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Brazil’s Petrobras reduces on-site workforce by 50% amid virus efforts

OilNOW -
(S&P Global) Brazilian state-led oil company Petrobras slashed administrative staff by at least 50%, including at operations units such as refineries and production facilities, amid expanding efforts across Latin America's biggest country to limit social contact and avoid dissemination...
News

Venezuela to close pumps as gas runs short, viral outbreak grows

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(Bloomberg) -- Venezuela’s government is shutting fuel stations nationwide to ration dwindling gasoline inventories as a quarantine designed to stop the coronavirus paralyzes the country, seven people said. Just a few dozen of Petroleos de Venezuela SA’s 1,800 gas stations...
Exploration

Tullow writes off Jamaican oil exploration licence

OilNOW -
(The Gleaner) Tullow oil Plc has fully written off its oil exploration licence for the Walton-Morant Basin offshore Jamaica, on which it has taken a US$36-million hit. The write-off relates to what the company indicated in its most recent earnings report...
News

ICJ hearings on Guyana-Venezuela border case postponed

OilNOW -
The International Court of Justice (ICJ), the principal judicial organ of the United Nations, has indicated that the oral proceedings scheduled to begin on March 23, 2020 concerning the Arbitral Award of October 3, 1899 (Guyana v. Venezuela) have...
News

Saudi-Russia oil price war could lead to global economic recession – John Hess

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CEO of Hess Corporation John Hess said the fallout from the current oil price war between Russia and Saudi Arabia could lead to a worldwide economic recession and a reduction of US oil production in 2021. Hess was on March...
News

Sanctions-hit Venezuela offers big discounts as oil prices collapse

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(Reuters) - Venezuela’s oil company PDVSA was last week offering discounts of up to $23 per barrel on its flagship crude, traders said, as a collapse in global oil prices puts more pressure on the state-run firm, already reeling...
News

Carnage in Latin America as oil plummets; coronavirus fears rise

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(Reuters) - Mexico's peso was set for its worst day in 3-1/2 years on Monday and Colombia's peso slumped to a record low as the currencies of major crude oil exporters were hammered after oil lost a third of its value. Oil...
Exploration

US drilled but uncompleted wells under threat from oil price collapse – Rystad Energy

OilNOW -
In the wake of one of history’s largest oil price declines in a single day, a Rystad Energy impact analysis shows that US drilled but uncompleted wells (DUCs) will be the first assets to be threatened by the newly...
News

Venezuela moves to seize shipping agents’ assets over debts to PDVSA: sources, document

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(Reuters) - Venezuela’s judiciary has moved to seize the assets of six private shipping agencies over debts to state oil company Petroleos de Venezuela (PDVSA) , according to a document seen by Reuters and two people with knowledge of...
News

Tanker owner says to end shipping of Rosneft’s Venezuelan oil

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(Reuters) - Mercantile & Maritime said on Monday it would terminate its shipments of Venezuelan oil for Rosneft after the United States imposed sanctions on the Russian oil firm’s Swiss trading unit. Washington imposed sanctions in February on Rosneft’s Geneva-based...
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Oil revenue to fund 37% of Guyana’s US$6.6 billion 2025 budget

US$2.46 billion in revenue earned from Guyana’s fast-growing oil sector will fund 37% of Guyana’s 2025 national budget. The...

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