Venezuelan state oil-firm PDVSA has not made debt payments to India’s top oil producer ONGC (ONGC.NS) for six months, and has previously used a Russian state-owned bank and another Indian energy company as intermediaries to make payments, two sources familiar with the transactions said on Wednesday. Read more
The Dollar Is Now More Correlated With Oil Than Some Petrocurrencies
As the petrocurrencies of the world break their historic link with oil, the greenback is building a relationship with the commodity that it isn’t supposed to have. Crude oil’s more than 9 percent surge since Oct. 25 has been mirrored by a 1.3 percent advance in the dollar against major world currencies, widening the pair’s 90-day correlation... Continue Reading →
Subsea 7 profit dips. CEO sees gradual recovery in tendering activity
Offshore installation and construction company Subsea 7 has reported a rise in the third quarter revenue, but a drop in profit. The company’s revenue for the quarter ended September 30, 2017, was $1,06 billion, up from $928 million a year ago. Net income came in at $111 million, down from last year’s third quarter $149 million.... Continue Reading →
U.S. to export large ethanol volume to Brazil despite tax
The United States will export a large volume of ethanol to Brazil in 2018 despite the 20 percent import tax implemented by the Brazilian government this year, analyst Platts Kingsman said on Wednesday. Platts estimates the United States will ship around 1.7 billion liters of ethanol to Brazil in 2018, compared to a projected 1.8... Continue Reading →
Brazil rejects Saudi Arabia’s overtures on oil output cuts
Brazil has rejected an informal effort by Saudi Arabia to coax Latin America’s top oil producer into joining OPEC-led production cuts aimed at boosting prices that have been hit by oversupply, a Brazilian official said on Tuesday. Read more
Nabors-Tesco deal gains anti-trust clearance in two key markets
Oil and gas drilling contractor Nabors Industries and oilfield services company Tesco Corporation have received approvals for the previously announced acquisition of Tesco by Nabors from two key regulators. Nabors announced the deal to acquire all of the issued and outstanding common shares of Tesco Corporation, with each outstanding share of common stock of Tesco being exchanged for... Continue Reading →
Here Are Brazilian Presidential Hopeful Joao Doria’s Economic Proposals
Doria supports "gradually" selling off state-run oil giant Petrobras. “There is no need for Petrobras to keep being a state-owned company. Brazil is isolated in the world. We can’t be afraid to do what’s necessary to insert Brazil in the global and liberal economy,” he said. He is also in favor of privatizing Brazil’s electricity utility... Continue Reading →
ANP indicates more blocks and CNPE decides on auctions of 2018
The National Energy Policy Council (CNPE) meets next Thursday to discuss the exploratory blocks that will be offered in the 15th round of concession areas. Also to discuss the 4th pre-salt auction, scheduled for the first half of next year. The ANP board approved this week the indication of another 11 blocks for the auction,... Continue Reading →
ANP announces expected volumes for Onerous Assignment surplus
November 03, 2017, 9:21 pm ANP contracted certifier Gaffney, Cline & Associates to estimate the recoverable volumes under the Onerous Assignment Agreement. It is an activity of high complexity. All analyzes are performed in an environment of uncertainties, where information is limited. Reservoir data, which determine engineering designs, are restricted to a small number of... Continue Reading →
SBM Offshore earmarks $238M for DOJ bribery probe settlement
Dutch FPSO provider SBM Offshore has set aside $238 million to settle an investigation by the U.S. Justice Department for alleged improper payments made between 2007 and 2012. The company on Monday said it had made a provision of $238 million based on advanced discussions with the U.S. Department of Justice (“DoJ”) in relation to... Continue Reading →
Brazil Energy Insight 