U.S. East Coast refiners are on a Brazilian crude buying spree, market sources say, displacing West African cargoes as producers such as Royal Dutch Shell and Norway's Statoil sell rising output from fields off Brazil's coast. The uptick in Brazilian imports into the region comes as the only Latin America producer to increase output in... Continue Reading →
This Is Who Will Pay for Shutting Down North Sea Oil Rigs
Royal Dutch Shell Plc’s $3.8 billion sale of North Sea oil and gas fields creates a model for further transactions in a region where the question of who pays to remove decades-old offshore platforms has been an obstacle for other deals. Shell’s agreement with Chrysaor Holdings Ltd. included the condition that Europe’s largest oil company... Continue Reading →
It’s Still Not a Great Time to Be Big Oil
Crude prices may have stabilized, but it’s still not a great time to be Big Oil. Investors eliminated about $53 billion in market value for producers over three days as the twin titans of U.S. oil posted their worst annual financial outcomes in decades. With Royal Dutch Shell Plc, Total SA and BP Plc due to... Continue Reading →
Exxon’s Profit Miss Shows No One Immune From Market Ravages
Exxon Mobil Corp.’s biggest profit miss in at least a decade is the starkest sign yet that major oil explorers remain mired in the deepest market slump in a generation. After resisting the industry trend of discounting the value of oil and natural gas fields that turned into money-losers amid the 2 1/2-year market slump,... Continue Reading →
Brazil’s oil regulator to list subsalt areas for auction
Brazilian regulator ANP plans to present a list of subsalt offshore exploration areas by early February for the government to consider auctioning at the end of the year as part of what the agency's new head called a historic opening of the nation's oil sector. Décio Oddone, who took the job this month, said in... Continue Reading →
Sale of Petroquímica Suape and Citepe
January 31, 2017 - Petróleo Brasileiro SA - Petrobras, in continuation of the relevant fact disclosed on 12/28/2016, informs that it was served on the decision of the 2nd Federal Court of Sergipe, which granted an injunction, in a public sale of "PetroquímicaSuape" and Companhia Integrada Têxtil de Pernambuco ("Citepe"). Petrobras is taking appropriate legal... Continue Reading →
Toisa/Sealion filed for reorganization under Chapter 11
JANUARY 30, 2017 — Toisa Limited and 23 of its affiliated vessel-owning companies announced today that it has filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. Reuters reports that Toisa, owned by Greek shipping magnate Gregory Callimanopulos, has... Continue Reading →
Odebrecht pulls out of Panama canal bridge tender amid probe
Brazilian construction firm Odebrecht, under investigation for paying hundreds of millions in bribes across Latin America, withdrew its bid to build a bridge over the Panama canal, the president of the Central American nation said on Monday. Last week, Panama prosecutors said they had charged 17 people, including several businessmen and former government officials, with... Continue Reading →
Bankruptcy filings for big Brazil firms seen hitting another record
A growing number of large Brazilian companies will seek protection from creditors in 2017, hitting a record for a third straight year due to a harsh recession and tight credit conditions, bankers and lawyers said on Monday. New bankruptcy filings from companies with annual revenue surpassing 50 million reais ($16 million) are expected to top... Continue Reading →
Maersk weighs sale of Brazil oil and gas assets
A.P. Moller-Maersk (MAERSKb.CO) is considering selling its oil and gas business in Brazil as the shipping giant's energy group narrows operations in a restructuring, its chief executive said. While the group has given itself two years to decide on the exact strategy, Maersk Energy is clearly focusing on its two major developments that are planned... Continue Reading →
Brazil Energy Insight 