Even with the oil market in a funk again, producers are adjusting and Precision Drilling Corp. sees the potential for more spending by customers in the second half. Canada’s largest drilling services company sees some room for the North American rig count to rebound as customers restart wells and upgrade equipment after cutting costs, Chief... Continue Reading →
Brazil Real Slumps on Greece – Commodities Concerns
The real declined to a three-month low as Greece’s economic crisis damped the allure of emerging-market assets and contributed to a drop in prices for Brazil’s commodity exports. The currency dropped for a third straight day, slumping 1.4 percent to 3.1810 per dollar at 11:28 a.m. in Sao Paulo, the weakest level on a closing... Continue Reading →
Dilma Will Not Step Down – Interview With Local newspaper
Brazilian President Dilma Rousseff told newspaper Folha de S. Paulo in an interview published Tuesday that she plans to finish her term and continue with efforts to narrow the budget deficit in spite of growing calls among opponents for her resignation. When asked repeatedly by Folha reporters about heightening pressure for her to step down... Continue Reading →
Technip Announces Cuts Worldwide
Cutting 16 percent of its workforce and reducing its fleet to 23 vessels from 36 will help the company reach a cost-savings target of 830 million euros ($915 million), Paris-based Technip said in a statement on Monday. The company will take a one-time charge of 650 million euros for the restructuring, mostly in the second... Continue Reading →
Petrobras Grapevine
Reliable market sources report that Petrobras is calling on suppliers with existing and renewable contracts to negotiate new terms and conditions. Petrobras is looking for 20% discounts across the board for the renewal of some service contracts.
BP’s Settlement Makes it a More Attractive Target
BP Plc’s $18.7 billion U.S. legal settlement is being cheered by investors and analysts as it ends five years of financial uncertainty. It also makes the British oil producer a more attractive takeover target. Potential buyers, held back by unquantifiable liabilities related to the company’s 2010 Gulf of Mexico spill, may find a slimmed-down BP... Continue Reading →
Oil Rigs Count Rebounding, Shale Boom Resilience
For the first time in almost seven months, America’s shale drillers put rigs in oil fields back to work, and they’re doing it at a lower price. The sudden rebound in the U.S. oil rig count is a testament to how resilient U.S. shale has become as it battles against OPEC for market share. Spurred... Continue Reading →
BP Settles 2010 Oil Spill with US
BP Plc has reached a comprehensive $18.7 billion settlement with the U.S. government and five states, a landmark deal that effectively ends years of litigation over environmental damage and human casualties caused by the 2010 Gulf of Mexico spill. It could be the largest settlement with a single entity in U.S. history, the U.S. Justice Department... Continue Reading →
Oil Selloff Sinks Petrobras Shares
Shares of Petrobras extended a three-day plunge as crude sank 4.2 percent to $56.96 a barrel after data showing U.S. stockpiles rose for the first time in nine weeks and OPEC production increased. The state-run company has said that investments in oil and gas offshore production are economically viable with the commodity above $45. Read... Continue Reading →
X Marks his Spot in Hollywood…
Eike Batista, the story of one of history’s most dramatic collapses in personal wealth will be told on the big screen. For those who remember OGX, OSX, LLX, etc... Read More
Brazil Energy Insight 