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It wasn’t the dusty old oilfield machinery that drew General Electric Co. to make its play for Baker Hughes Inc. It was the chance to digitize. As today’s oil patch is increasingly stocked with underwater robots, remote sensors and electronic underground pumps that help lift crude in sagging wells, the world’s biggest oil service companies... Continue Reading →
BP Plc reported a 49 percent decline in third-quarter earnings after crude prices fell, refining margins shrank and its exploration and production division posted a loss. Shares fell. Profit adjusted for one-time items and inventory changes dropped to $933 million from $1.8 billion a year earlier, the London-based company said Tuesday in a statement. That... Continue Reading →
Royal Dutch Shell Plc reported third-quarter profit that beat analyst estimates after its acquisition of BG Group Plc boosted oil production, helping to counter a slump in prices. The shares rose. Profit adjusted for one-time items and inventory changes advanced 17 percent from a year earlier to $2.79 billion, Shell said Tuesday. That exceeded the $1.79... Continue Reading →
Oct 31 Petróleo Brasileiro SA has secured 20-year contracts for the transport of natural gas through Nova Transportadora do Sudeste SA, which the Brazilian state-controlled oil company recently sold to Brookfield Asset Management Inc for $5.19 billion. In a Monday securities filing, Petrobras, as the company is known, said Brookfield will pay $4.34 billion... Continue Reading →
General Electric Co. agreed to combine its oil and gas business with Baker Hughes Inc., creating an industry giant with a broader suite of offerings amid the ongoing slump in crude prices. GE will own a 62.5 percent stake in the combined provider of oilfield services, which will be publicly traded and have $32 billion in... Continue Reading →
Combining General Electric Co. and Baker Hughes Inc.’s oil businesses into partnerships could create a player capable of competing with the industry’s biggest -- and may not require a huge amount of money. The industrial-equipment behemoth and the No. 3 oil services provider say that discussions are taking place for potential "partnerships," but wouldn’t provide... Continue Reading →
Offshore tie-up: Ricardo Darre of YPF and Tim Dodson of Statoil YPF Kathrine Schmidt 28 October 2016 17:20 GMT Norway's Statoil and Argentina's YPF have penned a co-operatative agreement aimed at deepening understanding of the South American nation's offshore potential. Under the agreement, the two national oil companies will together collect new 2D seismic data... Continue Reading →
28 October 2016 00:00 GMT As Petrobras presses forward with efforts to put its house in order after the ravages wrought by the Car Wash corruption scandal and the oil price collapse, the Brazilian state oil giant is turning its attention to boosting the economics of major development programmes such as that at the giant... Continue Reading →
Pioneira de Libra FPSO: integration work 80% complete By Fabio Palmigiani in Rio de Janeiro 27 October 2016 19:27 GMT Brazil’s Petrobras has unveiled plans to install four large floating production, storage and offloading vessels at the giant Libra field in the Santos basin pre-salt province by 2023, as it looks to speed up development... Continue Reading →
A long-anticipated plea bargain deal with the construction firm at the center of Brazil's largest graft scheme is at least "months" away and could fall apart due to interference by fearful politicians, a top prosecutor told Reuters. Construction firm Odebrecht SA [ODBES.UL], the largest in Latin America, is accused of being the main corporate driver... Continue Reading →
Brazil Energy Insight 