Brazil's lack of clear rules for the unitization of oilfields is delaying the development of as many as 10 billion barrels of oil and gas and about $120 billion of investment, Jorge Camargo, head of Brazil's oil industry association, IBP, said on Monday. Unitization, the process of joining different or competing oil rights in an... Continue Reading →
Sete Brasil Rig Venture Said to Mull Bankruptcy Filing in Brazil
Grupo BTG Pactual and other investors in a troubled drilling-rig supplier will meet this month and decide whether Sete Brasil Participacoes SA will file for bankruptcy protection after oil prices collapsed and it was cited in a sprawling corruption scandal, four people with direct knowledge of the matter said. Shareholders may vote to seek legal... Continue Reading →
Petrobras ends rig contract with Ensco over bribe charges
Wed Jan 6, 2016 Reuters Petrobras ends rig contract with Ensco over bribe charges The logo of Brazil's state-run Petrobras oil company is pictured outside its headquarters in Rio de Janeiro, Brazil, December 17, 2015. REUTERS/RICARDO MORAES Rig contractor Ensco Plc said Brazilian oil producer Petrobras has ended a contract for a drillship over allegations... Continue Reading →
Mitsubishi-led group exiting stake in Brazil shipyard -report
A group of Japanese shipbuilders led by Mitsubishi Heavy Industries Ltd (MHI) plans to exit its 30 percent stake in Brazilian shipbuilder Ecovix and declare the investment as a loss, Valor Economico newspaper reported on Tuesday. The group led by MHI plans to sell its stake in Ecovix, which it bought in 2013 for about... Continue Reading →
Brazil November oil, gas output lowest in a year after strike
Brazil's oil and natural gas output was the lowest in a year in November as a strike reduced production from fields run by Brazil's biggest operator, state-run Petroleo Brasileiro SA, oil regulator ANP said in a statement on Monday. Oil companies in the country produced 2.972 million barrels a day of oil and natural gas... Continue Reading →
Petrobras starts the year with a new round of renegotiations with suppliers
01.04.2016 | News release Petrobras starts the year with a new round of renegotiations with suppliers Petrobras said it plans to launch this month a new round of renegotiations of suppliers contracts in an attempt to reduce their operating costs. In 2015, the company managed to reduce by 13% on average, several contracts in the... Continue Reading →
Tests in the Carcará area, in the pre-salt layer of the Santos Basin, confirm high productivity
12/22/2015 Rio de Janeiro, December 22, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby announces that it concluded two formation tests in the 3-SPS-105 well, confirming the high productivity of the pre-salt carbonate reservoirs. The 3-SPS-105 well, informally known as Carcará Norte, is located in the area of the Carcará Discovery Evaluation Plan (PAD), 4.6... Continue Reading →
Brazil regulator sets rules for Petrobras oil fields rights renewal
Brazil's state-run oil company Petrobras will have to agree to extract at least 900 million barrels more of oil and natural gas equivalent from its Marlim and Voador offshore oil fields to win early renewal of its concession rights, oil regulator ANP said. Financially troubled Petroleo Brasileiro SA or Petrobras, the world's most-indebted oil company,... Continue Reading →
Petrobras – Clarification on News: Pre-Salt Sale Difficulties
12/14/2015 Rio de Janeiro, December 14, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 532/2015/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 532/2015/CVM/SEP/GEA-1 “1. We refer to the news item published today in the Empresas (Companies) section of the newspaper Valor Econômico, entitled: Petrobras enfrenta dificuldades para vender até ativos do... Continue Reading →
Oil Rout to Claim More Victims After First Norwegian Bankruptcy
The collapse of oil prices has claimed its first bankruptcy victim in Norway’s offshore industry, and analysts warn more may follow. Dolphin Group ASA, a seismic surveyor that maps the seabed for oil and gas reservoirs, became the first Oslo-listed company in the industry to file for bankruptcy Monday. One of its competitors, Polarcus Ltd.,... Continue Reading →
