Chevron Corp. posted its first annual loss since at least 1980, signaling the difficulties faced by the world’s biggest oil companies as they struggle to emerge from the worst collapse in a generation. The company had a $497 million loss last year and failed to replace all of the crude and natural gas it pumped... Continue Reading →
Baker Hughes narrows 4Q loss
zoom Baker Hughes, soon to merge with GE, has reduced its fourth quarter loss, compared to both a year before and to a previous quarter. The company, one of the world’s largest oilfield services providers, said its net loss for the quarter was $413 million, an improvement from the previous quarter of $429 million... Continue Reading →
Deep Sea Supply’s anchor handler awarded Brazilian contract
zoomSea Tiger Deep Sea Supply, the Oslo-listed owner of offshore support vessels, has been awarded a new, time charter contract for the anchor handling tug and supply (AHTS) vessel Sea Tiger for operations offshore Brazil. Deep Sea Supply said on Thursday that the contract is for a firm period of one year and will begin... Continue Reading →
Fitch reaffirms Petrobras’ global ratings
Rio de Janeiro, January 26, 2017 – Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Fitch has reaffirmed Petrobras’ global ratings at BB, with a negative outlook. Fitch points out in its report that the Company’s liquidity is currently supported by a robust cash position, stable cash flow generation and its ability to... Continue Reading →
Keppel Sees No Quick Recovery Despite Oil Gain; Shares Drop
Keppel Corp., the world’s biggest oil rig builder that eliminated more than 10,000 jobs last year, said even a doubling of crude prices is failing to offer relief to an industry slammed by overcapacity as it braced for a prolonged slowdown. While OPEC’s recent decision to cut output renewed optimism, with spending by some oil... Continue Reading →
Brazil’s Petrobras reduces diesel and gasoline prices at refineries
Jan 26 Brazil's state-run oil company Petroleo Brasileiro SA announced on Thursday it is reducing diesel and gasoline prices at refineries, reflecting the fall in international petroleum products prices and the appreciation of the local currency against the dollar. In a statement, Petrobras, as the company is known, said diesel prices will be reduced 5.1... Continue Reading →
U.S. judge approves Braskem $633 million fine in record corruption case
A U.S. judge on Thursday sentenced the Brazilian petrochemical company Braskem SA to pay a $632.6 million criminal fine, in connection with a corruption case that led to the largest foreign bribery settlement in U.S. history. Braskem had agreed to the penalty when it pleaded guilty on Dec. 21 to a conspiracy charge over a... Continue Reading →
Petrobras to receive R$81 million from Rolls-Royce leniency agreement
Petrobras will receive approximately R $ 81 million from the British company Rolls-Royce, which entered into a leniency agreement with the Federal Public Prosecutor's Office (MPF) under Operation Lava Jato. The agreement provides for the full return of the net profit obtained by the company in six contracts for the supply of goods and services... Continue Reading →
Petrobras responds to Dutch lawsuit
Offshore Energy Today zoom Petrobras has responded to a lawsuit filed in Dutch court by a group of international investors against the Brazilian oil company. Earlier this week, Petrobras’ subsidiaries, Petrobras International Braspetro B.V. and Petrobras Global Finance B.V., were mentioned in a legal action filed by Stichting Petrobras Compensation Foundation, in the Court of Rotterdam,... Continue Reading →
Oil Supermajors’ Debt From the Crude Collapse May Have Peaked
Surging debt dogged the world’s largest oil companies during crude’s collapse. Now, sweeping cost cuts and rising prices have combined to lessen the need to borrow. Since prices began to sink in 2014, the five “supermajors” more than doubled their combined net debt to $220 billion. That may be as bad as it gets. At... Continue Reading →
Brazil Energy Insight 