Wed Jul 27, 2016 Reuters (Corrects to say Petrobras will have 60 to 75 percent of total fuel unit stock after sale, not 60 to 65 percent) Brazil's state-controlled oil company Petróleo Brasileiro SA expects to receive binding offers for a controlling stake in its fuel distribution unit, BR Distribuidora, by late November or early... Continue Reading →
Statoil Suffers Surprise Loss Amid Collapse in Oil Prices
Statoil ASA deepened spending cuts after Norway’s biggest oil producer reported an unexpected loss amid lower crude prices and taxes on unprofitable international operations. The adjusted loss after tax, which excludes financial and other items, was $28 million in the second quarter after a profit of $929 million a year earlier, the Stavanger-based company said Wednesday.... Continue Reading →
Anadarko Loss Narrower Than Expected as Driller Cuts Costs
Anadarko Petroleum Corp. posted a loss that was narrower than expected for the second quarter as it cuts costs and sells assets to weather the oil industry downturn. The loss was $692 million, or $1.36 per share, compared with a profit of $61 million, or 12 cents, a year earlier, the Woodlands, Texas-based company said... Continue Reading →
Brazil Said to Study Scrapping Nationalist Deep-Water Oil Rules
Michel Temer Photographer: Jin Lee/Bloomberg For international oil companies that saw access to Brazil’s gargantuan offshore reserves curtailed back in 2010, the tide is turning. Brazil’s interim government is studying the benefits of scrapping nationalistic oil legislation that was championed by now suspended President Dilma Rousseff and her leftist Workers’ Party, said three people involved... Continue Reading →
Special Report: In Venezuela’s murky oil industry, the deal that went too far
Even for Venezuela's notoriously opaque economy, it was a sweetheart deal that went too far. Last August, state oil company Petroleos de Venezuela SA issued one of its largest tenders in recent years: a multi-billion dollar project in the Orinoco Belt, the world's largest crude reserve. The project was designed to shore up the OPEC... Continue Reading →
Petrobras to reduce role in Brazil’s natural gas industry
State-controlled oil company Petrobras said on Tuesday it plans to scale back its role in Brazil's natural gas industry by selling or sharing control of pipelines and opening its liquefied natural gas (LNG) terminals to third parties. The move by Petroleo Brasileiro SA, as the company is formally known, is part of a wider move... Continue Reading →
BP Profit Sinks as Lower Oil, Weak Refining Strain Industry
BP Plc posted a 45 percent slump in earnings, pointing to a poor set of results from the industry as oil production barely breaks even and profits from refining sputter. The U.K. company, the first oil major to report second-quarter results, said adjusted profit dropped to $720 million from $1.3 billion a year earlier, missing... Continue Reading →
Brazil Banks’ Lower Provisions Seen Masking Credit-Quality Woes
Itau Unibanco Holding SA, Banco Bradesco SA and Brazil’s other major banks are expected to post their first quarter-over-quarter decline in bad-loan provisions in at least a year when they report results in coming days. The good news will probably be short-lived. Provisions jumped in the first quarter as banks took into account the looming... Continue Reading →
TECHINT STARTS LAST CONSTRUCTION PHASE OF FPSO P-76 NEXT WEEK
June 22,2016 FPSO P-76, which will be used by Petrobras in the Buzios III field, area of transfer of rights of pre-salt Santos Basin, is heading towards the Pontal do Paraná,PR. , to the Offshore Techint Unit, for last adjustments of the modules integration process before leaving for the final destination. The new unit... Continue Reading →
Ecuador Ends One Chevron Battle. What Does It Mean for the War?
Ecuador last week paid Chevron Corp. $112 million in an arbitration case dating back to the 1970s. The accord, while dealing with obscure contractual matters, could have ramifications for bigger court fights between the two fierce adversaries. The government of Ecuadorian President Rafael Correa has taken an extremely hostile stance in other, pricier legal battles with the U.S. energy company. The natural... Continue Reading →
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