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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'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 →
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 →
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 →
Reason for a clash between the Brazilian suppliers industry and oil companies, local content should be excluded from the next auction to be conducted by the National Petroleum, Natural Gas and Biofuels Agency (ANP) - the fourth round of marginal areas, scheduled for 2017, date still not defined. The agency awaits the government's position until... Continue Reading →
Brazilian engineering conglomerate Odebrecht SA has agreed to plea bargains and a massive leniency deal under which it would pay around 7 billion reais ($2.1 billion) in fines for its role in Brazil's biggest corruption scandal, a person familiar with the matter said. The deals sent shockwaves through Brazil's political establishment as they could incriminate... Continue Reading →
Forget the stagflation of the 1970s. Higher oil prices would be a boon for the global economy, according to Goldman Sachs Group Inc. Pricey crude means economies such as Saudi Arabia take in more money than they can spend, which financial markets help distribute through the rest of the world, boosting asset values and consumer... Continue Reading →
Brazil's federal government reached a deal on Tuesday to help cash-strapped states with their fiscal woes in exchange for support from governors on deeper structural reforms including pension reform and the capping of public employee salaries. Finance Minister Henrique Meirelles told reporters after meeting President Michel Temer and governors in Brasilia that federal and state... Continue Reading →
Brazilian engineering group Odebrecht SA is close to signing a leniency agreement with prosecutors in which it will agree to pay around 7 billion reais ($2.1 billion) in fines, the newspaper Valor Economico reported on Wednesday. The agreement would allow the group's companies to bid for new government contracts. The prosecutors' office declined to comment.... Continue Reading →
Peru is considering rescinding Odebrecht SA's $5 billion natural gas pipeline contract after the Brazilian company's attempt to sell its majority stake in the project got snagged on corruption concerns, a government source said Friday. As a condition to buying Odebrecht's ODBES.UL stake, a Sempra Energy-led consortium asked to remove a clause in the contract... Continue Reading →
Brazil Energy Insight 