The need for consolidation among offshore rig owners is just as dire as it’s ever been. Now that everyone loves offshore drilling again, many rig owners seem to think they’re strong enough on their own. Consolidation. A lot of hype, not much execution. While the rig market struggled, everybody talked about it, but very... Continue Reading →
Brazil truckers suspend strike, government to subsidize diesel prices
Brazil’s government struck a deal with truck drivers on Thursday to suspend a four-day protest that crippled swathes of the Latin America’s largest economy, promising changes to diesel pricing that could leave it footing a 5 billion reais ($1.37 billion) bill this year. The accord could leave the government with a bill of up to... Continue Reading →
Brazil government proposes compensating Petrobras 1 billion reais for diesel price cut
RIO DE JANEIRO (Reuters) - The government has proposed to Brazilian state-led oil firm Petroleo Brasileiro SA that the Treasury compensate it for up to 1 billion reais ($274.04 million) in losses if it maintains a 10-percent reduction in diesel prices for 60 days, a source with direct knowledge of the matter said on Friday.... Continue Reading →
Karoon gets green light for Brazilian development, renames fields
Australia-based Karoon Gas has entered the development and production phase for the Echidna and Kangaroo light oil fields located off Brazil, following the receipt of approval from the country’s regulator for the fields’ Declaration of Commerciality. In relation to the Kangaroo and Echidna discoveries, located in Santos Basin, Karoon has received ANP approval of the Final Discovery Evaluation... Continue Reading →
AET scores long-term shuttle tanker charter with Petrobras
Petroleum tanker owner and operator AET has extended its partnership in the DP2 shuttle tanker sector with the Brazilian oil company Petrobras. AET on Friday said it was awarded a contract to own and operate four specialist DP2 Suezmax Shuttle Tankers on long-term charter by Petrobras. Read more
Brazil only gets bid from Shell for its pre-salt oil
An auction of oil by the Brazilian government from coveted offshore pre-salt fields has only attracted the interest of one bidder, Royal Dutch Shell Plc, a person familiar with the matter said on Thursday. The auction, scheduled for May 30, is the first time the government will sell its share of oil in the pre-salt,... Continue Reading →
Petrobras pricing pressure spooks potential refinery buyers- sources
(Reuters) - A surprise decision by Brazil’s state-controlled oil company Petroleo Brasileiro SA to cut diesel prices in response to truckers’ protests is worrying some potential buyers of Petrobras’ refineries, three people with knowledge of the matter said on Thursday. Petrobras’ planned sale of a 60 percent stake in four refineries, announced on April 19,... Continue Reading →
Petrobras – Estimated impact of diesel price reduction
Rio de Janeiro, May 24, 2018 – Petróleo Brasileiro S.A. – Petrobras clarifies, in addition to the Material Fact disclosed yesterday, that it estimates an impact of a reduction of revenue of around R$ 350 million, considering the 10% decrease in the price of diesel and the expectation of sales in the 15 days period.... Continue Reading →
Brazil stocks down for a 2nd day as Petrobras plummets
May 24 (Reuters) - Brazilian stocks dropped for a second day on Thursday, as shares of Petróleo Brasileiro SA plummeted after the state-controlled oil company announced a temporary diesel price cut. Brazilian truckers kept protesting high diesel prices for a fourth day on Thursday, crippling highways nationwide even after the company acted. Brazil's lower house... Continue Reading →
Brazil truckers’ strike leads to fuel shortages
By THE ASSOCIATED PRESS SAO PAULO — May 24, 2018, 9:59 AM ET The Associated Press Truckers stand on a partially blocked road that connects the cities Rio de Janeiro and Teresopolis, to protest diesel price hikes, in Guapimirim, Brazil, Wednesday, May 23, 2018. Diesel prices have been steadily rising over the last year as world... Continue Reading →
Brazil Energy Insight 