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The oil industry will shake off the effects of the biggest downturn in a generation this year as they more than double project approvals and increase exploration spending for the first time in three years, according to Wood Mackenzie Ltd. Companies will green-light more than 20 oil and gas fields for development compared with nine... Continue Reading →
The amount of oil discovered last year was the lowest since the 1950s as explorers slashed spending amid the worst downturn in a generation, according to Wood Mackenzie. The good news: It can probably only get better from here. Oil companies found only 3.7 billion barrels of so-called conventional crude in 2016, 14 percent less... Continue Reading →
Dril-Quip buys offshore equipment provider OPT for $20M Dril-Quip has acquired offshore equipment provider OilPatch Technologies (OPT) for approximately $20 million. Based in Houston, OPT provides offshore riser systems and components, proprietary threaded connections and other products, with a focus on deepwater Spar and TLP Systems. Blake DeBerry, President and Chief Executive Officer of Dril-Quip, stated, “We... Continue Reading →
Despite the sharp drop in investment and Gross Domestic Product (GDP) in the last two years, an indicator of the Brazilian economy remained surprisingly strong. Direct Investment in the Country totaled US $ 75 billion in 2015 and accumulated, in the 12 months ended November 2016, US $ 78.8 billion, according to data from... Continue Reading →
The construction giant, which agreed to pay as much as $4.5 billion to settle international bribery charges, finds it is banned from bidding on public works projects in a growing number of countries. See attached article bribery-case-haunts-odebrecht-despite-massive-settlement
Brazilian state-controlled oil company Petróleo Brasileiro SA increased diesel prices at refineries by 6.1 percent on average with immediate effect, citing higher oil prices and a stronger real currency. According to a Thursday statement, the decision also stemmed from stronger seasonal demand for diesel as winter peaked in the northern hemisphere. For years, Petrobras kept... Continue Reading →
Stricter legal and regulatory scrutiny may slow mergers and acquisitions in Brazil this year, compounding the impact of a harsh recession and lingering political turmoil that is keeping buyers and sellers at odds over valuations, bankers and lawyers said. In recent months, trade unions and citizen advocacy groups have increased pressure on industry watchdogs and... Continue Reading →
FPSO operator BW Offshore has signed an agreement with its insurers for an early repair cost settlement for the FPSO Cidade de São Mateus damaged in an explosion in 2015, which killed nine workers. At the time of the incident, the FPSO was operating for the Brazilian oil company Petrobras on the Camarupim and... Continue Reading →
PetroRio announced an agreement to acquire an additional interest of approximately 29.21 percent in Brasoil do Brasil Exploração Petrolífera, according to a press release. With the stake acquired from the Brascan Petroleum, Gas and Energy Fund, PetroRio will now hold a total stake in Brasoil of 52.40 percent. On March 21, PetroRio had announced... Continue Reading →
Exxon Mobil Corp and Rex Tillerson agreed to sever all ties to comply with conflict-of-interest requirements as the company's former chairman and chief executive awaits confirmation as U.S. secretary of state. If his appointment is confirmed, the value of more than 2 million deferred Exxon Mobil shares (worth about $182 million at Tuesday's closing price)... Continue Reading →
Brazil Energy Insight 