Nicolas Maduro was in his element, flanked by an enormous Venezuelan flag, beneath a portrait of Simon Bolivar on horseback, in front of a statue of Hugo Chavez, praising foreign companies wise enough to make deals with what he called “our beloved PDVSA.” That would be Petroleos de Venezuela SA, the state-owned oil giant struggling to... Continue Reading →
Extension of Repetro should include benefits to the local industrial sector
BY MANOEL VENTURA /Globo The Repetro program suspends the collection of federal taxes on the importation of equipment destined to the petroleum sector. Under the new rules, similar domestic products will undergo the same tax treatment. The provisional measure is being finalized by the federal government, according to sources accompanying the lawsuit. Created in 1999,... Continue Reading →
Prosafe to lay up another flotel as Petrobras contract ends
Prosafe, an owner and operator of semi-submersible accommodation rigs known as flotels, will lay up another one of its units, following contract completion with Petrobras. In its operational update for 2Q 2017 on Monday, Prosafe said that its 2005-built flotel Safe Concordia was fully contracted in the second quarter for Petrobras at a market adjusted dayrate.... Continue Reading →
Marathon Oil narrows loss, cuts capex
U.S. oil and gas company Marathon Oil tightened its net loss for the second quarter and reduced capex for the year. On Wednesday, the oil company reported a second quarter 2017 net loss of $139 million, compared to $170 million net loss in the prior-year quarter. The result for this year’s quarter includes the impact of certain... Continue Reading →
Jack-up rigs lift Vantage Drilling revenues
zoom U.S. offshore driller Vantage Drilling saw an increase in revenues in the second quarter of the year lifted by jack-up rig contributions. Earlier this week, Vantage reported a net loss of approximately $36.6 million for the three months ended June 30, 2017 as compared to a net loss of $35.7 million for the... Continue Reading →
Noble’s net loss deepens
U.S. independent Noble Energy’s net loss the second quarter of 2017 deepened to $1,5 billion, versus a loss of $315 million a year ago. The company explained the loss was driven by the impact of the Marcellus upstream asset exit in the U.S. Total Company sales volumes for the second quarter of 2017 were 408... Continue Reading →
Fugro in further cost-cutting push after ‘tough first half’
After experiencing a tough first half of the year, the Dutch geotechnical, survey, subsea and geoscience services provider, Fugro, has made plans to further cut costs to counter the continued challenging market conditions. In its Thursday report for the first half of the year, Fugro said it reduced its net result for the period to... Continue Reading →
Oil at $50 Boosts Sea Drillers’ Hopes of Vying With Shale
The “magic” of $50 oil is now in the sights of deep-sea drillers as they try to lure customer spending from shale wells on land. And after more than three years of pain, that prospect has some investors excited. Transocean Ltd. rose the most in more than eight months after the world’s biggest provider of offshore rigs... Continue Reading →
Brazil’s Temer Escapes Corruption Trial to Focus on Economy
Brazil President Michel Temer has survived a massive corruption scandal with a victory in the lower house that allows him to cling to power and focus back on the economy. Temer allies on Wednesday defeated the motion that would have put him on trial and forced him to step aside, with 263 against 227 votes.... Continue Reading →
Justice decrees end of OGX’s judicial recovery and shares surge more than 9%
The company filed the recovery process on October 30, 2013, with debts in excess of R $ 13.8 billion OGPAR ( OGXP3 ), formerly OGX Petróleo, reported on Wednesday that the 4th Business Court of the District of Rio de Janeiro has ordered the closure of the company's judicial recovery process. The company filed the recovery process on... Continue Reading →
