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Brazil’s Senate opens an historic impeachment trial on Thursday that is expected to result in President Dilma Rousseff’s permanent ouster and give her successor Michel Temer some of the legitimacy he needs to revive economic growth. The trial is scheduled to finish with a vote Tuesday or Wednesday next week on charges that Rousseff illegally financed... Continue Reading →
After posting their worst-ever half-year results, two of China’s oil giants aren’t getting carried away by crude’s return to a bull market, forecasting a rocky path ahead. PetroChina Co., the country’s biggest oil and gas company, and Cnooc Ltd., China’s main offshore explorer, reported the weakest earnings since they were both publicly listed. About a... Continue Reading →
Oil and gas companies operating in Norway, western Europe’s biggest producer, cut investment forecasts further for this year and next as they continue to weather a two-year long collapse in crude prices. Investments in Norway’s offshore oil and gas industry are now expected to fall to 163 billion kroner ($20 billion) in 2016, down from... Continue Reading →
Aug 22/Reuters - Moody's Investors Service downgraded the credit ratings of two units of Odebrecht SA, the engineering and construction company and the financial holding entity, citing liquidity and reputational risks for the Brazilian conglomerate, which is one of the main targets of the country widest-ever corruption probe. The downgrades affect $3.1 billion in debt... Continue Reading →
Brazil’s two-and-a-half-year investigation of construction companies is hampering new infrastructure in Latin America’s biggest economy and the wider region, where Brazilian builders have a dominant presence, said a top executive at General Electric Co. “There’s a certain amount of paralysis that exists now because of Carwash, and the damage of continuing that for years and... Continue Reading →
Brazil's inflation rate likely remained around 9 percent in the 12 months through mid-August, far above the official target but probably still on track to ease in coming months as the recession grinds on, economists said in a poll on Monday. Consumer prices, as measured by the IPCA-15 index BRIPCA=ECI, probably rose 8.97 percent in... Continue Reading →
August 18, 2016 11:23 AM Eastern Daylight Time LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global flexible pipes market for the oil and gas industry is expected to post a CAGR of nearly 4% by 2020. Global flexible pipes market for the oil and gas industry is expected to post... Continue Reading →
Exxon Mobil Corp., Chevron Corp. and Hess Corp. have agreed to bid together for rights to drill for crude in Mexico’s deepwater oil areas, according to a person with direct knowledge of the plans. The three U.S.-based producers have reached a Joint Operating Agreement, which allows the consortium to bid to produce oil in the 10... Continue Reading →
Petroleos Mexicanos’ deteriorating finances are poised to get much worse, signaling no end in sight to years of declining oil production. The company’s output may dwindle to about 1.6 million barrels a day by 2020, less than half its 2004 peak, because it lacks the technology and funds to revamp aging fields, Morgan Stanley analysts... Continue Reading →
China may be lagging behind in the medal count during this year’sOlympic games in Rio de Janeiro, but it’s winning the competition for Brazilian assets. No country has done more acquisitions in Brazil this year than China, which grabbed the No. 1 ranking by deal value for the first time on record, according to data... Continue Reading →
Brazil Energy Insight 