BP Plc reported a 49 percent decline in third-quarter earnings after crude prices fell, refining margins shrank and its exploration and production division posted a loss. Shares fell. Profit adjusted for one-time items and inventory changes dropped to $933 million from $1.8 billion a year earlier, the London-based company said Tuesday in a statement. That... Continue Reading →
Shell Smashes Estimates as BG Acquisition Drives Up Output
Royal Dutch Shell Plc reported third-quarter profit that beat analyst estimates after its acquisition of BG Group Plc boosted oil production, helping to counter a slump in prices. The shares rose. Profit adjusted for one-time items and inventory changes advanced 17 percent from a year earlier to $2.79 billion, Shell said Tuesday. That exceeded the $1.79... Continue Reading →
Additional information regarding the interest sale in Nova Transportadora do Sudeste
Rio de Janeiro, October 31, 2016 – Petróleo Brasileiro S.A. – Petrobras, further to the Material Fact disclosed on September 23, 2016 regarding the sale of interest in Nova Transportadora do Sudeste (NTS) to Brookfield Infrastructure Partners and its associates, hereby provides the following additional clarifications. After the ongoing corporate restructuring, NTS’ remaining debt will... Continue Reading →
Petrobras -Conclusion of the acquisition of Rio Neuquen concession, in Argentina, and Colpa Caranda asset, in Bolivia
Rio de Janeiro, October 28, 2016 – Petróleo Brasileiro S.A. – Petrobras, pursuant to the material fact published on July 27, 2016, hereby announces that it has concluded all the steps of the transaction for the sale of the 67.19% interest in Petrobras Argentina (PESA), held through Petrobras Participaciones S.L. (PPSL), to Pampa Energía, with... Continue Reading →
Petrobras secures gas contracts in sale of NTS to Brookfield
Oct 31 Petróleo Brasileiro SA has secured 20-year contracts for the transport of natural gas through Nova Transportadora do Sudeste SA, which the Brazilian state-controlled oil company recently sold to Brookfield Asset Management Inc for $5.19 billion. In a Monday securities filing, Petrobras, as the company is known, said Brookfield will pay $4.34 billion... Continue Reading →
GE Deal With Baker Hughes Creates $32 Billion Oil-Services Giant
General Electric Co. agreed to combine its oil and gas business with Baker Hughes Inc., creating an industry giant with a broader suite of offerings amid the ongoing slump in crude prices. GE will own a 62.5 percent stake in the combined provider of oilfield services, which will be publicly traded and have $32 billion in... Continue Reading →
GE, Baker Hughes Partnership Would Raise Oilfield Clout for Both
Combining General Electric Co. and Baker Hughes Inc.’s oil businesses into partnerships could create a player capable of competing with the industry’s biggest -- and may not require a huge amount of money. The industrial-equipment behemoth and the No. 3 oil services provider say that discussions are taking place for potential "partnerships," but wouldn’t provide... Continue Reading →
Statoil, YPF plan Argentina offshore seismic
Offshore tie-up: Ricardo Darre of YPF and Tim Dodson of Statoil YPF Kathrine Schmidt 28 October 2016 17:20 GMT Norway's Statoil and Argentina's YPF have penned a co-operatative agreement aimed at deepening understanding of the South American nation's offshore potential. Under the agreement, the two national oil companies will together collect new 2D seismic data... Continue Reading →
Libra programme in the crosshairs for cost reductions
28 October 2016 00:00 GMT As Petrobras presses forward with efforts to put its house in order after the ravages wrought by the Car Wash corruption scandal and the oil price collapse, the Brazilian state oil giant is turning its attention to boosting the economics of major development programmes such as that at the giant... Continue Reading →
Petrobras aiming at 11 FPSOs in three years
By Fabio Palmigiani Rio de Janeiro 28 October 2016 00:00 GMT Brazilian oil giant working with fabricators and yards to bring already-contracted units into play by 2019 Petrobras is working closely with fabricators and shipyards in Brazil and China, as it looks to bring 11 already-contracted floating production, storage and offloading vessels into operation over... Continue Reading →
Brazil Energy Insight 