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 →
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 →
