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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 →
Feb 23 Brazilian police made two arrests and carried out 15 search warrants in the state of Rio de Janeiro on Thursday in the latest phase of a sweeping investigation into corruption at state-run oil company Petroleo Brasileiro SA. Federal police said in a statement the principal target of the day's operation were two alleged... Continue Reading →
Odebrecht wants to negotiate fines and leniency agreements related to corruption investigations with several Latin American countries by June, which would help the Brazilian engineering conglomerate avoid a mid-term negotiations throughout the region that could delay the planned sales of assets, two sources familiar with the matter said. According to these sources, Odebrecht expects to... Continue Reading →
Ecovix will present its judicial recovery plan until the first week of March. The main proposal will be the sale of part of the capital of the shipyard, controlled by Engevix. Everything will depend on Petrobras and whether or not will resume the order of two hulls for platform ships, a contract in the order... Continue Reading →
Brazil’s central bank kept its swift pace of interest rate cuts and signaled that any acceleration would require further progress in efforts to control government spending. The central bank board, led by President Ilan Goldfajn, on Wednesday lowered the benchmark Selic by 75 basis points for the second straight meeting to 12.25 percent, as... Continue Reading →
Reuters Thursday, February 23, 2017 Brazil’s government said on Feb. 22 it would relax local purchasing rules for the oil industry as of September in an effort to attract foreign investment and lower costs that have hindered development of vast offshore reserves. Mines and Energy Minister Fernando Coelho said the requirement that oil companies operating... Continue Reading →
The government will no longer accept "waivers" applications from companies that fail to meet local content requirements in upcoming oil and gas auctions. The lack of regulation regarding "amnesty" for this type of noncompliance was under pressure from the Brazilian Court of Audits (TCU) on the National Agency for Petroleum, Natural Gas and Biofuels (ANP).... Continue Reading →
Brazil Energy Insight 