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 →

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 →