The briefing on offshore oil and gas


news in numbers


Petrogas has withdrawn from a deal to buy a colection of UK North Sea assets from Total worth $635m, allowing Neo Energy to complete the transaction in its place.


Total has reportedly secured financing in the region of $15bn for an LNG project in Mozambique, with the money set to be committed in June. 


Norwegian oil produciton during April has risen above predictions made by the Norwegian Petroleum Directorate, preliminary figures showing an average daily production of 2,117,000 barrels of oil, NGL and condensate. 


Renewables provided more than 40% of Britain's power in the first three months of the year, overtaking fossil fuels for the first time.  Between January and March, fossil fuels contributed 30.6% of the nation's power.


Rystad Energy has predicted that global gas demand will drop by nearly 2% this year, the first time in 11 years that there will be no growth in consumption.

First quarter updates

Petrobras loses $13.4bn in value in Q1

Brazilian state-owned operator Petrobras has released its Q1 financial results, showing its worth fell by $13.4bn as part of a cash impairment charge.

Company earnings did not, however, take a huge hit compared with the previous quarter. In Q1 2020, the company earned $17.1bn, compared to $19.9bn in the three months before.

Premier Oil announces fall in production amid Covid-19

British oil and gas firm Premier Oil has announced a financial and operational update, with delayed production and uncertain finances highlighting the impacts of the Covid-19 pandemic on the country’s oil and gas industry.

The company announced that production had reached an average of 70,100 barrels of oil equivalent per day (boepd) since the start of the year, down from its 2019 annual production of 78,400 boepd, and the 85,900 boepd produced in the same period last year. 

SBM Offshore posts $607m revenue in Q1 results

Dutch floating production storage and offloading (FPSO) vessel operator SBM Offshore has announced a directional revenue of $607m in first quarter of this year. In a statement, the company said this was in line with expectations.

SBM has slightly reduced its 2020 guidance due to market uncertainty as a result of coronavirus pandemic and low oil prices. It said the number of prospects for new FPSO work will decrease in the short to medium term.

Further reading

Three metrics that illustrate how the oil industry is suffering

It’s the same story all over the world; the coronavirus pandemic has caused oil and gas operators to pull investment and cancel projects. There are many different ways to show how the fall in investment has affected companies, and Offshore Technology has taken a look at three different analyses.

Source: Offshore Technology