Finance News

 

Trump Calls for OPEC to Boost Production

Mar 28, 2019

U.S. President Donald Trump on Thursday called for the Organization of the Petroleum Exporting Countries (OPEC) to boost oil production to lower the price of the commodity.'Very important that OPEC increase the flow of Oil. World Markets are fragile…

Fred. Olsen Ocean Buys Stake in UWL

Mar 28, 2019

Fred. Olsen Ocean (FOO) has entered into an agreement to acquire a 50% ownership in United Wind Logistics GmbH (UWL) through the contribution of new equity in the amount of EUR 12 million.The ownership split in UWL will be FOO 50.0 %, United Shipping Group GmbH 37…

Seacrest in Talks to Sell Azinor

Mar 27, 2019

Private equity fund Seacrest Capital is in talks to sell part or all of its British North Sea-focused oil exploration firm Azinor Catalyst, which could fetch between $60-$100 million, having received unsolicited offers for it, banking and industry sources said…

Oil Rises 2 Percent

Mar 26, 2019

Oil rose nearly 2 percent on Tuesday as attention centered on geopolitical factors tightening supplies that are leading to falling exports from Venezuela and declining U.S. inventories.Despite concerns about weaker demand due to an economic slowdown…

Brazil, Petrobras Paving Way for Giant Tender

Mar 26, 2019

Brazil's government will announce 'within days' a deal with state-run oil company Petrobras to settle a multi-billion-dollar contract dispute and clear the way to auction billions of barrels of oil off of the Brazilian coast, a minister said on Monday…

Oil Prices Near Flat

Mar 25, 2019

Oil prices were little changed on Monday as investors shrugged off fears of a global economic slowdown and focused on the prospect of tighter supply and lower U.S. crude inventories ahead.Brent crude oil futures climbed 30 cents to $67.33 a barrel by 11:56 a…

Mexico Could Pay Pemex Debt from Stabilization Fund

Mar 22, 2019

Mexico's deputy finance minister said on Thursday the government was considering using part of a $15.4 billion public income stabilization fund to pay some debt obligations for heavily leveraged state oil company Pemex.The finance ministry is…

Ophir Agrees to be Bought by Medco

Mar 21, 2019

London-listed Ophir Energy Plc said on Wednesday it agreed to be bought by Indonesian oil and gas group Medco for a sweetened cash bid of 408.4 million pounds ($539 million) after previously agreeing to a lower offer.Under the terms, Ophir shareholders will receive 57…

EnQuest to Focus on Cutting Debt as Profits Jump

Mar 21, 2019

North Sea focused oil producer EnQuest on Thursday committed to continue efforts to cut its $1.77 billion debt this year after reporting a jump in full-year profits on the back of increased production.Chief Executive Amjad Bseisu said, 'We are committed to further reducing our debt…

Norway Oil Exploration Refunds Are Not State Aid -ESA

Mar 20, 2019

Norway's regulations allowing oil and gas companies to claim refunds for exploration spending do not constitute state aid, the European Free Trade Association Surveillance Authority (ESA) said on Wednesday.'Having scrutinized it on the basis of a comprehensive complaint…

Brazil Likely to Pay Petrobras $10 Bln

Mar 19, 2019

The Brazilian government is likely to pay around $10 billion to state-run oil firm Petroleo Brasileiro SA to settle the so-called 'transfer-of-rights' dispute, newspaper Valor Economico reported on Tuesday, though the parties have not agreed on final terms…

Oil Prices Reach 2019 Highs

Mar 19, 2019

Oil prices rose to new 2019 highs on Tuesday, supported by OPEC supply cuts and falling output from Iran and Venezuela because of U.S. sanctions.Brent crude oil futures were up 16 cents at $67.70 a barrel at 1415 GMT, having earlier risen to a 2019 peak of $68…

Petrobras Names Former Vale Exec as CFO

Mar 19, 2019

Brazil's state-controlled oil company Petróleo Brasileiro SA, or Petrobras, named Andrea Marques de Almeida, an engineer and former executive at mining company Vale SA, as its new chief financial officer, according to a securities filing.Andrea Almeida will replace Rafael Salvador Grisolia…

Pemex CEO Questions Ratings Downgrade

Mar 18, 2019

The chief executive of Mexican state oil company Pemex on Monday questioned credit agency downgrades to the firm's debt, saying the same agencies had not acted when the company's investment and oil exploration activity diminished under past governments…

Woodside Invests in Cyber Security

Mar 18, 2019

Australia's largest independent oil and gas company said it has invested in a Western Australian company specializing in the protection and security of critical infrastructure.Woodside will take a 10% shareholding in Sapien Cyber, subject to satisfaction of conditions precedent…

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