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Caution lights are flashing for the oil industry. Facing lower-than-expected commodity prices, drillers from ConocoPhillips to Hess Corp. to Statoil ASA have slashed their capital spending plans in recent days, as companies lay out their plans to cope with oil prices stuck below $50 a barrel. The budget cuts won’t necessarily mean less oil or natural gas on the... Continue Reading →
Total SA said it’s ready and able to make acquisitions and pursue growth, shrugging off uncertainties about oil prices as its financial position strengthens. Europe’s second-largest oil and gas company has the firepower to buy up fields on the cheap and press ahead with new developments, taking advantage of lower levels of debt, rising profit and... Continue Reading →
Brazilian power firm Cemig and engineering group Odebrecht [ODBES.UL] are in disagreement on an offer from China's SPIC [CPWRI.UL] to acquire a controlling stake in the Santo Antonio hydropower project where the Brazilian companies are partners, three sources close to the talks said. Odebrecht is in favor of the sale while Cemig, or Companhia Energética... Continue Reading →
TechnipFMC's shares slid on Tuesday, a day after the oil services company said it had overstated its first-quarter net income by $209.5 million. TechnipFMC said late on Monday that the overstatement stemmed from accounting errors related to its auditing of foreign exchange movements, after examining the matter with its management and PricewaterhouseCoopers. Read more
07/26/2017 Independent Barra Energia is studying to participate in the auction of the area adjacent to Carcará's promising discovery in the Santos Basin pre-salt this year, but still assesses if it will have the resources to make the investment, said the company's CEO, Renato Bertani. The portion of the Carcará deposit that is outside... Continue Reading →
Royal Dutch Shell Plc’s cash flow from operations rose to the highest since the oil price slump started in 2014 as asset sales and cost cuts helped Europe’s largest energy company pay down debt and boost profit. The consensus-beating second-quarter performance showed how Shell’s response to the worst industry downturn in a generation -- the $54... Continue Reading →
Brazil's central bank cut interest rates below 10 percent for the first time since 2013 on Wednesday and signaled it could keep up its pace of easing as plunging inflation gives it leeway to aid an incipient recovery. The bank's nine-member monetary policy committee, known as Copom, cut its benchmark Selic rate BRCBMP=ECI by 100... Continue Reading →
Rio de Janeiro, July 25, 2017 - Petróleo Brasileiro S.A. – Petrobras reports that in 2014 it started a study to reassess the processes at refining and fertilizer units, and, therefore, adjust the number of job posts for safer, more reliable and efficient operations at its industrial units. The Organization and Methods of Work (O&M)... Continue Reading →
Rio de Janeiro, July 26, 2017 – Petróleo Brasileiro S.A. – Petrobras, pursuant to the material fact of June 30, 2017, reports that its Board of Directors approved today the inclusion in the Special Program for Tax Regularization (Programa Especial de Regularização Tributária – “PERT”),, established by Provisional Measure no. 783 of May 31, 2017,... Continue Reading →
Rio de Janeiro, July 26, 2017 - Petróleo Brasileiro S.A. – Petrobras, in compliance with the provisions of Instruction no. 358, of January 3, 2002, by the Securities and Exchange Commission of Brazil ("CVM"), reports that its Board of Directors has approved, in a meeting held today, the 5th (fifth) issue of simple, nonconvertible, unsecured... Continue Reading →
Brazil Energy Insight 