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 →
Odebrecht plans IPO for 2018 and plans exit of the family from control of the group
The construction company Odebrecht organizes the exit of the family that controls the company and plans to open its capital in 2018. The information was disclosed on Tuesday by the newspaper Valor Econômico. Odebrecht Engenharia's IPO (Public Offering) was viewed with a bad eye by Marcelo Odebrecht, former president of the group and arrested in... Continue Reading →
Robots Are Taking Over Oil Rigs
The robot on an oil drillship in the Gulf of Mexico made it easier for Mark Rodgers to do his job stringing together heavy, dirty pipes. It could also be a reason he’s not working there today. The Iron Roughneck, made by National Oilwell Varco Inc., automates the repetitive and dangerous task of connecting hundreds... Continue Reading →
International Coalition files Lawsuit in District Court of Rotterdam, The Netherlands, for Damages Caused by Alleged Corruption and Fraud Perpetrated by Petroleo Brasiliero, certain affiliates and its Executives.
International Coalition files Lawsuit in District Court of Rotterdam, The Netherlands, for Damages Caused by Alleged Corruption and Fraud Perpetrated by Petroleo Brasiliero, certain affiliates and its Executives. | Business Wire <!-- 560x292 463x224 --> /js/libs/html5shiv-printshiv.js January 24, 2017 12:01 AM Eastern Standard Time ROTTERDAM, Netherlands--(BUSINESS WIRE)--An International coalition announced today that a lawsuit was... Continue Reading →
Peru Cancels Pipeline Contract With Odebrecht
Consortium led by tainted Brazilian construction giant to lose $7-billion deal for natural-gas pipeline/WSJ People in Lima on Thursday hold a poster reading ‘Detain them’ in a protest against engineering group Odebrecht. PHOTO: GUADALUPE PARDO/REUTERS By RYAN DUBE Jan. 23, 2017 1:46 p.m. ET LIMA—Peru will terminate a contract with a consortium led by Odebrecht... Continue Reading →
Brazil Energy Insight 