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 →
Government postpones decision on local content in the face of deadlock
07/02/2017 The federal government postponed a vote that would be taken on Monday to decide on a change of rules in local content of the oil and natural gas sector, while there is still no consensus on the degree of flexibility that will be applied. The impasse, according to the representative of the Brazilian... Continue Reading →
Brazil prosecutor seeks probe into former president, senators
Brazil's top prosecutor on Monday asked the Supreme Court for permission to investigate an ex-president, two senators and the former head of a unit of the state oil company for alleged efforts to thwart the country's largest corruption probe. Prosecutor General Rodrigo Janot accused ex-President Jose Sarney, who now sits in the Senate, along with... Continue Reading →
BP Profit Misses Estimates as Oil’s Rally Hurts Refining
BP Plc reported fourth-quarter earnings that missed analyst estimates after higher oil prices failed to fully compensate for lower income from refining. Profit adjusted for one-time items and inventory changes totaled $400 million, falling short of the $567.7 million average estimate of analysts. Unlike peers Royal Dutch Shell Plc and Exxon Mobil Corp., which... Continue Reading →
Brazil’s inflation seen falling to 2012 low in January
Brazil's inflation probably fell to its lowest annual rate since September 2012 in January, a Reuters poll showed on Monday, adding to investors' confidence about steep interest rate cuts by the central bank this year. Consumer prices probably rose 5.41 percent in the 12 months through January, slowing from an increase of 6.29 percent in... Continue Reading →
Offshore Drillers Are Still Seeking Recovery Enjoyed by Shale
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 →
