According to the research data analyzed and published by StockApps.com, Saudi Aramco’s profits dropped by 50% to $23.2 billion in H1 2020. During H1 2019, net income was $46.9 billion. Q2 2020 saw an even bigger decline at 73%, from $24.7 billion to $6.6 billion.
The company’s performance reflected the devastating condition in oil markets. According to the Organization of the Petroleum Exporting Countries (OPEC), Brent crude was priced at $68.44 at the start of 2020. It had dropped...
PGS expects to report Segment* revenues for Q3 2020 of approximately $115 million. Contract revenues ended at approximately $9 million. MultiClient pre-funding revenues were approximately $52 million, from a capitalized MultiClient cash investment of approximately $57 million. MultiClient late sales were approximately $26 million.
Q3 2020 revenues include approximately $23 million of government grants related to the Covid-19 pandemic. The government grants are recorded as Other...
APPEA has welcomed approval of the Santos Narrabri Gas Project by the Independent Planning Commission as an “important step towards supporting jobs and economic recovery in NSW”.
APPEA Chief Executive Andrew McConville said the project will unlock natural gas reserves to supply NSW homes, small businesses, major industries and electricity generators with up to half the state’s natural gas needs, bringing substantial economic benefits to Narrabri and the region.
“The...
The leading representative body for the UK’s offshore oil and gas industry has repeated calls to campaign groups to meaningfully engage with the sector to ensure a fair and positive transition for energy communities.
The call comes after a report published by Friends of the Earth Scotland, Greenpeace and Platform failed to note the progress that is being made to support workers to move between renewables, oil and gas, and nuclear.
OGUK today said it intends to respond to the report...
HE Yury Sentyurin, Secretary General of the Gas Exporting Countries Forum (GECF) participated in the G20 Energy Ministerial Meeting and reaffirmed its commitment to greater international cooperation in ensuring the resilience of energy systems and affordable and secure energy for all.
In a media release, the GECF said the two-day deliberations had acknowledged the impact of the Covid-19 pandemic on energy markets and paved the ways for the sector’s recovery efforts. The meeting...
Global economic slowdown has led to reduced demand for LNG produced in the United States. As a result, LNG exports from the country are likely to remain low in the near future, says data and analytics company, GlobalData.
Haseeb Ahmed, Oil and Gas Analyst at GlobalData, comments: “Significantly low prices of gas along with an LNG supply glut has pushed companies to revisit their capex spends on upcoming multi-billion-dollar gas projects.
In March 2020, Royal Dutch...
CGG GeoSoftware has launched WellPath, a new interactive 3D well path planning solution for optimal well planning in unconventional and fractured reservoirs and offshore development platforms, as part of its InsightEarth® 3D visualization and interpretation software suite.
CGG said that WellPath shows the complexity of the subsurface drilling environment in 3D so that drillers can quickly plan and QC horizontal wells on high-density, multi-lateral pads or large offshore platforms....
Senex Energy is set to create 100 jobs and support hundreds of manufacturing roles after winning a competitive tender for gas acreage that will expand its successful Atlas domestic gas project.
The Queensland natural gas company has also announced that it has a supply agreement with the sustainable lube-oil recycling firm Northern Oil Refinery in Gladstone, on Queensland’s central coast. The agreement supports more than 30 jobs at the refinery and hundreds more at collection depots...
CGG has announced delivery of fast-track results from its recently acquired 3D multi-client seismic survey of the Gippsland Basin and says the broadband data will enable informed decisions when bidding on blocks in this prolific, hydrocarbon-producing area.
This industry-first basin-wide survey over ~8,700 sq km was successfully completed in July 2020 and has strong industry support with significant prefunding. It represents Phase II in CGG’s Gippsland ReGeneration reprocessing and...
PGS ASA has reached an important milestone in discussions with its lenders. The company has come to an agreement in principle on main terms with the negotiation teams of the finance parties under its ~$300 million export credit facilities (“ECF”), and a majority of the lenders under its $350 million revolving credit facility (“RCF”) and ~$520 million term loan B facility (“TLB”).
PGS said the agreement in principle remains subject to lenders’ internal approvals and...