The Brazilian oil company has revealed it has made two new discoveries offshore Brazil, confirming
the presence of excellent quality oil.
The discoveries were made in the south-eastern area of the Buzios field in the Santos Basin and
and greater potential in the pre-salt of the Albacora field in Campos Basin.
According to tests done by the oil giant at a depth of 5,400 meters confirmed oil reservoirs of 208
meters at the drilled well.
Petrobras is the operator of the Búzios field with 90% stake while other partners include CNOOC
with 5% and CNODC 5%.

According to GWEC (Global Wind Energy Council), the wind sector could be able to employ up to
four million people globally by 2030.
Ben Backwell, GWEC chief executive said in a statement: “The COVID-19 pandemic has had
unprecedented social and economic impact around the world, and how we recover from the crisis
depends on the actions that we all take over the coming months. We have the opportunity here to
‘re-build back better’, help kick-start sustainable economic recovery, and build the energy
infrastructure of the future.”

The Alpine country has closed his last coal-fired powered plant. The shutdown of the plant located
in Mellach is part of a plan that aims to close the gas-fired plants by 2030. After that, the naiton
will generate energy from renewable sources.
Austria, an Alpine country with no significant fossil fuel reserves of its own, still has more than a
dozen power plants burning gas and oil.
There are seven more nations to follow Austria in the next coming years, including France,
Sweden, Slovakia, Portugal, the UK, Ireland (2025) and Italy (2025).

A contractor working for Gazprom has stopped the extraction of natural gas at the Chayanda gas
field in Siberia. Despite the halt, Russian energy gas giant has said its unit Gazprom Dobycha
Noyabrsk is keeping on extracting and preparing for transportation at the Chayanda field as
planned.
The Siberian gas field was launched last year to supply gas to China via pipeline.
Gazprom has evacuated about 23 employers from the gas field last month after four of them were
found positive for Covid19.

According to Ben van Beurden, CEO of Shell oil company: “it is ‘hard to say’ if demand will return
with transition and net-zero key to future investability”. The virus forecast sees next quarter to be
worse and long-term impact devastating for the industry.
Van Beurden said in an interview: “There will be changes, and therefore we have to be ready for
that. That means that we probably have to re-establish what is going to be our strategy.”
Shell has recently cut its dividend for the first time since World War II after the oil prices slump
dragged earnings down 46%.

Saipem awarded for first Egyptian polybutadiene plant

Saipem has been awarded a contract by Egyptian Ethylene & Derivative Co. (Ethydco) to build the first polybutadiene plant of the country.
The estimated value of the contract is for $150 millions and the expected capacity of 36,000 MT per year. Saipem and Petrojet will be jointly responsible for detailed engineering design, procurement and supply of equipment and materials, construction, pre-commissioning, commissioning up to successful start-up and performance testing.
According to the chief operating officer of the Saipem Onshore E&C Division Maurizio Coratella, this contract confirms Saipem as a partner of choice to support the sustainable development of Egypt.

The largest offshore drilling and well drilling company in the world, Valaris PLC is currently talking to creditors to check
possible bankruptcy possibilities. The London headquartered company is fighting against $6.5 billion debt burden.
Valaris, which employs around 5800 people worldwide, was working with debt restructuring advisers such as Alvarez
& Marsal in March, trying to cope with an accident occurred on a rig. Since then, energy prices have fallen into
negative for the first time in history with a consequent demand collapse and this has put Valaris into a further critical
situation.

On Friday last week, the price of a barrel of crude oil in the USA was of $18.27 (€16.80). On Monday, it dropped to
minus $37.63 (€34) in a matter of hours, meaning that producers would have to ask buyers to get rid of their oil.

However, on Tuesday it recovered to $1.10.

The price of crude oil in the States has never fallen below $10.
It’s been a combination of no existing demand, lack of storage capacity and speculative investors.
As for comparison in January, a barrel of oil was $60 (€55).

The Italian government has confirmed Claudio Descalzi and Francesco Starace as CEOs of the top state-controlled
companies Eni and Enel.

However, Lucia Calvosa, a board member of the newspaper “Fatto Quotidiano”,
was named new president, replacing Emma Marcegaglia, a former head of industrial employers’ group Confindustria.
Descalzi has gone through hard times during the past few years because of his involvement in Nigerian oil deal
corruption. Nonetheless, Descalzi has always denied any implications or wrongdoings.
Descalzi is Eni’s CEO since May 2014. He is also a member of the National Petroleum Council.