Petroleo Brasileiro S.A.’s sale of its Japanese unit on the tropical island of Okinawa is drawing interest from several companies, including JX Holdings Inc. and TonenGeneral Sekiyu K.K., according to people with knowledge of the matter. At least seven companies, including Japanese refiner Cosmo Energy Holdings, have indicated an interest in participating in the first... Continue Reading →
IEA Cuts Oil Surplus Estimate, Sees Market Balance in 2017
The global oil market will be almost balanced next year as demand continues to rise faster than production, while the current oversupply is much smaller than previously thought, the International Energy Agency said. The surplus in the first half of this year is about 40 percent smaller than estimated a month ago, as consumption proves stronger... Continue Reading →
New CEO of Petrobras Has Good News for Brazil’s Ethanol Makers
The new chief executive officer of Petroleo Brasileiro SA looks like he’s going to be making fans in the ethanol industry. Pedro Parente, who was sworn in as the head of Brazil’s state-owned oil producer this month, has made clear that the era of government-subsidized domestic gasoline is over. That’s likely to raise prices and... Continue Reading →
Statoil May Consider Pemex Partnerships in Deep Waters
Statoil ASA may seek to partner with Petroleos Mexicanos in Mexico’s deepwater fields as the producer looks to gain a foothold in the country’s recently opened energy market. “We see opportunities to bid on deepwater farm-out agreements with Pemex if the terms and conditions are right," said Tore Loseth, vice president of Statoil Exploration in... Continue Reading →
Brazil’s No.2 fuel distributor Ipiranga buys smaller rival Ale
Brazil's second-biggest fuel distributor, the Ipiranga unit of Ultrapar Participações SA , agreed to acquire a smaller peer for 2.17 billion reais ($635 million), rivaling the reach of state oil company Petrobras' distribution unit. Ipiranga, which has a network of 7,241 service stations, said in a securities filing on Sunday that the acquisition of Alesat... Continue Reading →
Petrobras 24-hour strike against Temer will not cut output -union
Brazil's main oilworkers unions on Friday held a 24-hour strike as part of nationwide protests against the government of interim-President Michel Temer, attacking his oil policies and seeking the return of suspended President Dilma Rousseff. The strike started just before midnight Thursday. Officials with the union, Sindipetro NF said there was almost no chance it... Continue Reading →
Clarification on News: Details of the Deposition of Ex-Officer Nestor Cerveró
Rio de Janeiro, June 9, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 255/2016-CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 255/2016-CVM/SEP/GEA-1 “Dear Officer, We refer to the news item published on June 6, 2016 in the O Pais (The Country) column of the newspaper O Globo, entitled Propinas desde 2002... Continue Reading →
Energy World’s Newest Supership Misses the Boat on LNG Pricing
It’s longer than three soccer fields, heavier than two aircraft carriers and powerful enough to chill gas into liquid colder than the surface of Jupiter. And its maiden voyage couldn’t have come at a worse time. The world’s first modern vessel for producing liquefied natural gas was ordered by Petroliam Nasional Bhd in 2012 when LNG... Continue Reading →
BP Spins Off Norway Business Into Billionaire’s Oil Explorer
BP Plc sold its Norwegian oil fields, some more than 40 years old, to a company controlled by billionaire Kjell Inge Roekke in a 10.8 billion kroner ($1.3 billion) stock deal. The new business, called Aker BP ASA, will be the seventh-largest producer in Norway, with daily oil and natural gas output of about 122,000... Continue Reading →
The Undoing of a Brazil Giant, Told by Bankers Fearing the Worst
When Odebrecht SA sought to raise cash at the turn of the decade for an oil and gas venture, a top financier predicted the project would be pitched by “every single banker worth his mettle.” These days, when the Brazilian conglomerate seeks new funding, the answer is almost always the same: No. Interviews with... Continue Reading →
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