Even with the oil market in a funk again, producers are adjusting and Precision Drilling Corp. sees the potential for more spending by customers in the second half. Canada’s largest drilling services company sees some room for the North American rig count to rebound as customers restart wells and upgrade equipment after cutting costs, Chief... Continue Reading →
Brazil Real Slumps on Greece – Commodities Concerns
The real declined to a three-month low as Greece’s economic crisis damped the allure of emerging-market assets and contributed to a drop in prices for Brazil’s commodity exports. The currency dropped for a third straight day, slumping 1.4 percent to 3.1810 per dollar at 11:28 a.m. in Sao Paulo, the weakest level on a closing... Continue Reading →
Dilma Will Not Step Down – Interview With Local newspaper
Brazilian President Dilma Rousseff told newspaper Folha de S. Paulo in an interview published Tuesday that she plans to finish her term and continue with efforts to narrow the budget deficit in spite of growing calls among opponents for her resignation. When asked repeatedly by Folha reporters about heightening pressure for her to step down... Continue Reading →
Petrobras – Arbitration of Parque das Baleias’ Field
Petrobras - Arbitration of Parque das Baleias’ Field 07/06/2015 Rio de Janeiro, July 6th, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the Arbitration Court has issued on July 2, 2015, injunction in relation to arbitration proposed by Petrobras, which discusses the resolution of the National Agency of Petroleum, Natural Gas and Biofuels -... Continue Reading →
Technip Announces Cuts Worldwide
Cutting 16 percent of its workforce and reducing its fleet to 23 vessels from 36 will help the company reach a cost-savings target of 830 million euros ($915 million), Paris-based Technip said in a statement on Monday. The company will take a one-time charge of 650 million euros for the restructuring, mostly in the second... Continue Reading →
India’s Videocon Industries Plans to Invest in Brazil Oil & Gas
India's Videocon Industries Ltd plans to invest $2.5 billion in oil and gas ventures in Brazil over the next two to three years, the consumer electronics-to-energy group's chief said, as part of its strategy to boost the business. Read More
Petrobras Grapevine
Reliable market sources report that Petrobras is calling on suppliers with existing and renewable contracts to negotiate new terms and conditions. Petrobras is looking for 20% discounts across the board for the renewal of some service contracts.
Local Press Suggests Petrobras to Negotiate Stake at Braskem
State-controlled oil producer Petróleo Brasileiro SA could sell a stake in Brazil's Braskem SA and build provisions against tax debts nearing 40 billion reais ($12.7 billion) to reduce costs and make finances sustainable, Valor Econômico newspaper said on Monday. Read More
Brazil Congress May Pass Offshore Oil Bill
Brazil’s congress is likely to pass a landmark bill that could ease financial pressure on state-controlled oil company Petrobras by opening the country’s biggest offshore oil discoveries to greater foreign and private investment. See attached FT Article - petrobras offshore bill FT
Forecasters Predict More Pain for the Real
Brazil’s real is headed for further declines in the next six months if you believe the currency’s three most accurate forecasters. Brazil’s currency was the biggest loser among 16 major currencies tracked by Bloomberg in the first six months of the year, dropping 14 percent. The slide mostly reflected concern regarding the implementation of a... Continue Reading →
Brazil Energy Insight 