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Petróleo Brasileiro S.A. - Petrobras informs that the Court of Justice of Rio de Janeiro (TJ-RJ) decided, by majority vote, to grant the appeal of the company Paragon Offshore Nederland B.V., former supplier of rigs for oil and gas prospection. The estimated value of the lawsuit is R$ 1.9 billion of which R$ 59 million... Continue Reading →
Petróleo Brasileiro S.A. - Petrobras informs that its Board of Directors approved the execution of the Term of Closing of Pendencies (TCP) between, on the one hand, Petrobras and one of its affiliates (jointly, Petrobras) and, on the other hand, Novonor S.A. (previously called Odebrecht S.A.) and some of its affiliates (jointly, Novonor/Odebrecht), for the... Continue Reading →
(Reuters) - CNOOC Ltd (0883.HK), China's top offshore oil and gas producer, plans to raise about 35 billion yuan ($5.5 billion) next month in what will likely be China's 10th-biggest listing, to fund oil and gas extraction as Beijing prioritises energy security amid rising geopolitical tensions. State-owned CNOOC, which is blacklisted by Washington, said in a... Continue Reading →
Petro Rio S.A. ("Company" or "PetroRio") (B3: PRIO3), in compliance with the provisions of article 2 of CVM Instruction 358/02 (and its amendments by CVM Instruction 568/15), informs its shareholders and the market in general the change of its functional currency from Brazilian Reais to U.S. Dollars. The change was approved in a Board Meeting... Continue Reading →
(Reuters) - China's largest oil and gas producer, PetroChina (601857.SS), on Thursday posted a net profit of 92.17 billion yuan ($14.53 billion) for 2021, making its biggest since 2014 thanks to a global economic recovery that lifted energy prices and consumption. In 2020, PetroChina's net profit was 19 billion yuan. The company said, in a statement... Continue Reading →
(Reuters) - The world's top banks provided $742 billion in finance to the fossil fuel industry in 2021, little changed on the prior year, a report on Wednesday showed, despite growing calls to rein in lending to help tackle global warming. Banks are increasingly in the crosshairs of investors and campaigners over their role in... Continue Reading →
(Reuters) - Global energy trader Vitol Group made a record net profit of just over $4 billion last year, sources familiar with the matter said, as oil, natural gas and other commodity prices soared. Vitol, the world's biggest independent oil trader, declined to comment. The unaudited result beats its previous record net profit in 2020,... Continue Reading →
(Reuters) China's CNOOC Ltd 0883.HK posted record annual net profit for 2021, with earnings nearly tripled from 2020, supported by rapidly rebounding oil and gas prices as global energy demand recovered from the pandemic. The state-controlled offshore oil and gas specialist posted a net profit of 70.32 billion yuan ($11.08 billion), versus 24.96 billion yuan... Continue Reading →
Australia’s FAR Limited has decided to retain the Woodside Contingent Payment within the company rather than demerging it into a new entity. However, a demerger is still on the table for the firm’s exploration portfolio in The Gambia, as the Australian player seeks farm-out options or outright sale to maximise the value of these assets.... Continue Reading →
(PN) Constellation reported this week that an amendment to its Judicial Recovery Plan was unanimously approved by its creditors. In a statement, the company stated that the payment conditions and restructuring measures indicated will only come into force after a Confirmation Order issued by the 1st Business Court of Rio de Janeiro, which should happen... Continue Reading →
Brazil Energy Insight 