The Supreme Court decided on Monday to return a corruption investigation into former Brazilian President Luiz Inacio Lula da Silva to a crusading anti-corruption judge who is presiding over cases in the sprawling Petrobras graft scandal. Lula, Brazil's most influential politician, who has not ruled out running again in 2018, is under investigation for allegedly... Continue Reading →
IEA Cuts Oil Surplus Estimate, Sees Market Balance in 2017
The global oil market will be almost balanced next year as demand continues to rise faster than production, while the current oversupply is much smaller than previously thought, the International Energy Agency said. The surplus in the first half of this year is about 40 percent smaller than estimated a month ago, as consumption proves stronger... Continue Reading →
Statoil May Consider Pemex Partnerships in Deep Waters
Statoil ASA may seek to partner with Petroleos Mexicanos in Mexico’s deepwater fields as the producer looks to gain a foothold in the country’s recently opened energy market. “We see opportunities to bid on deepwater farm-out agreements with Pemex if the terms and conditions are right," said Tore Loseth, vice president of Statoil Exploration in... Continue Reading →
Brazil’s No.2 fuel distributor Ipiranga buys smaller rival Ale
Brazil's second-biggest fuel distributor, the Ipiranga unit of Ultrapar Participações SA , agreed to acquire a smaller peer for 2.17 billion reais ($635 million), rivaling the reach of state oil company Petrobras' distribution unit. Ipiranga, which has a network of 7,241 service stations, said in a securities filing on Sunday that the acquisition of Alesat... Continue Reading →
Petrobras 24-hour strike against Temer will not cut output -union
Brazil's main oilworkers unions on Friday held a 24-hour strike as part of nationwide protests against the government of interim-President Michel Temer, attacking his oil policies and seeking the return of suspended President Dilma Rousseff. The strike started just before midnight Thursday. Officials with the union, Sindipetro NF said there was almost no chance it... Continue Reading →
Energy World’s Newest Supership Misses the Boat on LNG Pricing
It’s longer than three soccer fields, heavier than two aircraft carriers and powerful enough to chill gas into liquid colder than the surface of Jupiter. And its maiden voyage couldn’t have come at a worse time. The world’s first modern vessel for producing liquefied natural gas was ordered by Petroliam Nasional Bhd in 2012 when LNG... Continue Reading →
BP Spins Off Norway Business Into Billionaire’s Oil Explorer
BP Plc sold its Norwegian oil fields, some more than 40 years old, to a company controlled by billionaire Kjell Inge Roekke in a 10.8 billion kroner ($1.3 billion) stock deal. The new business, called Aker BP ASA, will be the seventh-largest producer in Norway, with daily oil and natural gas output of about 122,000... Continue Reading →
The Undoing of a Brazil Giant, Told by Bankers Fearing the Worst
When Odebrecht SA sought to raise cash at the turn of the decade for an oil and gas venture, a top financier predicted the project would be pitched by “every single banker worth his mettle.” These days, when the Brazilian conglomerate seeks new funding, the answer is almost always the same: No. Interviews with... Continue Reading →
Seadrill Will Make Second Bond Swap in a Month to Trim Debt Load
Seadrill Ltd., the offshore driller seeking to cut its debt load, agreed to swap bonds for equity in the second such deal in less than a month. The company will issue 7.5 million new shares with par value of $2 apiece to some holders of its bonds due September 2017, in exchange for $50 million... Continue Reading →
Brazil Keeps Rate Before New Central Bank Chief Takes Post
Brazil kept borrowing costs unchanged as a new central bank president is set to take over the challenge of slowing inflation to target without exacerbating the worst recession in over a century. Policy makers, led by departing bank President Alexandre Tombini, on Wednesday voted unanimously to keep the Selic at a near-decade high of 14.25... Continue Reading →
