Within a reasonable timeframe, rig dayrates, especially for deepwater drilling rigs, won’t increase from current cash break-even levels. Rig asset values are at less than 50% of build cost for most rigs (midwater harsh environment semisubs are the only real exception). Owners such as Seadrill and Pacific Drilling have outstanding debt which exceeds asset values... Continue Reading →
Brazil’s Petrobras halts output at P-62 platform after accident
Wed Jul 5, 2017 Petróleo Brasileiro SA halted production at its P-62 platform in the Campos basin due to an accident that left three people injured, the state-controlled oil company said on Wednesday. In a statement, Petrobras, as the company is known, said the accident happened at 8:20 a.m. local time (1120 GMT) and led... Continue Reading →
ANP places for public consultation the pre – bid contracts of the 2nd and 3rd bidding round
07/07/2017 17h20 The National Petroleum Agency (ANP) has placed for public consultation the pre-announcements and drafts of the contracts for the 2nd and 3rd rounds of the sharing regime in the pre-salt. The public consultation will be extended until July 21. The public hearing on the issue will take place on the 25th of this... Continue Reading →
Petrobras extends Fugro’s IRM service deal
Geotechnical, survey, subsea and geosciences services provider Fugro has been awarded a further two-year contract by Petrobras for inspection, repair, and maintenance (IRM) and pipeline inspection services in Brazil. Fugro said on Tuesday that the new award followed the company’s completion of an initial 12-month contract for the oil major, after taking delivery of the... Continue Reading →
Brazil senators set final vote on labor reform for July 11
Brazil's Senate has set a final vote on President Michel Temer's landmark labor reform bill for July 11, a sign congressional efforts to help revive a recession-hit economy are on track despite a swelling corruption investigation. Brazil's Senate on Tuesday evening passed a motion to fast-track the bill in a 46 to 19 vote. Read... Continue Reading →
Petrobras to complete construction of Comperj in partnership with Chinese
Involved in Lava-Jato, unit work in Itaboraí has been stopped since 2014 BY RAMONA ORDOÑEZ/Globo 07/07/2017 RIO - Petrobras will conclude the construction of the Rio de Janeiro Petrochemical Complex (Comperj) in Itaboraí, in the state of Rio, in partnership with the Chinese giant CNPC, revealed executive close to the negotiations. The partnership between Petrobras... Continue Reading →
Exclusive: Brazil eyes clearer leniency deal rules after J&F uproar
A backlash in Brazil over plea and leniency deals with the billionaire family that controls meatpacker JBS SA has led prosecutors to start discussions on creating clearer rules for future agreements to ensure equal treatment, three people familiar with the matter said. The talks over a "basic set of patterns and parameters" to negotiate fines... Continue Reading →
Stockholders nod for Baker Hughes-GE merger
More than 99% of the votes cast by Baker Hughes stockholders on Friday were in favor of the previously announced combination of Baker Hughes with General Electric Company’s oil and gas business (GE Oil & Gas). The combination will create Baker Hughes, a GE company, which will be traded on the New York Stock Exchange (NYSE) under the ticker symbol “BHGE”.... Continue Reading →
Petrobras and CNPC form a Comprehensive Strategic Alliance
Rio de Janeiro, July 4, 2017 – Petrobras' and CNPC inform that today Mr. Pedro Parente, Petrobras’s CEO, and Mr. Wang Dongjin, Vice President of CNPC and CEO of PetroChina, signed a Memorandum of Understanding (MoU) in Beijing to structure a strategic partnership. Pursuant to this MoU, the companies agree to jointly evaluate opportunities in... Continue Reading →
Brazil diesel imports hit record despite drop in local sales
Brazilian diesel imports surged 60 percent to hit a record high in the year to May compared with the same period last year, even as domestic sales slid, Brazil's oil and fuels watchdog ANP said. In the first five months of the year, diesel imports hit 4.44 billion liters, ANP said on Friday, while domestic... Continue Reading →
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