Australia's Woodside Petroleum Ltd plans to book impairments of $4.37 billion after tax, joining global energy majors that have slashed the value of their assets after a coronavirus-induced slump in oil and gas prices.The bulk of the impairment - $3…
Norwegian oil firm Aker BP on Tuesday beat second-quarter pretax profit expectations helped by record output and a partial reversal of impairments from the previous quarter as oil prices rose.Pretax profit fell to $151 million from $249 million a year earlier but beat a forecast of $91…
New York-listed offshore vessel owner Hermitage Offshore Services, hit by low oil prices and COVID-19, has executed a forbearance agreement with lenders.Under the agreement, the lenders of its $132.9 M loan DNB Bank and Skanidaviska Enskilda…
A wave of oil and gas bankruptcies in North America is likely to continue this year as oil prices remain depressed and a new surge of COVID-19 cases threaten to stall any recovery in fuel demand, law firm Haynes and Boone said in a report released this week…
The UK Chancellor of the Exchequer Rishi Sunak has announced a new Job Retention Bonus scheme to encourage firms to keep on workers furloughed due to the COVID-19 impact on the economy.The UK government will introduce a one-off payment of £1…
French oil major Total has secured $15.8 billion in funding for its massive liquefied natural gas (LNG) project in northern Mozambique, according to South African lender FirstRand's local unit, FNB Mozambique. Total declined to comment.In a press release published on Wednesday…
Israeli conglomerate Delek Group swung to a big first-quarter loss as a fall in oil prices brought an impairment at its North Sea operations, Ithaca Energy.Delek has been hard hit by the global coronavirus crisis and a drop in oil prices and…
Occidental Petroleum Corp will write down the value of its oil and gas properties by up to $9 billion this quarter and restructure some debts to avoid a possible default, the company said on Thursday.The U.S. oil producer is trying to shed nearly…
According to Wood Mackenzie’s analysis, the oil price crash wiped US$1.6 trillion off the valuation of the global upstream industry.Andrew Pearson, vice president, upstream, said: 'This figure captures the impact of Wood Mackenzie’s downgraded…
Australian-listed oil and gas company FAR Ltd said on Wednesday its Senegalese unit had defaulted on its obligations to the Sangomar joint venture, as the company looked to sell its interest in the project.The company owns 15% of the Sangomar oil and gas field being developed off Senegal…
Offshore drilling contractor Valaris said Monday it had elected not to make the $13.3 million interest payment due on June 15, 2020, related to its 7.375% Senior Notes due 2025.The offshore drilling company, which had more than $6.5 billion of debt at the end of the first quarter…
The Scottish government said on Friday it has set up a 62 million pound ($78 million) fund to help the energy industry recover from the impacts of the coronavirus crisis and the collapse in oil and gas prices.The energy transition fund will…
French industrial cable provider Nexans announced today the execution of a French State-backed €280 million (around $318,4) term loan facility, issued by a pool of French banks.The loan has a twelve-month maturity and an extension option, up to five years…
Offshore drilling company Borr Drilling has reached agreements with Keppel and its creditors to defer newbuild rig deliveries, and to defer certain interest payments, respectively, in a move which Borr says will improve its liquidity.Singapore…
Norwegian oil and gas investment, a key economic driver, is expected to decline sharply in 2021 after rising less than previously anticipated this year, an industry survey by the national statistics agency (SSB) showed on Thursday.The biggest…
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