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Petroleos de Venezuela SA is preparing for the departure of its president Eulogio Del Pino in what would be the biggest management shift in years for the state-owned oil producer, people familiar with the plans said. Del Pino, 61, may depart by July and will be replaced by Nelson Martinez, Venezuela’s oil minister, said the... 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 →
Rio de Janeiro, March 23, 2017 – Petróleo Brasileiro S.A. – Petrobras responds to Official Letter no. 432/2017-SAE which requests clarifications, as follows: Letter no. 432/2017 - SAE “Dear Sirs, We request clarifications by 9.00 am on 3/24/2017, regarding the news published by Valor Econômico newspaper on 3/23/2017, under the headline “Petrobras afasta autuação de... Continue Reading →
zoomGulf of Mexico; Image source: Statoil Norwegian oil major Statoil has expanded its international offshore acreage portfolio by taking part in offshore lease sales in the UK and the US. In the U.S., the company was deemed the high bidder on 13 leases in the central region Gulf of Mexico lease sale 247, which... Continue Reading →
Big oil is starting to challenge the biggest utilities in the race to erect wind turbines at sea. Royal Dutch Shell Plc, Statoil ASA and Eni SpA are moving into multi-billion-dollar offshore wind farms in the North Sea and beyond. They’re starting to score victories against leading power suppliers including Dong Energy A/S and Vattenfall AB in... Continue Reading →
Petróleo Brasileiro SA cut debt by 20 percent and had positive free cash flow for the seventh straight quarter during the fourth quarter, in a further sign of recovery at Brazil's state-controlled oil company in spite of a quarterly profit miss. Net income at Petrobras (PETR4.SA) came in at 2.510 billion reais ($812 million) last... Continue Reading →
More than 200 people have been charged by the crusading local federal judge, Sergio Moro. For more than a decade, Moro has been working closely with the same police officers and prosecutors who have made up part of the Carwash task force since 2014. That group of young investigators, some of whom specialized in financial-crime... Continue Reading →
zoom Norwegian offshore drilling contractor Borr Drilling, formerly known as Magni Drilling, is planning to buy 15 jack-up drilling rigs from Swiss-based Transocean for $1.35 billion. Borr Drilling announced on Monday the signing of a letter of intent with Transocean for the acquisition of 15 high-specification jack-up rigs. The transaction consists of Transocean’s entire jack-up fleet, including ten... Continue Reading →
Brazil's inflation rate probably approached the center of the official target in mid-March as food prices continued to ease and a long recession curbed the increase of services prices, according to a Reuters poll of economists on Monday. Consumer prices probably rose by 4.73 percent in the 12 months through mid-March, slowing from an increase... Continue Reading →
Billionaire John Fredriksen and his former top adviser Tor Olav Troim may not see eye to eye anymore, but they agree on this: it’s time to buy offshore rigs again. Foreseeing a boom in oil drilling a decade ago, the shipping tycoon and his right-hand man built one of the biggest offshore-rig companies before they... Continue Reading →
Brazil Energy Insight 