While oil drillers in U.S. shale basins are starting to see business come back, their offshore brethren will have to wait for prices to surge well above $60 a barrel. U.S. offshore operators like Diamond Offshore Drilling Inc. and Atwood Oceanics Inc. are down more than 15 percent in the last month, as companies focus... Continue Reading →
U.S. Oil and Gas Prices May Tumble On Trump’s ‘Energy Revolution’
President Trump’s vow to “unleash an energy revolution” by reversing regulations may send oil and natural gas prices tumbling in 2018, according to Bank of America Merrill Lynch. Domestic oil and gas prices will likely suffer as the U.S. continues to increase its output, analysts including Francisco Blanch, head of commodities research, wrote in a note... Continue Reading →
Brazilian Authority Approves Sale of Block C-M-535 from Peterobras
The Brazil Antitrust Authority approved, without restrictions, the purchase by BP Energy of 65% participation of Block C-M-535, located in the Campos Basin, from Petrobras. BP already held a 35% participation of the block. BP participates in 17 oil concessions in Brazil, onshore and offshore. Sale still needs to be approved by the ANP, the... Continue Reading →
Closing of Petrobras Biocombustível interests sale in Guarani
Rio de Janeiro, February 3, 2017 – Petróleo Brasileiro S.A. – Petrobras, further to the material fact disclosed on December 28, 2016, informs that the sale transaction of the full interests held by its wholly-owned subsidiary Petrobras Biocombustível S.A. (“PBIO”) in Guarani S.A. (“Guarani”) was concluded today. The transaction was concluded upon the payment of... Continue Reading →
Weatherford curtails 4Q loss amid decline in revenues
zoom Oil and gas services company Weatherford reduced its quarterly loss by 55 percent while its revenues dropped by 30 percent. Weatherford on Thursday reported a smaller net loss for the fourth quarter 2016 of $549 million as opposed to the net loss of $1.2 billion in the corresponding quarter of 2015. The company’s revenues slipped... Continue Reading →
U.S. May Export More Oil in 2017 Than Four OPEC Nations Produce
U.S. crude exports are poised to surpass production in four OPEC nations in 2017 and may grow even more if President Donald Trump honors pledges to ease drilling restrictions and maximize output. The world’s largest oil-consuming country could sell as much as 800,000 barrels a day of crude overseas this year, according to four analysts... Continue Reading →
Brazil’s Temer Secures Allies to Head Both Houses of Congress
Brazil’s President Michel Temer secured crucial support for his reform agenda after lawmakers elected government allies to head both houses of Congress. Incumbent lower house speaker Rodrigo Maia, seen as Temer’s favorite, was re-elected in a first round vote on Thursday with backing from 293 lawmakers, while Senator Eunicio Oliveira, from the ruling Brazilian Democratic Movement... Continue Reading →
Newest member of Brazil’s top court to head corruption probes
The Supreme Court picked its newest member on Thursday to take over the investigations of politicians implicated in Brazil's biggest graft scandal, which is expected to shake the country's establishment and government. Court officials said Justice Edson Fachin was chosen by random electronic selection from among a group of five of the court's 10 members... Continue Reading →
Shell Signals Worst of Oil Slump Is Over as Debt Declines
Royal Dutch Shell Plc appeared to put the worst of the oil slump behind it as rising cash flow allowed Europe’s largest energy company to trim debt for the first time since the downturn began. Investors looked beyond a worse-than-expected fourth-quarter profit, sending shares higher. Following billions of dollars of cost reductions and a recovery... Continue Reading →
Anadarko cuts 4Q loss, gears for further Warrior drilling
zoomAnadarko's Marco Polo platform (Image source: Anadarko) Anadarko has reported a net loss $452 million, an improvement when compared to the $1.52 billion net loss in the same quarter of 2015. Revenues for the quarter rose to $2.4 billion, an increase from 4Q 2015 when it reported revenues of around $2 billion. Fourth-quarter 2016 sales... Continue Reading →
Brazil Energy Insight 