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General Electric Co.’s fourth-quarter revenue trailed analysts’ estimates as the persistent oil-patch slump damped demand for the industrial equipment that forms the heart of the company’s business. “2016 was an extremely difficult year for oil and gas,” Chief Financial Officer Jeff Bornstein said Friday on a conference call after GE announced earnings results. Read more
Schlumberger Ltd. reported a fourth-quarter loss as oil’s slump continued to weigh on demand for drilling services. The world’s largest oilfield service provider posted a net loss of $204 million, or 15 cents a share, after a loss of $1.02 billion, or 81 cents, a year earlier, according to a statement Friday. Excluding certain items,... Continue Reading →
The announcement and contract of the 4th Round of Marginal Accumulations in May 11 was published by the National Agency of Petroleum, Natural Gas and Biofuels (ANP), will offer nine areas for exploration and production of oil and gas with low potential in three basins. Concession will be offered in the areas of the... Continue Reading →
Brazil plans to hold two subsalt oil auctions in 2017, putting new exploration areas up for bidding in November for what should be the "most competitive" round of the year, Oil Secretary Marcio Felix said in an interview on Thursday. The auctions, an effort to lure foreign investment in a sector that for much of... Continue Reading →
Brazilian Supreme Court Justice Teori Zavascki was killed in a plane crash on Thursday, raising questions about who will take over his investigation into dozens of politicians in the country's biggest ever corruption scandal. Rescuers found three bodies in the wreckage of the small, twin-prop plane that crashed off the coast of Rio de Janeiro... Continue Reading →
Brazil's inflation rate slowed more than expected in mid-January, falling below 6 percent for the first time in nearly three years and reinforcing market bets on steep interest rate cuts by the central bank. Consumer prices as measured by the IPCA-15 index rose 5.94 percent in the 12 months to mid-January, slowing from an... Continue Reading →
Jan 18 Fire was reported on Wednesday at the Reduc refinery in the state of Rio de Janeiro controlled by Brazil's state-run oil firm Petrobras, with impact on production, a local oil workers union said. Flames had reached one of the three distillation units at Reduc, located in Duque de Caxias, in Rio's metropolitan... Continue Reading →
Petróleo Brasileiro SA will appeal a court decision that suspended bidding for the lease of a first floating production, storage and offloading (FPSO) platform for the giant Libra off-shore oil field, the company said on Wednesday. The Brazilian shipbuilders association Sinaval obtained an injunction suspending the bidding process based on its argument that the auction... Continue Reading →
zoomGuyana Minister of Natural Resources, Raphael Trotman; Image source: GINA After oil discoveries offshore Guyana came into the spotlight in recent months, the Ministry of Natural Resources has decided to form a Petroleum Directorate. Guyana and its oil prospects have received a lot of attention in recent months after the U.S. oil giant ExxonMobil declared... Continue Reading →
Rolls-Royce Holdings Plc won approval from a U.K. judge for its settlement with British prosecutors as the U.S. Justice Department unsealed a parallel agreement with the company in Ohio the day after the company announced it would pay $800 million in total to resolve bribery probes in both countries as well as Brazil. In London,... Continue Reading →
