The Administrative Council for Economic Defense (Cade) approved the entry of ExxonMobil into the consortium that operates the exploratory block BM-S-8, in the Santos Basin pre-salt, where Carcará was discovered. The operation was approved without any restriction. A major corporate reorganization was made at BM-S-8 in the 2nd pre-salt auction, which offered the unitizable... Continue Reading →
McDermott, CB&I to merge in $6B all-stock deal
McDermott and CB&I have agreed to merge in an all-stock transaction to create an integrated onshore-offshore company, with a broad engineering, procurement, construction and installation (“EPCI”) service offering. Upon completion of the transaction, McDermott shareholders will own approximately 53 percent of the combined company on a fully diluted basis and CB&I shareholders will own approximately... Continue Reading →
FPSO Petrojarl I en route to Brazil
Teekay Offshore Partners has completed the upgrade of the Petrojarl I floating production, storage, and offloading (FPSO) unit, which has now sailed away from the Aibel shipyard in Norway. Teekay said on Monday that the FPSO unit was en route to the Atlanta Field, which is located 185 kilometers offshore Brazil. The water depth at... Continue Reading →
Petrobras Makes a Year’s Worth of Announcements in Just a Week
Petrobras, carrying the largest debt load among global oil majors, is rolling a year’s worth of promises into a week of significant announcements aimed at trimming the gap before an unpredictable presidential campaign starts to gear up. Read more
Brazil tries to avert credit downgrade as pension reform doubts grow
Brazil’s Finance Minister Henrique Meirelles will speak to major credit rating agencies on Thursday as the government scrambles to avoid a sovereign debt downgrade due to growing doubts that its proposed pension reform can rein in surging public debt. Read more
Bullish or Bearish for Oil Next Year? Here’s What Big Banks Say
Oil is on course for a second annual gain after last month’s decision by OPEC and its allies to extend production curbs in a bid to shrink bloated inventories. While some banks raised their 2018 crude price forecasts, others were less bullish. Read more
PetroquímicaSuape and Citepe sale process General Superintendence of the Administrative Council for Economic Defense (CADE) Decision
Rio de Janeiro, December 18, 2017 - Petróleo Brasileiro S.A. – Petrobras, pursuant to the press release disclosed on 10/11/2017, concerning the analysis of the sale of Companhia Petroquímica de Pernambuco (PetroquímicaSuape) and Companhia Integrada Textil de Pernambuco (Citepe), Petrobras wholly-owned subsidiaries, to Alpek, informs that, as published in the Official Federal Gazette today, the... Continue Reading →
Petrobras and Statoil sign contracts related to the Strategic Partnership
Rio de Janeiro, December 18, 2017 - Petróleo Brasileiro S.A. - Petrobras reports that it has signed today, with the Norwegian company Statoil, the contracts related to the assets of the strategic partnership, in continuity with the Heads of Agreement (“HoA”) signed and disclosed on 9/29/2017. The main signed contracts are: (i) Strategic Alliance Agreement... Continue Reading →
Libra Consortium signs contract for FPSO for Mero Field
Rio de Janeiro, December 18, 2017 - Petróleo Brasileiro SA - Petrobras, the Libra Consortium operator, announces that it signed, on November 14th, a contract with the Modec group to charter a FPSO platform (a Floating Production Storage and Offloading unit), the first definitive production system of Mero Field, which will be used in the... Continue Reading →
Petrochina negotiates refinery entrance in Maranhão
PetroChina, the largest Chinese oil company, is studying to partner with Sinopec in the project for the refinery Premium I in the state of Maranhão. Discussions on the project have advanced in the last week in two meetings held in Rio de Janeiro, one in the ANP and another in the EPE. The first meeting... Continue Reading →
Brazil Energy Insight 