atings agency S&P Global on Friday downgraded Tullow Oil's long-term credit rating to 'B' from 'B+', days after the Africa-focused company's Chief Executive Officer stepped down and it scrapped its dividend. The London-listed company, which failed to meet production targets due to weak performance by flagship assets in Ghana, has been plagued by technical problems at its... Continue Reading →
Petrobras informs the intention of BNDES to evaluate the sale of its common shares
December 13, 2019 Petróleo Brasileiro S.A. – Petrobras informs that it has received correspondence from Banco Nacional de Desenvolvimento Econômico e Social ("BNDES"), in which it communicates the intention to evaluate the sale up to the totality of common shares issued by Petrobras in its ownership, through a secondary public offering of shares with broad... Continue Reading →
Shell agrees $10 billion loan in ‘innovative deal’ with 25 banks
Oil major Shell has signed a $10 billion revolving credit facility, which replaces Shell’s existing $8.84 billion revolving credit facility and is provided by a syndicate of 25 banks. In anticipation of the cessation of the London Interbank Offered Rate (LIBOR), this is one of the world’s first credit facilities linked to the new Secured... Continue Reading →
SBM Offshore divests minority interest in FPSO Sepetiba project
December 13, 2019 Following the announcement on December 11, 2019, with respect to the contract signature for FPSO Sepetiba, SBM Offshore is pleased to announce that it has entered into a shareholder agreement with its long standing business partners Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK) regarding the divestment of a 35.5% interest... Continue Reading →
S&P revised Brazil’s sovereign rating to positive
S&P Global Ratings revised on Wednesday 11 December 2019 Brazil’s sovereign rating outlook to positive from stable and affirmed the debt grade at ‘BB-’, citing as main driver behind the revision fiscal consolidation measures aimed at reducing Brazil's still large fiscal deficit. Moody's credit rating for Brazil was last set at Ba2 with stable outlook.... Continue Reading →
Brazil cuts rates to record low 4.50%, flags cautious approach
Brazil’s central bank cut its benchmark Selic interest rate to an all-time low of 4.50% on Wednesday, but indicated that with borrowing costs so low and economic growth starting to pick up, it may mark a pause in the easing cycle, if not the end. The unanimous decision by the bank’s nine-person rate-setting committee, known... Continue Reading →
Chevron to take up to $11 billion writedown in fourth quarter
Oil major Chevron has announced that its organic capital and exploratory spending program for 2020 will be $20 billion, the same as this year. Chevron has also decided to reduce spending on gas-related projects and expects to take up to $11 billion charge in 4Q 2019. Chevron said on Tuesday that the 2020 budget supports... Continue Reading →
Mexico’s giant oil find is no miracle cure for ailing Pemex
Even as Mexico’s president and Pemex’s CEO touted the country’s most important find in three decades, it appears to be far from a panacea for the beleaguered state driller. Pemex called the Quesqui deposit -- which is believed to contain 500 million barrels of proven, probable and possible, or 3P reserves -- the most important... Continue Reading →
Brazil rates to hit new low 4.50%, but may be last cut of cycle: Reuters poll
Brazil’s central bank will lower its key interest rate to a new low of 4.50% on Wednesday, according to the unanimous view of economists in a Reuters poll, but stronger-than-expected economic data suggest this may be the last cut in the cycle. While inflation is well below the central bank’s target and widely expected to... Continue Reading →
Tullow Oil shares tank as CEO and head of exploration exit
Shares in oil and gas company Tullow Oil tanked on Monday morning after the company announced the departure of its chief executive and exploration director as well as plans to reduce capital expenditures and suspend the dividend. Paul McDade, Tullow Chief Executive Officer, and Angus McCoss, Exploration Director, have resigned from the board of Tullow by... Continue Reading →
Brazil Energy Insight 