Brought to you by Quest Offshore & Southern Cone Consultants
A.P. Moeller-Maersk A/S will split into separate transport and energy businesses as Denmark’s biggest company moves ahead with an historic shake-up of the conglomerate. Maersk, owner of the world’s biggest shipping firm, will become a transport and logistics company, the Copenhagen-based group said on Thursday. Oil and oil related businesses, “either individually or in combination,”... Continue Reading →
Brazil’s former finance minister Guido Mantega was arrested by federal police on Thursday as part of the ongoing corruption probe known as Carwash, GloboNews reported. A statement issued by federal prosecutors said that police was targeting one former minister, as well as executives from construction companies Mendes Junior Engenharia SA and OSX Construcao Naval SA.... Continue Reading →
Petroleos de Venezuela SA is getting ready to start what it’s dubbed “one of the world’s largest drilling projects” in the Orinoco heavy crude belt with investment totaling $3.2 billion even as its president, Eulogio Del Pino, says the global oil market is oversupplied. “The project involves contracting integrated services for platform construction, drilling, completion... Continue Reading →
Canada's Brookfield Asset Management Inc is close to finalizing the purchase of Brazilian engineering conglomerate Odebrecht SA's stake in a water and sewage firm after due diligence procedures slowed the transaction for months, two people with direct knowledge of the matter said. Brookfield (BAMa.TO) has agreed to buy the 70 percent that Odebrecht SA has... Continue Reading →
Brazil's former president Luiz Inacio Lula da Silva will stand trial on corruption charges, a crusading federal judge ruled on Tuesday, adding more turbulence to the country's chaotic political landscape. Judge Sergio Moro said that Lula, who served as president from 2003-11 and has been an iconic and powerful political force in Brazil for two... Continue Reading →
Brazil's state-controlled oil company Petróleo Brasileiro SA said on Tuesday it will exit the biofuels sector, as the heavily indebted company seeks to prioritize investment in crude oil and gas production. Petrobras, as the company is known, said biofuels would be one sector it plans to unload as part of sweeping asset sales plan. The... Continue Reading →
A Brazilian state appeals court postponed on Monday a vote on the legality of several aspects of Grupo OAS SA's restructuring plan for at least a couple of weeks, adding uncertainty to efforts by the debt-laden engineering conglomerate to emerge from bankruptcy protection. The appeals court in São Paulo agreed earlier in the day to... Continue Reading →
Brazilian engineering conglomerate Odebrecht SA may agree to pay up to 900 million reais ($275 million) in compensation to whistleblowers within the company to settle a major graft and money-laundering probe, newspaper Valor Economico reported on Tuesday. Valor reported, citing unnamed sources participating in legal discussions, that Odebrecht was negotiating average compensation of 15 million... Continue Reading →
In a far corner of the Caribbean Sea, one of those idyllic spots touched most days by little more than a fisherman chasing blue marlin, billions of dollars worth of the world’s finest oil equipment bobs quietly in the water. They are high-tech, deepwater drillships -- big, hulking things with giant rigs that tower high... Continue Reading →
Major oil producers will rely on acquisitions for about half theirreserve replacement in the future after cutting exploration budgets to weather the crude-price collapse, according to Wood Mackenzie Ltd. Big oil companies are no longer trying to replace all their production through conventional exploration, the energy consulting company said in a report published Tuesday. "Now... Continue Reading →
Brazil Energy Insight 