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Brazil's oil-exploration and local-content policies harm oil producer Petróleo Brasileiro SA and the nation as a whole, a government-appointed member of the state-run company's board said on Tuesday in a rare show of board-member independence. The comments were made by Roberto Castello Branco, who was named earlier this year by President Dilma Rousseff's administration to... Continue Reading →
(Reuters) - Brazilian police carried out their first search and seizure operations involving politicians suspected of taking bribes in a scandal involving state-run oil firm Petrobras on Tuesday, local media and prosecutors said. Senators Fernando Collor de Mello and Ciro Nogueira are among the names being investigated in the 16th round of the probe, dubbed... Continue Reading →
Brazil police this morning searched the home of former president and current senator Fernando Collor as part of investigations into sitting congressmen allegedly involved in a scheme to divert money from Petrobras. Police targeted 53 homes and businesses in 7 states to keep evidence from being destroyed, according to an e-mailed statement from the prosecutor... Continue Reading →
Sonangol EP, the state-run oil company in Angola, is seeking $1 billion in cost savings by the end of the year to help cope with plunging crude prices. Sonangol said in February it will cut this year’s spending by 25 percent, end most retail fuel subsidies and reduce contract costs by as much as half.... Continue Reading →
As oil began crashing late last year, many prepared for a buying spree. Shale was going on sale. That sale has yet to show up. Deals have been active in the pipeline and processing sector, including Marathon Petroleum Corp.’s $15.8 billion deal today. But overall, global oil and natural gas deals so far this year... Continue Reading →
Mon Jul 13, 2015 7:44am EDT Brazil's inflation rate to reach 9.12 pct in 2015 - survey BRASILIA, July 13 Economists raised their forecasts for Brazil's end-2015 inflation rate but lowered their estimates for price increases next year, a weekly central bank survey showed on Monday. The median forecast of about 100 financial institutions in... Continue Reading →
Saudi Arabia told OPEC it raised oil production to a record as the organization forecast stronger demand for its members’ crude in 2016. The world’s biggest oil exporter pumped 10.564 million barrels a day in June, exceeding a previous record set in 1980, according to data the kingdom submitted to the Organization of Petroleum Exporting... Continue Reading →
Halliburton Co (HAL.N) and Baker Hughes Inc (BHI.N) have agreed with the U.S. Department of Justice to extend the date of the department's review of Halliburton's acquisition of Baker Hughes, a deal that would create an oilfield services behemoth. Read More
Drillers put rigs in U.S. oil fields back to work for a second straight week, suggesting the end of an unprecedented retreat from the country’s prolific shale formations. Rigs targeting oil in the U.S. increased by five to 645, Baker Hughes Inc. said on its website Friday. They rose by 12 last week. Natural gas... Continue Reading →
Oil prices may fall further as the world remains “massively oversupplied,” before markets tighten in 2016 when output growth outside OPEC grinds to a halt, according to the International Energy Agency. There will be no overall production growth outside the Organization of Petroleum Exporting Countries next year for the first time since 2008, according to... Continue Reading →
