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With the price of oil near levels not seen since the depths of the financial crisis, analysts are increasingly bearish on whether crude can break out of its year-long slump. A survey of 10 investment banks by The Wall Street Journal is forecasting that the price of oil will stay below $70 a barrel until... Continue Reading →
For generations, Venezuela has formally laid claim to most of its tiny neighbor, Guyana. Many dismissed the case, given Venezuela’s oil wealth and Guyana’s penury. Hugo Chavez, longstanding president of Venezuela, even let it slide, referring to the Guyanese as his brothers. Then in May, Exxon Mobil Corp. revealed that under contract from Guyana it... Continue Reading →
Wed Aug 12, 2015 7:20pm EDT Reuters QGEP says Brazil Manati field holds 13.5 bln cubic meters of gas Aug 12 Queiroz Galvão Exploração e Produção SA said on Wednesday that the Manati offshore oil field in Brazil holds 13.5 billion cubic meters (477 billion cubic feet) of proven and probable, or "P2", natural gas... Continue Reading →
The $60 billion of oil-industry spending cuts this year aren't likely to be enough to meet sacrosanct dividend commitments as crude languishes near a six-year low. The world’s biggest producers will need to trim investments by a further $26 billion, according to Jefferies Group LLC. Capital spending will have to fall 10 percent next year, Banco Santander... Continue Reading →
Former President Luiz Inacio Lula da Silva will emerge clean from a wave of corruption probes sweeping the country and threatening the political stability of his successor President Dilma Rousseff, according to the Justice Minister. Investigations haven’t uncovered any evidence that could lead to Lula’s imprisonment or justify Rousseff’s impeachment, Jose Eduardo Cardozo, who is... Continue Reading →
Brazil ANP auction attracts interest of major global oil companies 12/08 / 2015 Amid a declining scenario in oil prices and cuts in investment by the sector, several foreign oil companies should participate in the 13th Bidding Round for Exploratory Blocks. Brazil’s regulatory National Agency of Petroleum (ANP) will disclose the number of subscribers in... Continue Reading →
Moody's affirms Petrobras' ratings; stable outlook Global Credit Research - 11 Aug 2015 New York, August 11, 2015 -- Moody's Investors Service affirmed all ratings for Petroleo Brasileiro S.A. (Petrobras) and ratings based on Petrobras' guarantee. This includes the affirmation of Petrobras' Ba2 senior unsecured debt rating. The company's b2 baseline credit assessment (BCA) is... Continue Reading →
Brazilian authorities leading an investigation into a massive corruption scandal at the state-run oil firm Petróleo Brasileiro SA have for the first time detailed suspected wrongdoing on U.S. soil. The authorities had previously shown evidence that some suspects in the case laundered money through U.S. bank accounts. But new evidence purports to show two suspects... Continue Reading →
Moody’s Investors Service cut Brazil to the cusp of junk on Tuesday, and it was the first piece of good news investors had heard in a while. The company’s decision to assign a stable outlook to Brazil’s rating, now at the lowest level of investment grade, was welcomed by traders who had been widely anticipating... Continue Reading →
The global oil glut will last through 2016 as the strongest demand growth in five years and faltering supply fail to clear the surplus, according to the International Energy Agency. Record inventories will expand further even as consumption growth doubles in 2015 and supplies outside OPEC contract next year for the first time since 2008,... Continue Reading →
Brazil Energy Insight 