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 →
STATOIL PLANS TO START SECOND PHASE OF PEREGRINO PRODUCTION IN 2020
Feb. 08, 2017 Not everything is a crisis in Brazil. With the growing interest in the country, Statoil will concentrate its efforts on the second phase of production of the Peregrino field in the Campos Basin, which will begin in 2020. The company's president, Eldar Sætre , stated that the Peregrino Project is an important... Continue Reading →
Total Lifts Dividend, Plans Growth as Profits Beat Estimates
Total SA raised its dividend by 1.6 percent and said it may give the go-ahead for almost a dozen new projects in the next 18 months after fourth-quarter profit beat analysts’ estimates. Total’s adjusted net income climbed 16 percent from a year earlier to $2.41 billion due to rising oil and gas production and cost... Continue Reading →
Brazil Seen Cutting Rates Further as Annual Inflation Halved
Brazil’s annual inflation rate plunged to a four-year low in January, fueling bets the central bank will keep its aggressive pace of monetary easing for longer. Swap rates extended their recent declines. The benchmark IPCA index climbed 0.38 percent in January, the lowest recorded for the month in the series dating back to 1994. It... Continue Reading →
GRAN TIERRA SELLS ALL OPERATIONS IN BRAZIL TO MAHA ENERGY
Feb. 7, 2017 Sweden's Maha Energy is betting on Brazil and has taken a major step forward by buying all the assets and operations of Gran Tierra. The value of the transaction was $ 35 million, with a $ 3.5 million down payment to be made next Thursday the 9th. The agreement also includes all... Continue Reading →
Statoil hit by impairment charges
zoom Norwegian oil company Statoil widened its loss during the fourth quarter of 2016 mainly due to impairment charges. The company on Tuesday reported that its net loss was $2.79 billion during the fourth quarter 2016, compared to $1.12 billion loss in the fourth quarter of 2015. Statoil’s net operating income was negative $1.897 billion... Continue Reading →
Statoil Ready to Boost Spending Again After Slashing Costs
Statoil ASA, Norway’s biggest oil company, is ready to increase investment again as it reaps the benefit of drastic cost reductions it pushed through after oil’s collapse -- cuts that it vowed to deepen even further. After slashing investments by half in two years to $10 billion in 2016, the company plans to spend $11... Continue Reading →
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