Petroleo Brasileiro SA has room to improve the efficiency of its investments and payroll spending, executives said on Friday, underscoring that a record first-quarter operating profit was just an early sign of what their turnaround plan can accomplish. Preferred shares of the company, known as Petrobras, jumped as much as 5 percent to an 11-week... Continue Reading →

Brazilian engineering conglomerate Odebrecht SA [ODBES.UL] said on Friday it had tapped Luciano Guidolin as its new chief executive officer, replacing current CEO Newton de Souza. Guidolin, currently vice-president of investments for the group, played a key role in negotiating plea deals in Brazil, Switzerland and the United States, according to an Odebrecht statement. Executives... Continue Reading →

With a focus on small and medium-sized enterprises, the government held the auction of inactive oil and gas fields. The operation was carried out this Thursday (11) and granted eight areas in three sedimentary basins. R $ 7.9 million were collected, and the amount surpassed the forecast for the minimum of the signing bonus, estimated... Continue Reading →

OIAPOQUE, Brazil - Deep beneath the waters of the Atlantic off Brazil's most northern coast, French major Total SA (TOTF.PA) is hunting for what it hopes will be Latin America's next big oil discovery. Metal drill bits, pipes and containers filled with equipment sit in the tropical port of Belém, near the mouth of the... Continue Reading →

Former Brazilian President Luiz Inacio Lula da Silva's combative testimony before a federal judge this week did little to dismantle the graft case against him and improve his chances of securing a new term in office. Lula, a founder of the leftist Workers Party (PT) that controlled Brazil's presidency from 2003 until last year, can... Continue Reading →

Italian company Saipem has been awarded a new EPCI contract for the SURF package of the proposed Liza project operated by Esso Exploration and Production Guyana Limited, an affiliate of ExxonMobil. Located approximately 120 miles offshore Guyana at a water depth of 1,800 meters, the Liza field is a subsea development with a recoverable resource... Continue Reading →

Italian oil company Eni returned to profit during the first quarter of 2017, versus a loss in the year-before quarter, owing to the upward trend in crude oil prices.  The oil company on Wednesday posted a net profit of €965 million, versus a loss of €383 million. According to Eni, this performance was driven by a recovery... Continue Reading →

SBM Offshore has yet to resolve its status in Brazil following an alleged corruption scandal. To remind, the world’s largest FPSO vessel provider had in July 2016 signed a settlement agreement with the Brazilian authorities, and Petrobras, closing corruption probe over improper payments to Petrobras’ executives. SBM Offshore has been accused of bribing its way... Continue Reading →

Embattled former Brazilian president Luiz Inacio Lula da Silva appeared in a federal court on Wednesday to give his first direct testimony before a crusading, anti-corruption judge on graft charges he dismisses as a political witch hunt. Lula is accused of receiving a beach apartment in return for helping the OAS construction firm win government... Continue Reading →

Norwegian oil services company Aker Solutions saw a decrease in profit as well as revenues for the first quarter of this year due to market slowdown. However, looking ahead, the company sees some signs of recovery.  According to its quarterly report on Tuesday, the company won NOK 4.6 billion in new orders in the quarter. The... Continue Reading →