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Eni SpA agreed to sell a stake in oil-services company Saipem SpA to Fondo Strategico Italiano SpA in an effort to get its debt off the balance sheet. Eni, which owns 43 percent of Milan-based Saipem, sold a 12.5 percent interest to Italian state-controlled Cassa Depositi & Prestiti’s FSI investment fund, Eni said in a statement... Continue Reading →
Brazil's National Treasury and state development bank BNDES are in talks to abate multimullion dollar debts that are eroding government fiscal accounts, two sources with knowledge of the matter said on Tuesday. In the last couple of years, President Dilma Rousseff has delayed payments worth around 26.5 billion reais ($6.8 billion) to the BNDES related... Continue Reading →
Brazil is expected to loosen regulations in the oil industry on contracting goods and services after current restrictions dampened demand during a recent licensing round, an industry group said. The changes, under study by the Energy Ministry and that still need to be signed by president Dilma Rousseff, would make Brazilian projects more competitive amid... Continue Reading →
Cutbacks by Brazil’s state oil company has one of its main suppliers exporting local talent to an unlikely location: Venezuela. Schlumberger Ltd. is increasing activity in the neighboring country even as it continues to trim its global workforce in response to weakening demand for its goods and services elsewhere, according to a person familiar with... Continue Reading →
Dilma Rousseff’s popularity remained near record lows as the majority of Brazilians forecast Latin America’s biggest economy won’t recover from the current crisis for at least another three years. Rousseff’s personal approval rating was 15.9 percent compared with 15.3 percent in the previous poll in July, according to an Oct. 20-24 MDA poll published by the... Continue Reading →
Technip Awarded a Substantial Contract to Supply the First Flexible Pipes for the Libra Pre-Salt Field Confirming its strong expertise in deepwater and leveraging its technological leadership October 27, 2015 02:00 AM Eastern Daylight Time PARIS--(BUSINESS WIRE)--Regulatory News: “gas injection flexible pipes. Designed to produce the first Libra field oil, they are the first 8’’... Continue Reading →
BP Plc third-quarter profit beat analysts’ estimates, boosted by refining profit, as Chief Executive Officer Bob Dudley laid out a plan for deeper cost cuts to withstand low prices. Earnings from processing crude into fuels and from trading oil and natural gas took profit adjusted for one-time items and inventory changes to $1.82 billion, 40... Continue Reading →
The U.S. plans to sell millions of barrels of crude oil from its Strategic Petroleum Reserve from 2018 until 2025 under a budget deal reached on Monday night by the White House and top lawmakers from both parties. The proposed sale, included in a bill posted on the White House website, equates to more than... Continue Reading →
Brazilian police raided the offices of a company owned by the son of former President Luiz Inacio Lula da Silva on Monday as part of a bribery investigation that threatens to drag his family into yet another scandal. The Federal Police said it was investigating a group of companies that allegedly bribed officials in a... Continue Reading →
A.P. Moeller-Maersk plans to cut as much as 12 percent of its global oil unit workforce amid lower crude prices. The move will help Maersk Oil reach its goal of cutting expenses by 20 percent by the end of 2016 and brings the total number of job cuts this year to about 1,250, the company... Continue Reading →
Brazil Energy Insight 