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The world’s largest oil consumer exported more hydrocarbons than ever before in 2017 and shows no signs of slowing down. You name it -- crude oil, gasoline, diesel, propane and even liquefied natural gas -- all were shipped abroad at a record pace. While the surge comes many years after the shale boom started, it... Continue Reading →
The Ministry of Transparency and the Federal Comptroller General's Office (AGU) and the Federal Public Ministry have concluded a new leniency agreement with the Dutch company SBM Offshore, an oil exploration platform operator that admitted having paid millions of dollars in bribes to get Petrobras contracts. The company closed the first agreement with the... Continue Reading →
Brazil will likely limit planned cuts in local content requirements for future oil exploration and production contracts in a move aimed at appeasing local suppliers and to pave the way for an extension of customs breaks for oil companies. Read more
The centrist Brazilian Social Democracy Party, or PSDB, elected four-time Sao Paulo Governor Geraldo Alckmin as its leader on Saturday, making him its most likely presidential nominee in next year’s elections. Read more
Russian billionaire Mikhail Fridman’s LetterOne and Germany’s BASF have signed a letter of intent to merge their oil and gas businesses into a joint venture named Wintershall DEA. The oil and gas business of BASF is bundled in the Wintershall Group consisting of Wintershall Holding GmbH and its subsidiaries, including the gas transportation business. The oil... Continue Reading →
China Petroleum & Chemical Corp., the state-controlled oil company, is suing Petroleos de Venezuela SA in U.S. courts for unpaid bills. Sinopec, as the Chinese company is known, also filed a request for arbitration against PDVSA at the International Chamber of Commerce, as it alleges damages of at least $23.7 million, according to court papers.... Continue Reading →
If history is any guide, investors in China’s biggest oil companies may lose out as a record $35 billion in cash is tapped for a fresh round of deals, according to Sanford C. Bernstein & Co. LLC. Most of their $160 billion-plus worth of M&A during the past two decades has destroyed rather than added to... Continue Reading →
Brazil’s central bank cut interest rates to an all-time low on Wednesday and hinted at a smaller reduction early next year, although it said it would be extra cautious going forward. The bank’s nine-member monetary policy committee, known as Copom, cut the benchmark Selic rate by 50 basis points to 7.00 percent, capping a 725... Continue Reading →
Samsung Heavy Industries Co. plunged the most on record in Seoul trading after forecasting surprise losses and announcing a share sale plan, underscoring the bleak outlook for the global shipbuilding industry. Read more
Brazilian central bank governor Ilan Goldfajn is getting the thumbs-up from investors to cut the country’s benchmark interest rate to a record low on Wednesday. With inflation well within the target range, idle capacity, and fewer price distortions, Goldfajn can bring the country’s Selic rate to 7 percent, around half of the level just over... Continue Reading →
Brazil Energy Insight 