Brazil's oil company Petróleo Brasileiro SA (PETR4.SA) disclosed on Thursday initial terms for a plan to sell its 70-percent stake in the Maromba oil field, at Campos basin, according to a securities filing. Petrobras, as the firm is known, said its partner in the field, Chevron Corp (CVX.N), will also sell its 30-percent stake in... Continue Reading →

Within a reasonable timeframe, rig dayrates, especially for deepwater drilling rigs, won’t increase from current cash break-even levels. Rig asset values are at less than 50% of build cost for most rigs (midwater harsh environment semisubs are the only real exception). Owners such as Seadrill and Pacific Drilling have outstanding debt which exceeds asset values... Continue Reading →

  07/07/2017 17h20   The National Petroleum Agency (ANP) has placed for public consultation the pre-announcements and drafts of the contracts for the 2nd and 3rd rounds of the sharing regime in the pre-salt. The public consultation will be extended until July 21. The public hearing on the issue will take place on the 25th of this... Continue Reading →

Brazil's Senate has set a final vote on President Michel Temer's landmark labor reform bill for July 11, a sign congressional efforts to help revive a recession-hit economy are on track despite a swelling corruption investigation. Brazil's Senate on Tuesday evening passed a motion to fast-track the bill in a 46 to 19 vote. Read... Continue Reading →

A backlash in Brazil over plea and leniency deals with the billionaire family that controls meatpacker JBS SA has led prosecutors to start discussions on creating clearer rules for future agreements to ensure equal treatment, three people familiar with the matter said. The talks over a "basic set of patterns and parameters" to negotiate fines... Continue Reading →

More than 99% of the votes cast by Baker Hughes stockholders on Friday were in favor of the previously announced combination of Baker Hughes with General Electric Company’s oil and gas business (GE Oil & Gas). The combination will create Baker Hughes, a GE company, which will be traded on the New York Stock Exchange (NYSE) under the ticker symbol “BHGE”.... Continue Reading →

Brazilian diesel imports surged 60 percent to hit a record high in the year to May compared with the same period last year, even as domestic sales slid, Brazil's oil and fuels watchdog ANP said. In the first five months of the year, diesel imports hit 4.44 billion liters, ANP said on Friday, while domestic... Continue Reading →

Mexican state oil company Pemex plans to choose a partner at the end of October to finish the development and operate a $2 billion coking plant at its Tula refinery, government and Pemex sources told Reuters. Pemex is looking for partners to improve the performance of its state-owned refineries, which currently process about 915,000 bpd... Continue Reading →

The federal government is expected to extend the benefit of the differentiated customs regime for the oil and gas sector, known as Repetro, to sub-suppliers of goods and services in Brazil, meeting a demand from the domestic industry, said the director of Exploration and Production of Oil and Gas Natural, João Vicente de Carvalho. According... Continue Reading →

Brazilian labor unions staged peaceful nationwide demonstrations against scandal-hit President Michel Temer on Friday, seeking to stop his unpopular administration from pushing through Congress changes to labor and pension laws. Protests were smaller than in a nationwide strike two months ago. Subway and bus services shut down in Brasilia, and small street demonstrations blocking roads... Continue Reading →