Petroleos Mexicanos has hired the same legal representation used by Brazilian utility Eletrobras to audit its contracts with Odebrecht SA and affiliate Braskem SA amid an ongoing investigation into those two companies by the U.S. Department of Justice. Read more

The rapporteur for a Brazilian lower house committee examining a corruption charge against President Michel Temer recommended on Monday that the body vote to put Temer on trial. Deputy Sergio Zveiter's recommendation was widely expected. The full 66-member committee is likely to vote later this week on the charge against Temer before the full house... Continue Reading →

By Ramona Ordoñez / Bruno Rosa - Globo 10/07/2017 RIO - The contraction of Petrobras' investments in the last three years has hit Rio de Janeiro, the country's largest oil producer and where the largest number of companies in the sector are concentrated. But after reaching the bottom of the well, projects in the area... Continue Reading →

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 →