Total SA said it’s ready and able to make acquisitions and pursue growth, shrugging off uncertainties about oil prices as its financial position strengthens. Europe’s second-largest oil and gas company has the firepower to buy up fields on the cheap and press ahead with new developments, taking advantage of lower levels of debt, rising profit and... Continue Reading →

Brazilian power firm Cemig and engineering group Odebrecht [ODBES.UL] are in disagreement on an offer from China's SPIC [CPWRI.UL] to acquire a controlling stake in the Santo Antonio hydropower project where the Brazilian companies are partners, three sources close to the talks said. Odebrecht is in favor of the sale while Cemig, or Companhia Energética... Continue Reading →

TechnipFMC's shares slid on Tuesday, a day after the oil services company said it had overstated its first-quarter net income by $209.5 million. TechnipFMC said late on Monday that the overstatement stemmed from accounting errors related to its auditing of foreign exchange movements, after examining the matter with its management and PricewaterhouseCoopers. Read more

Brazil's central bank cut interest rates below 10 percent for the first time since 2013 on Wednesday and signaled it could keep up its pace of easing as plunging inflation gives it leeway to aid an incipient recovery. The bank's nine-member monetary policy committee, known as Copom, cut its benchmark Selic rate BRCBMP=ECI by 100... Continue Reading →

RIO DE JANEIRO (Reuters) - Brazilian federal police on Thursday arrested former Petrobras Chief Executive Officer Aldemir Bendine on suspicion he received large bribes from construction conglomerate Odebrecht. [ In a statement, the prosecutor-general's office said police served three arrest warrants and executed 11 search and seizure orders as part of the so-called Car Wash... Continue Reading →

UK-based subsea engineering, construction and services company Subsea 7 saw an increase in its profit and revenues during the second quarter of this year lifted by renewables and heavy lifting business unit.  Subsea 7 on Wednesday posted a profit of of $146 million for the second quarter 2017, up $10 million or 7% compared to... Continue Reading →

Independent energy company Hess Corporation recorded a bigger loss for this year’s second quarter compared to the one in the prior-year quarter.  Hess on Wednesday reported a net loss of $449 million for the second quarter of 2017 compared with a net loss of $392 million in the second quarter of 2016, reflecting a lower effective tax rate... Continue Reading →

Seadrill, a cash-strapped offshore driller, has been given some breathing space in an effort to restructure its reported $14 billion debt. Read more