If there is one thing the oil world's chief prognosticators can agree on, it is that global demand is going up by more than a million barrels a day this year. Both the International Energy Agency and the Energy Information Administration put growth at about 1.4 million barrels a day; OPEC has it at 1.2... Continue Reading →
Odebrecht Oil and Gas wants to avoid disputes with Petrobras
Free translation from article at Valor Economico 07/20/2016 The decision of Odebrecht Oil and Gas (OOG) to go to court to participate in a Petrobras tender was timely and should not be replicated in a linear fashion going forward. "It is not the goal be litigating with Petrobras," said a source familiar with the matter.... Continue Reading →
Former director of Sete Brasil confirms sharing kickbacks with the PT Party and Petrobras director Duque
July 20, 2016 In testimony given on Tuesday (19), to federal judge Sergio Moro, the former CEO of Sete Brasil, João Carlos Ferraz, confirmed of sharing fees charged to shipyards hired by the company, with the former PT treasurer, John Vaccari Neto, with the former director of Petrobras, Renato Duque, and also former Sete... Continue Reading →
The Future of Big Oil? At Shell, It’s Not Oil
At Australia’s Curtis Island, you can see Big Oil morphing into Big Gas. Just off the continent’s rugged northeastern coast lies a 667-acre liquefied natural gas (LNG) terminal owned by Royal Dutch Shell, an engineering feat of staggering complexity. Gas from more than 2,500 wells travels hundreds of miles by pipeline to the island, where... Continue Reading →
Banks reject initial bids on Odebrecht Peru pipeline
Three initial offers on Odebrecht SA's 55 percent stake in a $5 billion natural gas pipeline contract in Peru were rejected by the banks that would finance the project, a Peruvian business news website reported on Tuesday. The banks took issue with two separate proposals by Brookfield Asset Management Inc and Ferrovial SA that would... Continue Reading →
Petrobras inclined to redo fuel unit stake sale
Brazil's state-controlled Petróleo Brasileiro SA is inclined to restart the process of selling part of BR Distribuidora SA, a source with direct knowledge of the matter said, as a recent bidding round put a low price tag on the fuel distribution unit. The source, asking for anonymity as talks are underway, said preliminary board and... Continue Reading →
Brazil’s Odebrecht puts Braskem stake as collateral for loans
Braskem SA said on Tuesday controlling shareholder Odebrecht Serviços e Participações SA has placed the entire stake it has in the firm as collateral for outstanding bank loans, in a sign of Odebrecht's challenging debt refinancing outlook. No details on the accord between Odebrecht Serviços, a subsidiary of Grupo Odebrecht SA [ODBES.UL], and lenders were... Continue Reading →
Odebrecht Oil & Gas obtains injuction to participate in Petrobras tenders
Tuesday, July 19, 2016 RIO DE JANEIRO (Reuters) - Odebrecht Oil and Gas obtained an injunction granted by the Court of Rio de Janeiro that the releases to participate in tenders for the provision of construction and assembly services for interventions in two Petrobras platforms, both in operation in the Campos Basin. The company was... Continue Reading →
Sale of Petrobras Distribuidora
Rio de Janeiro, July 18, 2016 – Petróleo Brasileiro S.A. - Petrobras informs that, regarding the search for a strategic partner for its subsidiary Petrobras Distribuidora (BR), it is evaluating the proposals it has received, and so far Petrobras’ Executive Board and Board of Directors have not taken any decision about an alteration to the... Continue Reading →
Petrobras – Clarification Regarding News Articles: Petrobras’ Lawsuit Against Astra Oil
07/18/2016 Rio de Janeiro, July 18, 2016 – Petróleo Brasileiro S.A. (Petrobras) hereby responds to Official Letter 346/2016-CVM/SEP/GEA-1, requesting clarification, as follows: Official Letter 346/2016-CVM/SEP/GEA-1 “Dear Sir, We are writing in regard to the news stories published in two newspapers – ‘Petrobras quer que sócia nos EUA a indenize por refinery’ [‘Petrobras wants partner in... Continue Reading →
Brazil Energy Insight 