Brazilian construction company Odebrecht [ODBES.UL] said on Friday it was willing to sell off its remaining projects and businesses in Peru as it faces a massive graft inquiry and calls from the government to leave the Andean country. Earlier this week, Peruvian President Pedro Pablo Kuczynski delivered his most heated remarks yet on the scandal,... Continue Reading →
Chevron’s First Loss in Decades Signals Oil’s Struggle
Chevron Corp. posted its first annual loss since at least 1980, signaling the difficulties faced by the world’s biggest oil companies as they struggle to emerge from the worst collapse in a generation. The company had a $497 million loss last year and failed to replace all of the crude and natural gas it pumped... Continue Reading →
Baker Hughes narrows 4Q loss
zoom Baker Hughes, soon to merge with GE, has reduced its fourth quarter loss, compared to both a year before and to a previous quarter. The company, one of the world’s largest oilfield services providers, said its net loss for the quarter was $413 million, an improvement from the previous quarter of $429 million... Continue Reading →
Fitch reaffirms Petrobras’ global ratings
Rio de Janeiro, January 26, 2017 – Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Fitch has reaffirmed Petrobras’ global ratings at BB, with a negative outlook. Fitch points out in its report that the Company’s liquidity is currently supported by a robust cash position, stable cash flow generation and its ability to... Continue Reading →
Keppel Sees No Quick Recovery Despite Oil Gain; Shares Drop
Keppel Corp., the world’s biggest oil rig builder that eliminated more than 10,000 jobs last year, said even a doubling of crude prices is failing to offer relief to an industry slammed by overcapacity as it braced for a prolonged slowdown. While OPEC’s recent decision to cut output renewed optimism, with spending by some oil... Continue Reading →
U.S. judge approves Braskem $633 million fine in record corruption case
A U.S. judge on Thursday sentenced the Brazilian petrochemical company Braskem SA to pay a $632.6 million criminal fine, in connection with a corruption case that led to the largest foreign bribery settlement in U.S. history. Braskem had agreed to the penalty when it pleaded guilty on Dec. 21 to a conspiracy charge over a... Continue Reading →
Oil Supermajors’ Debt From the Crude Collapse May Have Peaked
Surging debt dogged the world’s largest oil companies during crude’s collapse. Now, sweeping cost cuts and rising prices have combined to lessen the need to borrow. Since prices began to sink in 2014, the five “supermajors” more than doubled their combined net debt to $220 billion. That may be as bad as it gets. At... Continue Reading →
Former Billionaire Batista Sought by Brazil Police in Graft Case
Former billionaire Eike Batista became one of the targets of a police investigation into money laundering in the state of Rio de Janeiro, signaling Brazil’s largest corruption probe continues to expand. Brazil’s federal police was serving nine preventative arrest orders and several search warrants Thursday morning as part of an investigation into a money laundering... Continue Reading →
Oil Traders Aren’t So Sure About Republicans’ Border Tax Plan
President Donald Trump has dealt global oil markets a major case of whiplash. After piling into bets that the benchmark prices for crude oil traded in New York and London would converge by December 2018, traders are now paring those wagers amid doubts that a Republican Congress will be able to push through plans for a levy on... Continue Reading →
Petrobras Divestment project of shallow water assets
Rio de Janeiro, January 23, 2017 – Petróleo Brasileiro S.A. – Petrobras informs that a Regional Federal Court issued a decision on January 18, 2017 to grant suspensive effect to Petrobras' appeal in the divestment project regarding the transfer of rights in a set of shallow water fields, located in the states of Sergipe and... Continue Reading →
Brazil Energy Insight 