Odebrecht Óleo & Gás SA, the offshore oil drilling firm owned by Brazil's Odebrecht SA [ODBES.UL], could seek an out-of-court reorganization with creditors to speed up the restructuring of $5 billion in debts, two people familiar with the plan said on Monday. According to the people, an out-of-court workout would help the company known as... Continue Reading →

Brazil will start to sell oil and natural gas from production sharing contracts with oil companies around September, the head of the state firm managing these contracts, Ibsen Flores, told Reuters on Tuesday. Flores, the president of Brazil's state-controlled company Pré-sal Petróleo SA (PPSA), said companies working through the relatively new contracts are expected to... Continue Reading →

Brazil will start to sell oil and natural gas from production sharing contracts with oil companies around September, the head of the state firm managing these contracts, Ibsen Flores, told Reuters on Tuesday. (Reporting by Marta Nogueira; Writing by Marcelo Teixeira; Editing by Richard Chang)

Public prosecutors in Peru have not ruled out investigating the country's biggest builder, Grana y Montero (GRA.LM) (GRAM.N), or people linked to the company as part of an investigation into its scandal-plagued Brazilian partner Odebrecht, a source in the attorney general's office said on Tuesday. The Justice Department said late on Monday that prosecutors in... Continue Reading →

Round numbers enjoy an enduring and somewhat mystifying popularity in markets. A few years ago, the oil market had a very round and pleasing one in the form of $100. These days, it makes do with $50. Even this diminished level has a talismanic potency. On Monday, Wood Mackenzie, an energy consultancy, announced that oil companies... Continue Reading →