A federal judge in Brazil on Friday suspended an order that required two units of construction firm Odebrecht to make monthly payments amounting to 3 percent of their monthly revenues to a government account, according to a court document. Judge Friedmann Wendpap ruled that the two units of the Brazilian builder, at the center of... Continue Reading →
Challenges approach Petrobras and Pemex
02/17/2017 | News release On some walls in the less affluent neighborhoods of the Mexican capital it is still possible to see graffiti with the slogans 'Down the Gasolinezo'. About a month ago, in early January, popular protests spread across the country against a 20% price increase in gasoline prices and left six people dead during clashes... Continue Reading →
Local content will have ‘macro-segments’
The government is close to overcoming internal differences and hammering the new local content rules for the 14th round of oil and gas bids. A conciliation proposal has been sewn in recent days by the initiative of two authorities: the Ministry of Mines and Energy (MME) and the Ministry of Industry, Foreign Trade and... Continue Reading →
Petrobras oil and natural gas production in January
February 15, 2017 – Petróleo Brasileiro S.A. – Petrobras informs that its total oil and natural gas production in January was 2.86 million barrels of oil equivalent per day (boed), of which 2.74 million boed were produced in Brazil and 0.12 million boed abroad. The average oil production in the country was 2.23 million barrels... Continue Reading →
End of local content is harmful, says Fiesp study
2/15/17 A study by the Competitiveness Department of the Federation of Industries of the State of São Paulo (Fiesp) argues that the change from the current rules of local content for exploration and production of oil and gas to a single global index would reduce production, number of jobs and tax revenues generated by the... Continue Reading →
Economists turn bullish on Brazil 2017 growth as interest rates fall
Several economists are turning bullish on a return to growth in the Brazilian economy following months of downward revisions to forecasts as slowing inflation fuels bets on aggressive interest rate cuts. The upswing in confidence suggests Latin America's largest economy may finally be heading for a recovery from a brutal two-year recession after frustrated expectations... Continue Reading →
China’s Sinohydro in talks for Odebrecht stake in Colombia river project
Chinese construction company Sinohydro is negotiating with Odebrecht to take over the Brazilian company's stake in Colombia's Magdalena River navigability project, a deal that could save the $873 million contract, a government official said. Power China is interested in becoming involved through its Sinohydro unit, Luis Fernando Andrade, president of Colombia's National Infrastructure Agency, told... Continue Reading →
Aker Solutions: 4Q net loss deepens. No dividend for 2016
Image source: Aker SolutionsAker Solutions’ revenue fell, and net loss deepened in the fourth quarter of 2016, amid the global market slowdown in demand for oil services. The company expects more of the challenging market conditions ahead and will pay no dividend for 2016. The Norwegian offshore oilfield services provider said its revenue fell to... Continue Reading →
An Energy Giant Bigger Than Exxon in the Shadow of Saudi Aramco
Qatar Petroleum is the hidden giant of the global energy industry, overshadowed by its neighbor Saudi Aramco. Yet, the country’s colossal natural gas resources allow the state-run company to pump more oil and gas than Rosneft PJSC or Exxon Mobil Corp. After almost two decades of breakneck growth, the company needs to change tack. QP... Continue Reading →
NORWEGIAN COMPANIES PLAN TO MERGE AND CREATE MEGA ENTERPRISE OF THE SUPPORT VESSELS SECTOR
Feb 8, 2017 A major new power house in the maritime support navigation sector may be born soon. Norwegian companies Farstad Shipping, Deep Sea Supply and Solstad Offshore have reached an agreement to join forces, creating a new mega company with a fleet of 154 vessels, one of the largest in the world.... Continue Reading →
Brazil Energy Insight 