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Brazil’s economy shrank for an eighth successive quarter in the final months of 2016, capping a disastrous year in which the nation faced its worst recession on record and impeached its president. Gross domestic product contracted 0.9 percent in the final three months of 2016, its biggest decline in a year, after a revised 0.7... Continue Reading →
Oil companies are reviving investment after a two-year rout as OPEC output cuts boost prices, easing but not eliminating the risk of a future supply crunch, the International Energy Agency said. There are “signs of a modest recovery” in spending in 2017 following two years of big investment cuts, the Paris-based agency said Monday in... Continue Reading →
The Libra consortium (Petrobras, Total, Shell, CNOOC and CNPC) must request ANP for a waiver to charter drilling rigs at the Libra project, the country's first production sharing area, in the Santos Basin pre-salt. The measure is a reflection of the failure of the Sete Brasil project, which would provide drill rigs for Petrobras with... Continue Reading →
Technip was awarded by Petrobras two ultra-deep water contracts for the supply of flexible pipes for the Sapinhoá Norte field and I5 at Lula field (former Tupi field), located in the Santos Basin pre-salt area (Brazil), at a water depth of up to 2,500 meters. The combination of both contracts covers the supply of... Continue Reading →
Brazil's top prosecutor will seek authorization from the Supreme Court as soon as this week to investigate senior ministers in President Michel Temer's Cabinet and senators from his PMDB party for corruption, a source familiar with the situation said on Sunday. Folha de S. Paulo newspaper reported on Sunday that the request by Prosecutor General... Continue Reading →
Brazil’s unpopular and unelected president, Michel Temer, has done much to pave the way for recovery in Latin America’s largest economy. Yet with his inner circle crumbling and support in Congress wavering, an ambitious reform agenda now looks like a tall order. After losing half a dozen cabinet members in his first six months in... Continue Reading →
With electricity demand in Brazil slashed by the harshest recession in a century, the government is evaluating an innovative kind of power auction - to allow companies to bid for the right to cancel licenses to build plants. Firms had rushed to bid for licenses to supply the power needed to fuel growth as a... Continue Reading →
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 →
