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Petroleos Mexicanos said it is in talks with as many as 10 investment banks including Goldman Sachs Group Inc., Bank of America Corp. and Credit Agricole SA to help the ailing oil producer find partners to improve its inefficient refining process. Pemex, whose refineries lose more than $5 billion a year, has requested proposals from... Continue Reading →
Exxon Mobil Corp.’s oil discovery off the coast of Guyana may hold as much as 1.4 billion barrels, twice the size of the previous estimate, making it worth as much as $69.5 billion based on current prices. The Liza field 120 miles (193 kilometers) from the coast of Guyana is a “world-class discovery” that probably will yield... Continue Reading →
Brazil’s real extended its best monthly gain since 2003 in a volatile day as traders speculated that banks are buying dollars in an attempt to control the central bank rate used in settling some financial contracts. The currency gained 0.6 percent to 3.2007 per dollar at 12:36 p.m. in Sao Paulo, extending its advance this month... Continue Reading →
Wood Group won a contract to provide engineering and procurement services in the Peregrino field, owned by Statoil, in the Campos Basin. The company will carry out activities with Kiewit Offshore Services manufacturer in wellhead C Statoil platform. Wood Group had already made the front-end engineering and design for this same unit last year; besides... Continue Reading →
Rio de Janeiro, June 29, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its Board of Directors approved today the new composition of the following Board of Directors' Statutory Committees: • Strategic, with the appointment of Board members Segen Farid Estefen (President) and Guilherme Affonso Ferreira and, as external member, Reinaldo Guerreiro; •... Continue Reading →
Rio de Janeiro, June 29, 2016 – Petróleo Brasileiro S.A. – Petrobras announces that the Refinaria Abreu e Lima (RNEST) reached a new record of monthly processing, with an average load of 94,800 barrels of oil per day (bpd) processed in May, exceeding the previous record of 91,000 bpd, in March 2016, by 3,800 bpd.... Continue Reading →
Brazil's federal police on Thursday raided the offices of at least 12 builders to seek evidence of a cartel handling railway projects, antitrust watchdog Cade said. Cade did not specify where the raids were conducted but said police suspected some of Brazil's largest construction companies, including Odebrecht SA, OAS SA and Andrade Gutierrez SA, were... Continue Reading →
Workers repair a tank of Brazil's state-run Petrobras oil company in Cubatao, Brazil, April 12, 2016. REUTERS/PAULO WHITAKER Brazil's Petrobras said late Wednesday that its board of directors had created a new senior management post responsible for strategy, organization and system management to bolster long-term planning efforts and control debt and investment. The new position... Continue Reading →
Reuters Brazil's state-controlled oil company Petroleo Brasileiro SA (Petrobras) said on Wednesday its Abreu e Lima refinery processed a monthly record 94,800 barrels per day of oil in May. The refinery in Pernambuco, known for outlandish cost overruns during construction, produced 330,200 cubic meters of S-10 diesel last month, worth 28.2 percent of Petrobras' output... Continue Reading →
Latin American currencies are posting the biggest back-to-back rally since 2008 as prospects for low interest rates in developed economies bolster the outlook for high-yielding assets. The Bloomberg JP Morgan Latin America Currency Index extended a two-day gain to 3.6 percent as of 12:56 p.m. in New York as central banks signaled a readiness to... Continue Reading →
Brazil Energy Insight 