Rio de Janeiro, April 27, 2018 - Petróleo Brasileiro S.A. - Petrobras informs that it has started the disclosure stage of two divestment opportunities (Teasers) related to the sale of its interest in refining and logistics in two geographical regions in Brazil. The model provides for the creation of two subsidiaries, one including assets from... Continue Reading →

  April 27, 2018 The Ministry of Mines and Energy (MME) scheduled for September 28 the 5th pre-salt auction, which will offer the two blocks removed from the 15th Round plus the Saturno, Pau Brasil and Tartaruga Verde Sudoeste areas. The auction should be approved at an extraordinary meeting of the National Energy Policy Council (CNPE)... Continue Reading →

Companies from Brazilian state oil company Petróleo Brasileiro SA to commodities giant Louis Dreyfus Company and German car giant Volkswagen AG (VOWG_p.DE) could face hefty bills after Brazil’s Supreme Court this month allowed local governments to charge property taxes to operators of public concessions. The ruling settled an 18-year old spat between Petrobras (PETR4.SA), as... Continue Reading →

Norwegian oil and gas major Statoil is making changes in its corporate executive committee (CEC) and structure ahead of its name change to Equinor. One notable change will be establishing Brazil as a separate business.  In mid-March Statoil proposed to change the name of the company to Equinor to support the company’s strategy and development... Continue Reading →

Norwegian oil services company Aker Solutions saw an increase in its quarterly profit and revenues driven by growth in North Sea work as its orders nearly doubled amid signs of a market rebound.  Aker Solutions on Friday said that its net income jumped to NOK 105 million in the first quarter of this year from... Continue Reading →

Italian oil company Eni reported a slight drop in its first-quarter profit of 2018, compared to the first quarter of 2017. The company’s first-quarter profit was 946 million euros, two percent down from 965 million euros realized in the first quarter a year ago. Worth noting, 1Q 2017 included a gain recorded on the divestment... Continue Reading →

French oil major Total saw its net profit fall by 7 percent for the first quarter of the year. However, in adjusted terms, Total’s profit rose by 13 percent as its production grew by 5 percent.  According to its financial statements released on Thursday, the company’s net income decreased by 7% to a $2.6 billion... Continue Reading →

UK-based subsea engineering and construction company Subsea 7 sank to a loss during the first quarter of 2018 due to lower activity levels and foreign currency loss as its revenues fell by 10 percent.  Subsea 7 on Thursday posted a net loss of $18 million for the first quarter of the year compared to a... Continue Reading →