The offshore drilling market is in such bad shape that when a rival recently bought a rig for less than a 10th of its new-build cost, it probably overpaid, according to Seadrill Ltd. Chief Executive Officer Per Wullf. Shares in his oil-services company reversed gains to become the biggest losers in Oslo trading. Shipping tycoon George... Continue Reading →
Commentary: Here’s what really went wrong with Brazil’s economy
When President Luiz Inacio Lula da Silva left office in January 2011, Brazil was widely regarded as Latin America’s gold standard for economic development and social progress. But today, with his handpicked successor, Dilma Rousseff, facing an impeachment trial, the country is viewed as an economic failure. But the problem is not with the objectives,... Continue Reading →
Brent oil breaks above $50 for first time in seven months
Oil prices climbed above $50 a barrel on Thursday for the first time in nearly seven months as a global supply glut that plagued the market for nearly two years showed signs of easing. Oil prices have rallied in recent weeks after a string of outages, due mainly to wildfires in Canada and unrest in... Continue Reading →
Brazil’s Meirelles Names Caffarelli, Occhi to Lead State Banks
Brazil Finance Minister Henrique Meirelles appointed new leadership for the nation’s biggest state-owned banks two weeks after Michel Temer took over as acting president. Paulo Rogerio Caffarelli, 50, corporate executive director at steelmaker Cia. Siderurgica Nacional SA, was named to replace Alexandre Abreu as chief executive officer of Banco do Brasil SA, the nation’s largest... Continue Reading →
Statoil Focuses on Field Reliability to Boost Output Amid Slump
Statoil ASA boosted production more than 2 percent last year by increasing the reliability of its oil and gas fields amid the lowest crude prices in a decade. Norway’s largest energy producer got an extra 50,000 barrels of oil equivalent a day by cutting unplanned disruptions to keep its fields running for more than 90... Continue Reading →
Brazil top court accepts plea deal by ex-senator linked to top politicians: paper
Brazil's Supreme Court accepted a plea bargain agreement with an ex-senator at the center of a political uproar that cost the Planning Minister his job on Monday, O Estado de S. Paulo reported on Wednesday. Sérgio Machado, who is also the ex-president of the transportation arm of state-run oil giant Petrobras, has been under investigation... Continue Reading →
Temer Gets First Win as Brazil Congress Approves Budget Goal
Brazil’s Acting President Michel Temer enjoyed his first victory in Congress on Wednesday when legislators approved his request to change this year’s budget target. Actong Brazilian President Michel Temer on May 24. Photographer: Evaristo Sa/AFP/Getty Images Lawmakers in a joint session of Congress supported government legislation that allows it to post a budget gap before interest... Continue Reading →
Shell Cuts 2,200 More Jobs to Withstand Lower-for-Longer Oil
Royal Dutch Shell Plc will cut 2,200 more jobs, taking the tally of losses to 12,500 from 2015 to 2016 as Europe’s biggest oil producer continues to adjust to the slump in prices. At least 5,000 jobs will be cut this year, the company said in an e-mailed statement. These reductions are in response to... Continue Reading →
Brazil’s Temer Outlines First Measures to Tame Budget Gap
Brazil’s Acting President Michel Temer outlined the first economic measures to regain investor confidence, which was shaken by the loss of a key cabinet member just 11 days after he took office. Temer said on Tuesday he’ll ask Congress to limit subsidies and approve a cap on government spending, as part of an effort to tame... Continue Reading →
Brazil prosecutors investigate two Petrobras pipe suppliers
May 24 Reuters Brazilian police and prosecutors said they are investigating pipe suppliers Apolo Tubulars and Confab in the latest phase of a sweeping investigation of contracts with state-run oil company Petroleo Brasileiro SA, or Petrobras. Prosecutor Roberson Pozzobon said Jose Dirceu, the convicted former chief of staff of ex-president Luiz Inacio Lula da Silva,... Continue Reading →
