Brazilian state-controlled oil company Petróleo Brasileiro SA (PETR4.SA) owes the government billions of dollars tied to offshore exploration rights but is unlikely to pay this year, a cabinet minister said. The government’s 2018 budget does not include any revenue from the so-called “transfer of rights” area that has sparked a dispute with the company also... Continue Reading →

China invested $20.9 billion in Brazil in 2017, the most since 2010 as a recession helped push down asset prices and attracted investors, according to Brazil’s planning ministry. The energy, logistics and agriculture sectors drew the most Chinese capital, including investments in Brazil’s rich pre-salt oil fields and China’s State Power Investment Corp $2.25 billion... Continue Reading →

  U.S. oil output is set for “explosive” growth this year as prices rally, potentially offsetting a further collapse in Venezuela’s production, the International Energy Agency said. The agency is joining a chorus of voices from Goldman Sachs group Inc. and OPEC’s own analysts in warning of a surge in U.S. production as oil hits three-year highs. Output... Continue Reading →

  Petrobras intends to start implementing its new bidding and contract regulation (RLCP) next month. The document governs the general contracting rules, in order to meet the requirements of the State Owned Companies Law, which establishes that, as a rule, contracting must be carried out through public bidding. Published this week in the "Official Gazette of... Continue Reading →

Rio de Janeiro, January 18, 2017 - Petróleo Brasileiro S.A. - Petrobras informs that the process for selecting the new Governance and Compliance Executive Officer is ongoing, as the current officer, João Adalberto Elek Junior, is leaving office on April 30, 2018. According to company's governance rules, Petrobras' Board of Directors will elect the Governance... Continue Reading →

London-based Tullow oil has decided to enter phase two of initial period of the Orinduik Block located offshore Guyana.  Tullow is the operator of the block with a 60% interest and Eco Atlantic Oil & Gas is its partner with the remaining 40% interest. The decision to enter the phase two of the initial period under the Petroleum... Continue Reading →

Seeking to further simplify its business, British engineering company Rolls-Royce will be conducting a review of its commercial marine unit, which might include its sale. Read more