Offshore driller Noble Corp. has reiterated its belief in long term-oil market fundamentals despite posting a loss of $302 million in the first quarter of the year on revenues of $363 million. The company said the loss would have been $42 million had it not been for a negative impact of non-cas discrete tax item... Continue Reading →

Politicians caught up in a sweeping three-year graft investigation are unlikely to return to their positions of power, former President Fernando Henrique Cardoso said in an interview. Cardoso included Brazil's former President Luiz Inacio Lula da Silva, the front-runner in early polls for next year's presidential elections despite facing five corruption trials, as among those... Continue Reading →

See attached presentation. Fernando-Borges-OTC-Houston-EUA

Brazil's economy probably emerged in April from its deepest recession ever as lower interest rates and hopes of sweeping economic reforms bolstered services and manufacturing activity, a private survey showed on Thursday. The Purchasing Managers Index (PMI) for the Brazilian services sector, compiled by research firm Markit, rose to 50.3 in April from 47.7 in... Continue Reading →

A top Brazilian prosecutor said Thursday there was still much work to be done to rid state-run oil company Petrobras of corruption, despite more than three years of investigations into a political kickback scheme involving contractors. Prosecutor Carlos Lima made the statement at a news conference detailing the arrests of three former Petrobras executives who... Continue Reading →

President Michel Temer's proposal to reform Brazil's costly social security system cleared a committee vote on Wednesday, but the measure, deeply unpopular with voters, faces an uphill battle in the full Congress. The committee voted 23-14 to approve the constitutional amendment, which would make Brazilians work longer and reduce pension benefits to plug a widening... Continue Reading →

Statoil ASA, Norway’s biggest oil and gas producer, rose the most in five months after first-quarter profit climbed on higher output amid recovering crude prices and as it deepened cost cuts to emerge from a downturn that has battered the industry for more than two years. Adjusted earnings after tax, a measure that excludes financial... Continue Reading →

  With rig owners and investors looking to scoop up assets at more realistic – but still low – values, transaction activity is picking up. And it’s set to continue. We’ve been saying it for a few months: the offshore market looks better than it did six months ago.  But there’s still a lot more improvement... Continue Reading →

Baker Hughes has introduced its DEEPFRAC deepwater multistage fracturing service, which, the company claims, can save operators hundreds of millions of dollars in offshore developments through efficiency gains across the completion phase. Baker Hughes said that the service uses multiposition sleeves and patented flowback control technology to accelerate or eliminate certain steps of conventional multizone... Continue Reading →