Chevron Corp. has joined forces with Petroleos Mexicanos and Japan’s Inpex Corp. to bid next week for the right to explore for oil and natural gas, the first time the state-owned operator will partner with private companies to develop crude in the Gulf of Mexico. Seven groups and eight individual bidders have been qualified to... Continue Reading →
Amid Trump selloff, Brazil turnaround story outshines Mexico
U.S. President-elect Donald Trump's surprise victory could be a blessing in disguise for Brazil as the country's agenda of fiscal reform and low reliance on trade lure investors away from more vulnerable Mexican markets. Emerging markets have sold off since the Nov. 8 election on concerns tax cuts and heavy infrastructure spending under a Trump... Continue Reading →
Brazil’s ‘Iron Lady’ Shares Penthouse as State Lender BNDES Downsizes
The penthouse in the Rio de Janeiro headquarters of Brazil’s state lending giant was once occupied by its president and his assistants, and featured a room reserved for the head-of-state when visiting from Brasilia. That office was one of the first things that the bank’s new cost-costing overseer Maria Silvia Bastos overhauled when she arrived... Continue Reading →
Odebrecht selling Peru irrigation business to Brookfield, Suez
Brazilian engineering group Odebrecht SA said it has agreed to sell its Olmos irrigation business in Peru to Brookfield Infrastructure Partners LP and Suez SA for an undisclosed sum. The announcement follows Odebrecht's failed attempt to sell its majority stake in a $5 billion natural gas pipeline project in Peru to Sempra Energy, which backed... Continue Reading →
ROSNEFT SIGNS QUEIROZ GALVÃO AND SCHLUMBERGER FOR DRILLING CAMPAIGN IN SOLIMÕES
Russia's Rosneft is accelerating its plans in Brazil and has signed with Queiroz Galvão Oil and Gas (QGOG) to charter a drilling rig, which will be operated by the Brazilian company in partnership with Schlumberger in the Russian company's Solimões blocks, in the Amazon region. The foreign group's forecast is to start the first... Continue Reading →
Government to extend for 20 years special tax regime for oil/New rules will reduce local content requirement
By Danilo Fariello and Martha Beck/O Globo 11/28/2016 4:30 BRASÍLIA - The government will announce in the next few days new rules for the exploration of oil and gas in the Brazilian market. One of the most anticipated actions by the sector is the extension for a further 20 years of the rules... Continue Reading →
Low Oil Prices Create $1 Billion Business Killing Old Fields
Low crude prices that have been hammering oilfield service companies for the past two years might be ready to give a little back. Sinopec Oilfield Service Corp., Keppel Corp. Ltd. and others will have a chance to fight for $1 billion a year in new business in Asia as the crude crash forces energy producers... Continue Reading →
Brazil to keep slow pace of rate cuts amid political turmoil: Reuters poll
Brazil's central bank probably will continue cutting interest rates at a glacial pace next week despite a deepening recession, a Reuters poll showed on Friday, as a new political scandal weakened the currency and cast doubts on austerity measures. All but 10 of the 61 economists surveyed by Reuters expect the central bank in its... Continue Reading →
Odebrecht considers new activities for the Enseada Shipyard
Nov. 25, 2016 The Odebrecht Group informed in a note that there are no plans to close the activities of the Enseada Shipyard, which was to build six of the 28 rigs for Sete Brasil that were ordered by Petrobras in 2011. The development of other businesses is presently under analysis. According to the... Continue Reading →
Minister at center of Brazil’s latest scandal resigns
Brazilian President Michel Temer's minister in charge of relations with Congress, Geddel Vieira Lima, resigned on Friday following an accusation that he had pressured another minister to approve a property investment. His resignation, along with accusations by another minister that Temer also discussed the investment with him, rattled investors on Friday, pushing Brazil's currency and... Continue Reading →
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