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Petroleo Brasileiro SA made its biggest oil field sale ever to Statoil ASA in a major step to meeting a $15.1 billion divestment target as it works to cut leverage and reduce expenditures. Statoil will pay $2.5 billion for Petrobras’s 66 percent operating interest in the BM-S-8 offshore license in the Santos basin, which holds... Continue Reading →
In the depths of Brazil’s world-worst market selloff last year, hedge-fund manager Luiz Fernando Figueiredo made a bold call. All the fretting about a dangerous financial crisis was way overblown, he said, and markets were ready to rebound. Now, after outsize rallies this year across Brazilian financial markets, Figueiredo doesn’t talk like a man who’s... Continue Reading →
Chevron Corp. extended its longest losing streak in more than a quarter century, missing profit and production expectations as a glut-driven price collapse forced a writedown of the value of oil and natural wells. The company posted a surprise loss of $1.47 billion, or 78 cents a share, compared with profit of $571 million, or... Continue Reading →
Reuters Petroleo Brasilerio SA, or Petrobras, Chief Financial Officer Ivan Monteiro and Exploration and Production chief Solange Guedes spoke to reporters in Sao Paulo about the company's agreement to sell its 66 percent stake in the BM-S-8 offshore block, home to the giant Carcara field, to Norway's Statoil ASA. * Recent Petrobras asset sales an... Continue Reading →
Rio de Janeiro, July 28, 2016 – Petróleo Brasileiro S.A. – Petrobras announces that its Executive Board approved today exclusive negotiations with the company Alpek, on a 60-day basis, renewable for a further 30 days, for the sale of its stakes in Companhia Petroquímica de Pernambuco (PetroquímicaSuape) and Companhia Integrada Têxtil de Pernambuco (Citepe). Alpek... Continue Reading →
Rio de Janeiro, July 29, 2016 – Petróleo Brasileiro S.A. – Petrobras announces that, in a meeting held on July 28th, the Board of Directors approved the sale of the company’s stake in exploration block BM-S-8 to Statoil Brasil Óleo e Gás Ltda. This transaction comes about as a result of a competitive bidding process... Continue Reading →
Brazil's former president Luiz Inacio Lula da Silva attends a protest against Brazil's interim President Michel Temer and in support of suspended President Dilma Rousseff at Paulista Avenue in Sao Paulo, Brazil, June 10, 2016. REUTERS/PAULO WHITAKER Lawyers for Brazil's former President Luiz Inacio Lula da Silva petitioned the United Nations on Thursday with allegations... Continue Reading →
Eni SpA posted a surprise loss as a heavier tax burden added to the problems of low oil prices and a production shutdown in Italy. Shares fell. The company’s adjusted net loss was 290 million euros ($321 million) compared with a profit of 505 million euros a year earlier, it said in a statement Friday.... Continue Reading →
Exxon Mobil Corp. profit fell, missing analyst estimates, as an oil glut spread to motor fuels, dragging down refinery margins. Net income declined to $1.7 billion, or 41 cents a share, from $4.19 billion, or $1, a year earlier, Irving, Texas-based Exxon said in a statement on Friday. The per-share result was 23 cents lower than... Continue Reading →
Statoil ASA, Norway’s biggest oil company, will buy an offshore oil block in Brazil from Petroleo Brasileiro SA for $2.5 billion, seizing on lower asset valuations amid a price slump to make its biggest acquisition since 2011. Statoil will buy Petrobras’s operating interest of 66 percent in the BM-S-8 offshore license in the Santos basin,... Continue Reading →
Brazil Energy Insight 