Impairments Push Canada’s Vermilion into Red in 2020
Mar 8, 2021 10:29:pm
Summary
by: Dale Lunan
Impairments Push Canada’s Vermilion into Red in 2020
Non-cash impairment charges taken in three of four quarters during 2020 contributed to Vermilion Energy’s C$1.52 (US$1.2)bn net loss on the year compared to earnings of C$32.8mn in 2019, the company said March 8.
No impairment was reported in Q4 2020, Vermilion said, which eased the net loss for that period to C$57.7mn from C$69.9mn in Q3 2020, when a C$35.4mn impairment was registered. Vermilion’s biggest impairment came in Q1 2020, when a ceiling test on its reserves produced a C$1.2bn non-cash charge; in Q2 2020 a non-cash charge of C$53.1mn was taken related to a decline in the company’s market capitalization.
Eni Sells Pakistan Assets to Employee Start-Up
Mar 9, 2021 10:50:am
Summary
by: William Powell
Eni has agreed to sell its upstream assets in Pakistan to Prime International Oil & Gas for an .
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Interview: Pierre Girard and Lex de Groot, Neptune Energy [GasTransitions]
Mar 1, 2021 7:40:am
Summary “Energy transition means E&P companies have to look outside more” [Gas Transitions Volume 2, Issue 2]
by: Karel Beckman
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Interview: Pierre Girard and Lex de Groot, Neptune Energy [GasTransitions]
Is the energy transition a threat to the continuity of independent oil and gas producers? This is not the way Neptune Energy views it. On the contrary, say Pierre Girard and Lex de Groot of Neptune in an interview with Gas Transitions, “we believe the transition presents new opportunities to leverage our strengths and assets and extend their life.” Neptune is preparing to go into CCS in a big way and is experimenting with offshore production of hydrogen made from offshore wind power. “It does require a new way of working. We have to look outside much more than we used to.”