Transocean Ltd.’s profit dwindled in the second quarter as the world’s largest offshore driller struggles to win contracts and keep rigs busy during an oil industry downturn. Net income fell to $77 million, or 21 cents a share, from $342 million, or 93 cents, a year earlier, the company based in Vernier, Switzterland, said Wednesday in... Continue Reading →
Brazil impeachment trial closer to sealing Rousseff’s fate
Brazil's suspended President Dilma Rousseff rides her bicycle near the Alvorada Palace in Brasilia, Brazil, August 3, 2016. REUTERS/ADRIANO MACHADO A Senate report found on Tuesday that Brazil's suspended President Dilma Rousseff violated the constitution by manipulating government accounts, moving her drawn-out impeachment trial closer to deciding her fate. The report is expected to be... Continue Reading →
Singapore Rig Giant’s Man in Brazil Says Managers Backed Bribes
Keppel Corp.’s Brazil problems just keep growing. The world’s largest builder of offshore oil rigs has seen investments plummet in one of its most important markets. A major client, Sete Brasil Participacoes, has entered bankruptcy protection. Then last month a former agent fanned the flames of an ongoing corruption investigation by saying in court that... Continue Reading →
PRODUCTION OF OIL AND GAS IN BRAZIL BEATS RECORD IN JUNE
Source: ANP / Press Office - imprensa@anp.gov.br 08/02/2016 Total production in pre-salt rose 8.2% in the previous month. Total production of oil and natural gas in Brazil in June totaled 3,210 million barrels of oil equivalent per day (boe / d), surpassing the previous record achieved in August 2015, when Brazil produced 3,171... Continue Reading →
Brazilian police arrest two as corruption probe turns to major builder Queiroz Galvao
Brazil's federal police said on Tuesday they had arrested two people and raided properties over alleged corruption at building firm Queiroz Galvao, widening a sweeping investigation focused on state-run oil company Petroleo Brasileiro SA. "Operation Carwash" was launched two years ago to tackle price fixing, bribery and political kickbacks at Petrobras. It has led to... Continue Reading →
Brazil’s Final Impeachment Drive Key to Michel Temer’s Success
Brazil’s Senate this week resumes impeachment proceedings that are expected to result in the permanent ouster of Dilma Rousseff and strengthen the hand of her vice president, Michel Temer, to revive a shrinking economy. A special congressional committee is slated to decide Thursday whether to recommend the opening of an impeachment trial against the president... Continue Reading →
Brazil credit outlook weak amid political uncertainty -Moody’s
Aug 1 A crippling recession and doubts over the approval of structural economic reforms will keep credit conditions in Brazil weak for some time, Moody's Investors Service said on Monday. The rating agency, which stripped Brazil of its investment grade rating in February, said in a statement that credit conditions have stabilized with improved market... Continue Reading →
Offshore Rig Owners Fall Most in More Than Month on Drop in Oil
The world’s largest owners of offshore drilling rigs fell the most in more than a month as oil’s drop below $40 extended their pain. Diamond Offshore Drilling Inc. fell 5.7 percent to $21.42 at 12:22 p.m. in New York after earlier dropping as much as 7.4 percent, the worst intraday tumble since May 9. Competitors... Continue Reading →
Brazil’s Lula to stand trial for obstruction of justice – court
Brazil's former president Luiz Inacio Lula da Silva attends a protest against Brazil's interim President Michel Temer and in support of suspended President Dilma Rousseff at Paulista Avenue in Sao Paulo, Brazil, June 10, 2016. REUTERS/PAULO WHITAKER Brazil's ex President Luiz Inacio Lula da Silva and the former chief executive of investment bank Grupo BTG... Continue Reading →
Sembcorp Joins Keppel With Profit Plunge as Oil Damps Demand
Sembcorp Marine Ltd., the world’s second-biggest builder of oil rigs, joined its larger rival Keppel Corp. in reporting a profit slump last quarter as projects were deferred or canceled due to low crude oil prices. Shares fell. Net income at Singapore-based Sembcorp plunged 90 percent in the quarter through June to S$11.5 million ($8.5 million)... Continue Reading →
Brazil Energy Insight 