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zoomSubsea 7's new vessel Seven Kestrel Subsea services contractor Subsea 7 narrowed its net loss for the fourth quarter 2016 and returned to profit for the full year 2016. Subsea 7 on Thursday reported a $13 million net loss for the last quarter of 2016, a significant reduction compared to a $421 million loss... Continue Reading →
The local content policy that was in force between 2005 and 2016 did not reach its objectives. The assessment by the Brazilian Court of Auditors last year, showed how the accumulation of fines, delays in the delivery of equipment and high costs affected the oil and gas industry in Brazil, concluding that "the national content... Continue Reading →
Carnival revelers were still dancing in the streets of Brazilian cities on Wednesday but for President Michel Temer's government it was back to the reality of mounting corruption allegations that threaten its survival. "Out with Temer" was a frequent chant against the unpopular president during the annual celebrations across a country hit by record unemployment... Continue Reading →
Chilean police raided the offices of Brazil's Odebrecht in capital Santiago on Wednesday, as part of a widening investigation into bribes paid by the conglomerate on construction projects across Latin America. A Chilean prosecutor will travel to Brasilia this month to work with Brazilian colleagues questioning Odebrecht executives, national public prosecutor Jorge Abbott told journalists.... Continue Reading →
Mexico's state-run energy giant Pemex, which has not posted a profit since 2012, reports losses of $14.3 billion for 2016 Mexico's state-run energy giant Pemex reported losses of $14.3 billion for 2016 on Monday, halving its losses from the previous year and saying "austerity" measures were starting to pay off. Pemex, which has not posted... Continue Reading →
Norway-based FPSO provider BW Offshore narrowed its net loss during the fourth quarter 2016 amid impairments of $223 million. Net loss for the fourth quarter 2016 was $114.4 million, a negative movement of $103.2 million compared to the net loss of $11.2 million in the third quarter of 2016. However, the company’s net loss was smaller... Continue Reading →
zoom Houston-based oilfield services company Dril-Quip recorded a lower profit and revenues during the fourth quarter 2016. The company reduced its headcount during the first quarter of 2017 while expecting it to be its most challenging quarter of the year. Dril-Quip on Tuesday announced net income of $1.3 million for the three months ended December 31,... Continue Reading →
BP Plc said it will need a crude price of about $40 a barrel in 2021 to cover spending and dividends, down from $60 this year, as Chief Executive Officer Bob Dudley seeks to reassure investors on the oil major’s growth outlook and finances. The break-even level will fall as BP keeps capital spending at... Continue Reading →
Mexican state-owned oil company Pemex on Monday reported a much smaller fourth-quarter loss, due in large part to higher crude prices. The loss narrowed to $1.58 billion (32.6 billion pesos) from $9.8 billion a year earlier. "Pemex's finances are today stable with positive trends; however, we believe there is certainly room for improvement," Chief Financial... Continue Reading →
Brazil's economy probably contracted for an eighth straight quarter at the end of 2016, offering further proof that Latin America's largest economy has been in its worst recession ever, a Reuters poll showed on Friday. Gross domestic product probably shrank 0.4 percent in the fourth quarter from the third after seasonal adjustments, according to the... Continue Reading →
Brazil Energy Insight 