Big Payouts Despite Oil Meltdown

12 hours ago

National Oilwell Varco Inc (NOV) has had a rough few years: Since 2017, the Houston company, whose drilling equipment is in major oilfields worldwide, has lost two-thirds of its value, costing shareholders a combined $9 billion.Despite that performance…

RMB Confirms Total's $15B Funding for Mozambique LNG Project

14 hours ago

South Africa's Rand Merchant Bank (RMB) confirmed on Thursday that it is part of a consortium of banks providing $15 billion funding for French energy major Total's Mozambique liquefied natural gas (LNG) project.Sources told Reuters last week that Total had secured $14…

Solstad: COVID-19, Low Prices to Hit 2020 Revenue

16 hours ago

Norwegian offshore vessel owner Solstad Offshore on Thursday posted a higher 1Q revenue but expects its full-year revenue in 2020 to be negatively affected by the COVID-19 pandemic and sharp decline in the oil price.Solstad’s revenue for the first quarter of 2020 was MNOK 1…

Siem Offshore in Standstill Agreement with European Lenders

17 hours ago

Norwegian offshore vessel owner Siem Offshore entered into a standstill agreement with its secured lenders in Europe and Norway for the period from May 29, 2020, until April 30, 2021. The terms of the agreement include 100% deferral of principal and interest until the end of the standstill period…

Petrobras to Issue Global Bonds

May 27, 2020

Brazil's state-controlled oil firm Petroleo Brasileiro SA has hired banks to coordinate a global bond issue of an unspecified amount, according to a securities filing on Wednesday.Banks BNP Paribas, Itau BBA, JPMorgan & Chase, Scotia Capital and SMBC Nikko will manage the offering…

Siemens to Give Shareholders 55% of Energy Business Spin-off

May 26, 2020

Siemens will give 55% of its power business to shareholders when it spins it off in September, the German engineering group said on Tuesday, the latest stage in its shift away from a sprawling conglomerate.The trains to industrial software maker…

Fugro Gets $17.3M from Huawei Marine Networks Deal

May 25, 2020

Dutch offshore services provider Fugro has said it has received $17.3 million from the sale by Global Marine Group of a 30% stake in Huawei Marine Networks (HMN) to Hengtong Optic-Electric Co Ltd.  The proceeds are in addition to EUR 34.0 million…

Prysmian Targets Half of Sales from Low-Carbon Products by 2022

May 25, 2020

Prysmian, the world's largest cable maker, pledged on Friday to raise the share of revenues from low carbon products to 50% by 2022 as part of plans to cut its carbon footprint.The Italian company, which supplies cables for industries ranging…

Petronas Braces for Severe 2020 Hit. 1Q Profit Down 68%

May 22, 2020

Malaysian state oil firm Petronas posted a 68% slump in first-quarter profit on Friday and said it would cut capital expenditure and operating expenses as it braces for a big hit to its full-year performance due to the coronavirus pandemic.Petronas…

Qatar Petroleum to Cut Spending by 30%

May 22, 2020

Qatar Petroleum will slash its spending by around 30% this year in the face of the sharp drop in oil and gas prices due to the coronavirus epidemic, its Chief Executive said on Thursday.Speaking during a webcast organized by the U.S-Qatar Business Council…

National Oilwell Varco Suspends Dividend as Capital Becomes Scarce

May 21, 2020

Oilfield services and equipment provider National Oilwell Varco said Wednesday that its Board of Directors elected to suspend the quarterly dividend until further notice.Clay Williams, Chairman, President, and CEO said: 'With the view that capital…

Halliburton Cuts Dividend 75%

May 21, 2020

Oilfield services provider Halliburton Co slashed its quarterly dividend by 75% on Wednesday, the latest move by the company to shore up cash to cope with a dramatic plunge in oil prices that began in March.U.S. oil prices experienced historic drops throughout March and April…

Total Secures $14.4 Bln Funding for Mozambique LNG

May 20, 2020

French energy major Total has secured $14.4 billion funding for its Mozambique liquefied natural gas project in Mozambique, two sources said on Wednesday.A source with knowledge of the matter said Total has reached a financing agreement with…

Current News

US Proposal Would Allow Oil and Gas Drillers to Delay Royalty Payments

US Proposal Would Allow Oil and Gas Drillers to Delay Royalty Payments

Gastech Postponed for 2021

Gastech Postponed for 2021

Seafox Drops Takeover Pursuit of GMS

Seafox Drops Takeover Pursuit of GMS

New Hospital Planned for Russian Village Building Novatek's LNG Plant

New Hospital Planned for Russian Village Building Novatek's LNG Plant

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