John Fredriksen’s offshore drilling company Seadrill has obtained full support from its creditors and shareholders for the reorganization plan aimed at reducing the driller’s massive debt. Seadrill Limited and its 85 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code on September 12, 2017. Read more
Petrobras Divestments in Shallow-Water Fields: Start of the binding phase for Pargo, Sergipe and Merluza Clusters
Rio de Janeiro, April 06, 2018 - Petróleo Brasileiro S.A. – Petrobras, further to the Material Fact disclosed on 07/28/2017 and press release disclosed on 10/04/2017, informs the start of the binding phase regarding the full sale of its exploration, development and production rights in three sets of shallow-water fields: Pargo, Sergipe and Merluza... Continue Reading →
Petrobras opts for Vallourec’s tubular solutions on pre-salt assets
Tubular solutions provider Vallourec has signed new contracts for the supply of products and services to the Brazilian national oil company Petrobras. In the framework of these long-term agreements, Vallourec will supply Petrobras’ operations with OCTG products and associated accessories, the company said on Thursday. Read more
DOF units score Brazilian gig
Two DOF ASA subsidiaries have been awarded contracts for the Skandi Commander vessel and one ROV. DOF said on Friday that the deal for the Skandi Commander, awarded to DOF Subsea Brazil and Norskan Offshore, had a duration of 150 days. According to the company, the work under the contract will start in April 2018.... Continue Reading →
After Targeting U.S. Farmers, China Signals It Can Strike Shale
China’s tariffs in one corner of the energy market signal U.S. shale fields may follow the nation’s farms as a target if a trade war escalates. Beijing on Wednesday took aim at America’s rural heartland by proposing levies on politically sensitive farm commodities such as soybeans, which were among 106 U.S. products targeted. The list also included petrochemicals and... Continue Reading →
Brazil judge orders ex-president Lula jailed by Friday
A Brazilian judge on Thursday ordered former President Luiz Inacio Lula da Silva to turn himself in to police within 24 hours to serve a 12-year sentence for a bribery conviction, likely ending the presidential front runner’s hopes of returning to power. Read more
Spectrum performs seismic survey in the Pernambuco-Paraíba Basin
Spectrum has received authorization from IBAMA for a 2D seismic data survey in the Pernambuco-Paraíba Basin. The survey is non-exclusive and will be conducted by the BGP Challenger vessel. The release from the environmental body is valid until the end of November. Today, the Pernambuco-Paraíba Basin has six blocks under concession, offered in the... Continue Reading →
Megaprojects Seen Becoming Less Mega as Oil Giants Rein In Costs
The world’s biggest energy companies are ready for big projects again. They just need to be cheaper this time around. Energy companies will approve spending for about 30 major projects this year, consultancy Wood Mackenzie Ltd. said in an April 5 report. That’s in line with the 32 that were sanctioned last year and more than were... Continue Reading →
Brazil’s top court rules that ex-president Lula can be jailed
Brazil’s Supreme Court early on Thursday rejected former president Luiz Inacio Lula da Silva’s plea to avoid prison while he appeals a corruption conviction, in a vote that likely ends his political career and deepens divisions in the country. Read more
Tense Brazil awaits Supreme Court ruling on Lula prison
Brazil’s Supreme Court on Wednesday will resume hearing former president Luiz Inacio Lula da Silva’s plea to remain out of prison while he appeals a corruption conviction, a case that has sharply divided the country, cast a shadow over this year’s presidential election and stirred rumblings in the army. Read more
Brazil Energy Insight 