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 →
Mexico Announces Biggest Onshore Oil Discovery in 15 Years
Petroleos Mexicanos announced its biggest onshore discovery in 15 years, just three months after Mexico reported the first major find by private companies, bolstering the nation’s efforts to revive its oil industry. The Ixachi-1 well that lies 72 kilometers (45 miles) south of the port of Veracruz is believed to contain 1.5 billion barrels of... Continue Reading →
Venezuelan Oil Too Big to Fail, at Least for China and Russia
Venezuela’s sudden demand to renegotiate its billions in debt could complicate life for its two biggest oil patrons, China and Russia. State-owned Petroleos de Venezuela SA, keeper of the world’s largest oil reserves, has seen output drop to a 14-year low, beset by the country’s economic collapse, a global plunge in crude prices and U.S. sanctions. As American... Continue Reading →
Venezuela Restructuring Heightens Rosneft’s $6 Billion Risk
The risks associated with Rosneft PJSC’s $6 billion advance to Venezuela’s oil company for future crude shipments have deepened after the Latin American nation announced plans to restructure crushing debts. Read more
Transocean posts $1.4B loss in 3Q on fleet impairment
Offshore driller Transocean has reported a third quarter 2017 net loss attributable to controlling interest of $1.417 billion, a result mostly affected by impairment related to rig retirements. For comparison, the company for the same period last year reported a net income attributable to controlling interest of $218 million. Read more
Brazil Energy Insight 