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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’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 →
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 →
The chief executive of Brazilian state-run oil firm Petroleo Brasileiro SA (Petrobras) said on Friday he wants to sell the company’s stake in petrochemical company Braskem SA within a year. At the London leg of an international investor roadshow, top Petrobras officials presented plans to sell tens of billions of dollars in assets to reduce... Continue Reading →
Luminus, the investment advisor to funds and accounts that own approximately 18.7% of the equity of Valaris, on Wednesday issued a letter to Valaris shareholders expressing grave concerns regarding years of persistent strategic, operational and governance failures at the company and the immediate need to upgrade the board. Luminus expressed its view that Valaris’ stock... Continue Reading →
DEC 4, 2019 Buzios field, in the Santos Basin pre-salt, will receive about 28% of the $ 64 billion that Petrobras will invest in exploration and production by 2024, equivalent to about $ 18 billion. The large volume of investments reflects the need for the state-owned company to develop the field. As is well known,... Continue Reading →
With Mexico's government insisting that energy companies increase oil and gas output before it auctions off more of the country's vast reserves or offers more partnerships with state-run Pemex, firms ranging from foreign majors to local players are scrambling to buy and sell blocks they already own. The negotiations are creating a dynamic secondary market... Continue Reading →
Petroleo Brasileiro SA plans to pay its shareholders $34 billion in dividends over the next five years as it cuts debt and sells assets to shore up its finances, Chief Executive Officer Roberto Castello Branco said. The plan is a major shift for the state-controlled oil producer that had kept payouts to investors at or close to the... Continue Reading →
“Petrobras Day” on the New York Stock Exchange (NYSE), an event where investors had the opportunity to learn about the company's future plans. President Roberto Castello Branco rang the bell that symbolizes the opening of the trading session, a moment that is granted to special guests. Also present were directors Carlos Alberto Pereira de Oliveira,... Continue Reading →
As reported in late October, Noble started discussions with Shell to receive payout of the Noble Bully II contract and to acquire Shell’s interest in the Bully I and Bully II joint ventures. In an SEC filing on Tuesday, Noble said it had completed the previously disclosed transaction with Shell relating to the two joint ventures in... Continue Reading →
