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Sept 30, 2019 Union, state and municipal oil revenues will double in five years. According to calculations by the National Agency of Oil, Gas and Biofuels (ANP) obtained by GLOBO, the estimated production of 1.2 million barrels per day of the four areas of the Santos Basin pre-salt, which will be offered in the... Continue Reading →
Petrobras’ administration board has approved an update to its plan for the next five years that is expected to call for the state-run oil and gas company to dump its gas distribution and transport business, its fertilizer business, and its LPG and biodiesel business, according to media reports. Instead, Petrobras will focus on two things... Continue Reading →
September 30, 2019 Following the public sale notice by Serviços de Petróleo Constellation S.A. (“Constellation”), formerly Queiroz Galvão Óleo e Gás S.A., of its equity ownership in the lease and operating companies related to five Brazilian FPSOs, SBM Offshore confirms that it will participate in this sealed bids competitive process. The auction consists of the... Continue Reading →
September 25, 2019 Petróleo Brasileiro S.A. - Petrobras, following the press release issued on July 23, 2019, reports that the bookbuilding procedure of the 7th (seventh) issuance of simple, non-convertible, unsecured debentures (“Debentures”), in up to 3 (three) series, for placement under best efforts, pursuant to CVM Instruction no. 400 of December 29, 2003, as... Continue Reading →
Malaysian FPSO supplier Yinson saw its revenue and profit decline in the second quarter of 2019, but it is optimistic about near-term FPSO contract opportunities. The company’s revenue for the quarter was 213 million Malaysian Ringgit, down from 246,5 million Malaysian Ringgit, a drop of around 13 percent. Profit for the period fell more than... Continue Reading →
McDermott International is seeking a bridge loan to help it cover a working-capital deficit of about $1.7 billion until it can sell an asset such as its Lummus Technology unit, according to a person with knowledge of the matter. The Houston-based company, which provides construction services to oil and gas firms, is working with advisers... Continue Reading →
Seven months into the presidency of Roberto Campos Neto, Brazil’s central bank has implemented a quiet revolution in its monetary policy, with the former trader showing a willingness to tolerate a weaker currency. In selling international reserves for the first time in 10 years to meet demand for dollars, while slashing interest rates to new... Continue Reading →
An improvement in Brazil’s sovereign credit rating hinges more on stronger economic growth than lower interest rates, ratings agency Moody’s said on Tuesday, urging economic reform and the shoring up of public finances. Brazil’s central bank has slashed interest rates by 100 basis points to a new low of 5.50% and seems set to cut... Continue Reading →
September 20, 2019 Petróleo Brasileiro S.A. - Petrobras reports that today it entered into a Cession Agreement of Credit Rights, allowing the advance of about R$ 8.4 billion of receivables from Eletrobras, recognized in the Debt Assumption Agreements (IADs) referring to the totality of the debts confessed in 2014 by the Eletrobras Group, with original... Continue Reading →
McDermott International hired restructuring firm AlixPartners for strategic and operational advice as the company seeks to shore up its balance sheet, according to a person with knowledge of the matter. The Houston-based company’s stock plunged as much as 76% Wednesday -- trading was halted for volatility at least five times -- while its bonds dropped... Continue Reading →
Brazil Energy Insight 