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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 →
Camargo Correa SA, the Brazilian family-owned conglomerate that exited several businesses over the past year, has put a cement unit up for sale, a column in newspaper O Globo said on Sunday. According to Globo columnist Lauro Jardim, Camargo Correa values the unit known as InterCement SA at around 20 billion reais ($6.47 billion). The... Continue Reading →
Brazilian politicians are scrambling to negotiate an amnesty for illicit funding as part of efforts to shield themselves from a widening graft probe that has engulfed President Michel Temer's government and the Congress. Lawmakers have for months sought a legislative slight-of-hand to evade the rapidly expanding "Car Wash" investigation that has exposed systematic corruption on... Continue Reading →
The Brazilian economy has begun to turn around, jobs are being created, and business confidence is slowly recovering, President Michel Temer said on Friday, touting initial successes of his recovery plan. Speaking at a business meeting in Sao Paulo, Temer pointed to the latest cover of The Economist showing Brazil beginning to lift off among... Continue Reading →
