Brought to you by Quest Offshore & Southern Cone Consultants
After a two-week drought, debt investors showed they’re willing to start lending to junk-rated borrowers again. But they’re still apprehensive when it comes to energy companies. That’s what happened this week when off-shore driller Transocean Ltd. came to the bond market with plans to raise $1.5 billion. The company ended up trimming the deal to $1.25... Continue Reading →
The era of monster takeouts in the oil-services world took a further step back Thursday when National Oilwell Varco Inc. and GE Oil & Gas partnered up, reinforcing an industry-wide push for cost savings over size. The last major attempt at large-scale consolidation failed after Halliburton Co. called off the $28 billion takeover of... Continue Reading →
Two projects worth $45 billion announced this month show the world’s largest oil companies are regaining the confidence to make big investments, emboldened by rising crude prices and low costs that promise to trigger more expansion ahead. Chevron Corp. gave the go-ahead to a $37 billion expansion in Kazakhstan, the industry’s biggest undertaking since crude... Continue Reading →
Brazilian congressman Eduardo Cunha, who led the drive to impeach Dilma Rousseff, stepped down as lower house speaker on Thursday following allegations of corruption. He announced his decision in a press conference in Brasilia, at times choking up with emotion, saying his decision would help ease the political instability that has rocked Latin America’s largest... Continue Reading →
Brazilian police seized documents and questioned suspects on Thursday to investigate Panama's FPB Bank in connection to a sweeping graft probe of political corruption at state-run companies. Police said FPB Bank was under investigation for "financial crimes, laundering of assets and transnational criminal organization" for offering private banking services without the authorization of Brazil's central... Continue Reading →
The oil industry is fighting a generation gap. Already contending with a global price slump, U.S. explorers are also grappling with the demographic hangover of the last great industry downturn in the 1980s, when scores of drillers went out of business. That rout drove a generation away from the business, leaving a shortage of workers... Continue Reading →
Suspended Brazilian President Dilma Rousseff attends a news conference with foreign media in Brasilia, Brazil, June 14, 2016. REUTERS/UESLEI MARCELINO Brazil's President Dilma Rousseff presented her written defense to a Senate impeachment trial on Wednesday, denouncing the proceedings as a farce and saying her alleged crimes were no more than "routine acts of budgetary management."... Continue Reading →
This result was reached less than ten years after these deposits were discovered, in 2006. And in fewer than two years after reaching the 500,000-barrel-per-day mark, in July 2014. This proves not only the technical and economic feasibility of the pre-salt, but also its high level of productivity. In comparative terms, we reached the... Continue Reading →
Brazil’s real dropped for a fourth straight session as the central bank once again intervened to weaken the currency. The real fell 0.9 percent to 3.3325 per dollar at 9:50 a.m. in Sao Paulo after the monetary authority announced it would offer 10,000 reverse swaps contracts, a move equivalent to buying $500 million in the... Continue Reading →
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 Luiz Inacio Lula da Silva's lawyers asked on Tuesday that crusading federal judge Sergio Moro be removed from... Continue Reading →
