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Brazil’s Senate Constitutional and Legal Affairs Committee on Tuesday approved the text of a pension reform bill, paving the way for a second and final plenary vote later in the day that will finally enact the landmark bill into law. Brazilian markets rallied and stocks hit an all-time high as the government’s key policy this... Continue Reading →
Brazil’s Supreme Court began debating on Thursday whether to overturn a three-year-old rule that convicted criminals must go to prison right after losing their first appeal and not wait until they have exhausted their appeal options. The rule contributed to the success of Brazil’s biggest corruption investigation, the so-called Car Wash operation that put dozens... Continue Reading →
October 17, 2019 - We posted a solid operating performance in 3Q19, delivering significant growth in oil, NGL and natural gas production, which reached 2,878 kboed, 9.3% higher than 2Q19, led by the 17.0% increase in pre-salt production, which reached 1,367 kboed, representing 60.4% of oil production in Brazil. Pre-salt’s performance is due to the... Continue Reading →
Oct 15, 2019 The National Bank for Economic and Social Development (BNDES) intends to lead the structuring of a model that enables the construction of gas pipelines to drain future gas production from pre-salt fields, which in addition to financing the works will include the search for investors for the ventures, a bank superintendent told... Continue Reading →
Brazilian conglomerate Odebrecht SA’s advisors plan to propose a delay in the bankruptcy plan vote by creditors, two people with knowledge of the matter said. Odebrecht is likely to schedule a creditors assembly on Nov. 18 to comply with Brazilian bankruptcy protection rules, but so far there is not a concrete proposal to vote on,... Continue Reading →
As investments in tight oil increased from 2016 to 2018 and offshore investments decreased, according to Norwegian energy intelligence group Rystad Energy. Tight oil investments almost reached the same level as offshore in 2018, Rystad added. However, in 2019 the table has turned. Now, offshore investments are on the rise again, while tight oil has... Continue Reading →
Oct 10, 2019 (Bloomberg) --Ecuador’s state-owned oil company Petroecuador was forced to declare force majeure on its crude exports, and U.S. West Coast refiners could be the ones hurt the most. Protests in Ecuador over fuel prices have temporarily shut some oilfields, slowing the flow of crude and causing Petroecuador to shut a key pipeline.... Continue Reading →
France’s Total SA (TOTF.PA), the big winner in a Brazilian auction of offshore oil concessions on Thursday, said it will not participate in a bigger auction scheduled for Nov. 6 of the so-called Transfer of Rights area in Brazil’s pre-salt region. The company’s chief executive officer, Patrick Pouyanné, said in a statement that was because... Continue Reading →
U.S.-based Chevron Corp said on Friday it signed an agreement with a unit of Royal Dutch Shell to buy a 40% stake in three deepwater blocks in the Mexican Gulf that the Anglo-Dutch firm won in auctions under the nation's energy reform. The deal was approved earlier this week by Mexico's oil regulator, the National... Continue Reading →
The worldwide offshore rig count in September 2019 decreased by four units sequentially, but increased by 43 units year-over-year, according to reports by Baker Hughes, a GE company. BHGE splits its rig counts into international and North America rig counts, which combined make the worldwide rig count. Baker Hughes reported on Monday that international rig count for... Continue Reading →
