Rio de Janeiro, February 1, 2018 – Petróleo Brasileiro S.A. - Petrobras announces that it has closed today a US$ 2 billion issuance of 2029 notes in the international capital markets. The notes were issued by Petrobras’ wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”) and constitute general senior unsecured and unsubordinated obligations of PGF that... Continue Reading →
Cnooc Aims for Highest Spending in Four Years as Oil Recovers
Cnooc Ltd. plans to raise capital spending to the highest since 2014 and revised upward its oil and gas output targets as China’s biggest offshore producer recovers from crude’s crash. The Beijing-based explorer sees capital expenditures at 70 billion to 80 billion yuan ($11.1 billion to $12.7 billion) for 2018, it said in a statement to the Hong... Continue Reading →
Goldman Says Oil to Surpass $80 With Market Likely Balanced
Goldman Sachs Group Inc. hiked its short-term crude oil price forecast by as much as 33 percent, saying the market is now likely balanced. The bank now estimates Brent will reach $75 a barrel over the next three months and will climb to $82.50 within six months, analysts including Damien Courvalin wrote in an emailed report.... Continue Reading →
Utility Giant CEO Sees Clear Path to Privatization in Brazil
The chief executive officer of Brazil’s state-owned utility Eletrobras remains confident that a controversial plan to take the company private will succeed this year despite opposition from lawmakers and an upcoming presidential election. Congress is well positioned to approve a bill by July to privatize Latin America’s largest power company, months in advance of October’s presidential election,... Continue Reading →
Petrobras making ‘interesting discoveries’ in Campos basin: CEO
Brazil’s state-controlled oil company Petroleo Brasileiro SA is making “interesting discoveries” in blocks in the Campos basin, off the Rio de Janeiro coast, where it is drilling deeper to reach the pre-salt layer, Chief Executive Pedro Parente said on Wednesday. Read more
Chevron Boosts Quarterly Dividend For First Time Since Late 2016
Chevron Corp. raised its quarterly dividend as the world’s third-largest oil explorer by market value emerges from the worst crude market collapse in decades. Chevron will pay investors $1.12 a share, the San Ramon, California-based driller said Wednesday in a statement. Chevron has been expected to boost the dividend by 3 cents to $1.11, according to a... Continue Reading →
Shell Makes as Much Money at $60 a Barrel as When It Was $100
The oil-price rally worked both ways for Royal Dutch Shell Plc as improved exploration and production lifted profit to a three-year high while refining and trading fell short of expectations as margins shrank. Crude’s surge raised adjusted profit at Europe’s largest energy company to $4.3 billion last quarter, the highest since 2014. While the bottom line was... Continue Reading →
Pre-salt production has exceeded post-production in Brazil
Brazil's pre-salt oil and gas production reached 1.68 million barrels of oil equivalent per day in December, accounting for 50.7% of the country's total production, according to data from the National Petroleum Agency ( ANP). This is the first time that pre-salt production has exceeded post-production in Brazil. The trend is to increase month by... Continue Reading →
Exxon Made a $10 Billion Resource Grab Before Oil’s Rise
Like its ocean-crossing oil tankers, Exxon Mobil Corp.’s strategy can take some time to turn. When it does, the impact can be striking. Since Darren Woods replaced Rex Tillerson as chief executive officer in January 2017, Big Oil’s biggest producer has quietly assembled a vast portfolio of new resources, pumping billions of dollars into exploration and... Continue Reading →
Pre-payment of debt and disbursement of the second installment of financing with the China Development Bank
Rio de Janeiro, January 30, 2018 - Petróleo Brasileiro SA - Petrobras, further to the press release disclosed on December 5, 2017 and December 14, 2017, informs that it has made today the prepayment of the remaining balance of the financing agreement with China Development Bank contracted in 2009 in the amount of US$ 2.8... Continue Reading →
Brazil Energy Insight 