Royal Dutch Shell Plc plans to focus on three bidders this month for its downstream oil assets in Argentina after receiving eight non-binding offers of $1 billion to $2 billion, people with knowledge of the matter said. The shortlisted bidders will enter the second phase of the sales process, which includes an oil refinery and... Continue Reading →

May 2 Brazil's economy will post growth of between 0.7 percent and 0.8 percent in the first quarter, turning the corner on a two-year recession, Finance Minister Henrique Meirelles said on Tuesday. In an interview with GloboNews cable channel, Meirelles said Brazilian companies will have to start to restock inventories and draw up investment plans.... Continue Reading →

Brazilian prosecutors said on Tuesday they had laid new corruption charges against a one-time chief of staff for former President Luiz Inacio Lula da Silva, who is already serving long jail sentences on other graft convictions. Prosecutors accused Jose Dirceu, who was released from jail pending an appeal, of taking 2.4 million reais ($755,880) in... Continue Reading →

Plagued by recent corruption scandals, Brazil is working to lure oil companies to new exploration contracts, offering the most offshore acreage in its history and promising to lower local content requirements, taxes and royalties for riskier investments. The South American country plans to auction off 287 exploration blocks in 10 separate bidding rounds over the... Continue Reading →

  The company recorded a net income of $94,000 for the 1Q 2017 versus a net income of $36.8 million for the same quarter of 2016. Dril-Quip said that its first quarter results were negatively impacted by after-tax severance payments of $1.3 million and a net loss from operations of TIW Corporation of $0.9 million.... Continue Reading →

Brazilian protesters torched buses, clashed with police in several cities and marched on President Michel Temer's Sao Paulo residence on Friday amid the nation's first general strike in more than two decades. Unions called the strike to voice anger over Temer's efforts to push austerity measures through congress, bills that would weaken labor laws and... Continue Reading →

Brazilian Supreme Court justice Gilmar Mendes ordered the release from jail of former mining and oil magnate Eike Batista, once the country's richest man, ahead of his trial on corruption charges, the court said on Friday. Batista has been jailed since Jan. 30 when he voluntarily returned to Rio from New York after four days... Continue Reading →

The board of Mexico's state-owned oil company Pemex on Thursday approved its second-ever deep water joint venture covering the Nobilis-Maximino block in the country's territorial Gulf waters. Pemex, which is looking for a partner to develop the block, estimates it to hold reserves of some 500 million barrels of oil equivalent (boe) based on data... Continue Reading →