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One of Brazil’s best-performing hedge funds has been scooping up the shares of state-controlled oil giant Petroleo Brasileiro SA. Joao Braga and Marcos Peixoto, who manage 5 billion reais ($1.3 billion) at XP Asset Management, have increased their stake in Petrobras, as the company is known, making it the biggest holding of their XP Long Biased fund even... Continue Reading →
03/05/2019 Agency to launch public hearing for contributions on terms of conduct adjustment in closed exploration projects The ANP approved on Thursday (02/05) a public hearing for contributions to discuss local content conduct adjustment terms (TACs) in exploration and production contracts closed on August 10, 2018. The agency proposes that commitments be signed only after... Continue Reading →
Guyana has approved the previously proposed farm-out of a share in CGX’s two offshore blocks in Guyana to Frontera Energy Corporation. Frontera will farm into two shallow water offshore Petroleum Prospecting Licenses in Guyana, the Corentyne and Demerara blocks, acquiring a 33.333% share. The signing bonus of $33.3 million will be paid by way of... Continue Reading →
Apollo Global Management-backed investment firm Starboard Restructuring Partners is in exclusive talks with Petrobras to buy nine onshore oilfields for roughly 1 billion reais ($252 million), two sources familiar with the matter said this week. The Brazilian investment firm, in which Apollo has a 20% stake, has partnered with oil startup 3R Petroleum, aiming to... Continue Reading →
03/05/2019 Sepia field submarine interconnection services should stay with McDermott. Petrobras did not accept the appeals filed by TechnipFMC and Subsea 7 that were seeking the disqualification of the US company, which presented the lowest bid price. The competitors claimed a discrepancy between the method of launching and welding reported in McDermott's technical proposal (reel-lay)... Continue Reading →
May 3, 2019 Petrobras has been holding workshops with the FPSO companies to discuss the new course of the sector, its demand for the coming years and new contracting modalities, such as the BOT (Build Operate Transfer) model - in which the charterer builds, operates for three , four or five years and then passes... Continue Reading →
Singapore’s offshore rig builder Sembcorp Marine booked a smaller quarterly profit due to lower revenues from the rigs, floaters, and platforms projects. The company expects its production activity to remain low amid intense competition. In the first three months of 2019, business volume was relatively stable. Higher percentage recognition from ongoing projects and ship repair... Continue Reading →
Norwegian seismic giant TGS is set to acquire its rival Spectrum. The deal would, TGS says, create a leading provider of 2D and 3D seismic data. The two companies have agreed on the terms of the transaction which is s expected to be completed as a statutory merger pursuant to Norwegian corporate law between TGS... Continue Reading →
Norwegian oil and gas giant Equinor recorded an increase in its first quarter 2019 profit as its production remained on par with the same period in 2018. Equinor on Friday reported adjusted earnings of $4.19 billion in the first quarter 2019, down from $4.41 billion in the same period in 2018. Adjusted earnings after tax... Continue Reading →
Several major Occidental Petroleum Corp shareholders have voiced opposition to the oil company’s $38 billion bid for rival Anadarko Petroleum Corp that now includes a pricey financing deal with billionaire Warren Buffett Occidental and Chevron Corp are battling for Anadarko and its holdings of nearly a quarter million acres in the Permian Basin, the top... Continue Reading →
Brazil Energy Insight 