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Tullow to Book $1.7B Impairment. Lowers Oil Price Forecast

Jul 29, 2020

Tullow Oil said on Wednesday it was set to book $1.4-1.7 billion in impairments before tax in its half-year results, as it follows larger rivals in lowering its oil price forecasts.Tullow, which had a market capitalization of around $508 million after markets closed on Tuesday, had $3 billion in net debt and untapped liquidity and free cash of around $500 million.It plans to spend around $365 million on investments and decommissioning this year…

Axxis Geo Solutions Names New CEO

Aug 07, 2020

Oslo-listed seismic surveyor Axxis Geo Solutions has appointed Ronny Bøhn as CEO with effect from August 10, 2020. Bøhn has more than 20 years of experience from the seismic industry and has held management positions as vice president of marine operations at CGG and as COO at April AS…

Ex-Subsea 7 Man to Head Harvey Gulf's New Subsea Services Business

Aug 03, 2020

The U.S.-based offshore support vessel operator Harvey Gulf International Marine has appointed Ed Galloway to manage Harvey’s new subsea venture company, Harvey Subsea Services. Galloway was previously Director of Gulf of Mexico Region for Subsea7/i-Tech7 where he ran the company’s IMR business…

Irfaan Ali Sworn In as New President of Oil-Rich Guyana

Aug 03, 2020

Former Guyanese housing minister Irfaan Ali was sworn in as president of the newly oil-producing South American country on Sunday, after he was declared winner of a disputed March 2 election following a recount.Preliminary recount data released in June showed Ali…

Maersk Drilling CFO to Step Down

Jul 31, 2020

Danish offshore drilling company Maersk Drilling said Friday its Chief Financial Officer Jesper Ridder Olsen would step down from the position by January 2021.The offshore drilling contractor said that Ridder Olsen had 'decided to pursue another…

Exxon Reports Second Straight Quarterly Loss for the First Time in Years

Jul 31, 2020

Exxon Mobil Corp reported a $1.1 billion loss for the second quarter on Friday, the first back-to-back quarterly loss for the U.S. oil giant in at least 36 years.Exxon stood out among its supermajor peers for not taking a large writedown on…

Chevron Posts $8.3 Billion Loss

Jul 31, 2020

Chevron Corp on Friday reported an $8.3 billion loss on asset writedowns from plummeting fuel prices, a forced exit from Venezuela, and expenses tied to thousands of job cuts.Multibillion-dollar asset writedowns have become a prominent part of second-quarter energy results…

Ex-Unaoil manager Sentenced to Three Years in Prison over Iraq Bribery

Jul 31, 2020

A former manager of consultancy Unaoil was sentenced to three years in jail by a London court on Thursday – the second Unaoil executive to be jailed for bribing an Iraqi official to secure a $55 million oil deal after the fall of Saddam Hussein in 2003…

Shell Takes $16.8B Impairment

Jul 30, 2020

Royal Dutch Shell avoided its first quarterly loss in recent history, helped by a booming trading business, but announced nearly $17 billion in impairment charges reflecting a pessimistic outlook for oil and gas prices.Shell had warned last…

Envoy Acquires Avantis Marine

Jul 30, 2020

UK-based Envoy Group has acquired a marine engineering company, Avantis Marine, to target carbon reduction and clean energy solutions for offshore markets.Avantis specializes in marine engineering with a focus on environmental performance and clean technologies for the shipping…

Karoon Energy CEO Steps Down after 16 Years at Helm

Jul 29, 2020

Australian oil and gas company Karoon Energy has said that its founder and CEO Robert Hosking will step down after 16 years at the helm.The company, with oil and gas projects in Australia, Peru, and Brazil, said Wednesday that Hosking had informed…

Ex-Pemex CEO Says He is Innocent of Corruption Charges

Jul 29, 2020

The former boss of Mexican state oil firm Pemex, Emilio Lozoya, told a court on Tuesday he was innocent of graft charges and vowed to denounce those responsible for his alleged crimes, in a case that could seriously embarrass Mexico's previous rulers…

Report: Equinor Shortlists Four Candidates to Succeed CEO Eldar Saetre

Jul 28, 2020

Equinor has short-listed four internal candidates to succeed Chief Executive Eldar Saetre who is likely to announce his departure within the next few months, a source familiar with the process told Reuters.The candidates have been asked to present…

LR Names Marine & Offshore President for SAMEA

Jul 28, 2020

LR has appointed Mike Holliday as Marine & Offshore president for South Asia, the Middle East, and Africa (SAMEA).In his new role, Holliday will lead LR’s Marine and Offshore operations across SAMEA, primarily based in Singapore, and be responsible…

Cable Giant Prysmian Eyes Energy Transition Opportunities with New Appointments

Jul 24, 2020

ndustrial cable provider Prysmian Group has announced new organizational structure and management appointments for the Projects Business Unit - responsible for High Voltage submarine and underground cable systems for power transmission.Prysmian…

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