Rio de Janeiro, March 2, 2016 – Petróleo Brasileiro S.A. – Petrobras, with respect to the sale of its equity interest in Petrobras Argentina, disclosed by Material Fact in 01/20/2016, informs that its Executive Board has approved the conduct of negotiations with Pampa Energia, on an exclusive basis, for 30 days and may be extended... Continue Reading →
China Keeps Oil’s Cash Spigot Open
We're gonna need a bigger wrench. Closing off the spigot of capital to the oil industry is proving tougher than expected. QEP Resources on Monday became the latest U.S. exploration and production company to issue a sack of new shares to shore up its finances. Despite the miserable oil price and worries about looming... Continue Reading →
Brazil Company Illegally Funded 2010 Rousseff Campaign
A group of executives at Andrade Gutierrez said in a plea bargain deal that the country’s No. 2 construction firm gave illegal contributions to President Dilma Rousseff’s election campaign in 2010, Folha de Sao Paulo newspaper reported. Andrade Gutierrez allegedly paid more than 5 million reais in expenses of her 2010 campaign through a fictitious... Continue Reading →
Petrobras – Termination of the sale contracts in the Concessions of Bijupirá and Salema
02/29/2016 Rio de Janeiro, February 29, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that the contracts regarding the sale of its 20% interest in the concessions of Bijupirá and Salema, signed on July 1st, 2015, with PetroRio S.A., have been terminated. Therefore, Petrobras maintains its 20% stake in those fields, in partnership with Shell,... Continue Reading →
Exclusive: Petrobras to cut five-year investment plan by one fifth to $80 billion – sources
Mar 1, 2016 Reuters The Petrobras logo is seen in front of the company's headquarters in Sao Paulo April 23, 2015. REUTERS/PAULO WHITAKER Brazil's Petrobras will cut its five-year investment plan by about a fifth next month as low oil prices, massive debt and the fallout from a corruption scandal bite into the state-led oil... Continue Reading →
Anadarko Petroleum to Sell $3 Billion in Assets This Year
Anadarko Petroleum Corp. rose after announcing plans to sell $3 billion in assets this year while cutting spending on new wells and other projects by almost 50 percent as the oil and natural gas producer weathers the crude market collapse. Anadarko’s U.S. onshore activities will be reduced the most, by almost $2.5 billion, The Woodlands, Texas-based Anadarko... Continue Reading →
China Petrobras loan cuts need for government bailout -Itau BBA
A credit line of up to $10 billion from China's state development bank to Petrobras cuts the risk that Brazil's state-run oil company would need government assistance to pay for debt and investment in 2016, Banco Itau BBA said on Monday. The loan from China Development Bank, announced on Friday, is enough to pay nearly... Continue Reading →
Brazil’s Petrobras corruption investigation targets Lula
Federal prosecutors who uncovered a huge corruption scheme at oil company Petrobras are looking into whether Brazil's former president Luiz Inacio Lula da Silva received undue favors from engineering firms they are investigating. In a letter to the Supreme Court made public on Monday, the head of the investigation, Deltan Dallagnol, argued for a... Continue Reading →
Pemex Halts Deepwater Projects With Budget Cuts to Stem Losses
Mexico’s state-owned oil company is taking deepwater development off its plate for now. Driven to rip $5.5 billion out of its budget this year to cope with a lengthening market downturn, it makes sense that Petroleos Mexicanos would look first to its riskiest and most expensive operations. The company reported its 13th quarterly loss on... Continue Reading →
Big Oil Moves to Drill in Brazil — Not Because Things Improved
Major oil producers are beginning to confront the need to develop offshore prospects in Brazil, or lose them. Total SA and BP Plc are starting to search the market for drilling rigs, helicopters and support vessels for deepwater Brazilian fields even as the industry endures its worst downturn in a generation, three people involved in... Continue Reading →
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