Petrobras confirms in shareholders meeting last night that the company will not distribute dividends to both ordinary and preferred shareholders. Preferred shareholders are contesting this measure. Petrobras confirms that is has cancelled offshore rig contracts with Schahin Oil and Gas for breach of contract. No other information is available at this time. Evan Sponagle 26/05/2015
Petrobras to divest of five groups of assets, including the pre-salt areas
Petrobras to divest of five groups of assets, including the pre-salt areas Evan Sponagle 25/05/2015 Within its plan to sell assets to reduce the heavy debt, Petrobras announced a goal of raising $ 13.7 billion from the sale of assets, according to local market sources. . One of the most valuable assets in the package for... Continue Reading →
Brazil to cut R$70 bln or U$23 bln in spending to meet fiscal target
Fri May 22, 2015 Brazil to cut R$70 bln or U$23 bln in spending to meet fiscal target May 22 The Brazilian government will freeze around 70 billion reais ($23.02 billion) in spending this year, as part of the austerity program. The cut is in line with expectations and signals greater commitment to austerity as... Continue Reading →
Oil Giants Band Together to Add Their Voice to Climate Debate
Oil Giants Band Together to Add Their Voice to Climate Debate By Tara Patel Stefan Nicola/Bloomberg 8:30 PM BRT May 20, 2015 Europe’s largest oil companies are banding together to forge a joint strategy on climate change policy, alarmed they’ll be ignored as the world works toward a historic deal limiting greenhouse gases. Royal Dutch... Continue Reading →
‘Shale-ionaires’ Suffering from Wave of Bankrupt Oil Drillers
‘Shale-ionaires’ Suffering from Wave of Bankrupt Oil Drillers By Kelly Gilblom/Bloomberg 9:00 PM BRT May 20, 2015 At the height of the U.S. energy boom, Texas landowner John Baen received about $100,000 a month in royalty payments from companies producing oil and natural gas on his property. Now the checks are much smaller, and when... Continue Reading →
Alfa, Harbour to Buy Pacific Rubiales in $1.7 Billion Deal
Alfa, Harbour to Buy Pacific Rubiales in $1.7 Billion Deal by James Paton/Bloomberg 1:36 AM BRT May 21, 2015 Alfa SAB and Harbour Energy Ltd. agreed to acquire Pacific Rubiales Energy Corp. in a deal that values Latin America’s largest non-state oil producer at about C$2.1 billion ($1.7 billion). The companies agreed to pay C$6.50... Continue Reading →
Oil market buoyed by product demand
http://www.ft.com/cms/s/0/83bc066a-fedd-11e4-94c8-00144feabdc0.html#ixzz3ahoYFLnD May 20, 2015 6:42 pm Oil market buoyed by product demand Anjli Raval and Neil Hume/FT ©Bloomberg The oil market is coping with storage capacity limits because demand for products such as petrol has been unexpectedly strong, says a senior executive at the world’s biggest independent oil trader. Demand growth was “back up to 1.4-1.5m barrels... Continue Reading →
Grupo Alfa close to $6.5bn buyout of Pacific Rubiales
http://www.ft.com/cms/s/0/7a3248b8-feb8-11e4-84b2-00144feabdc0.html#ixzz3agqKEe5d May 20, 2015 12:33 pm Grupo Alfa close to $6.5bn buyout of Pacific Rubiales Henny Sender/FT ©Bloomberg/Susana Gonzalez Pacific Rubiales, the largest independent oil producer in Latin America, is set to be acquired by Grupo Alfa and Harbour Energy in what would be the region’s biggest-ever private equity deal. The all-cash deal, which could... Continue Reading →
Drill deeper than oil for Saudi prosperity
http://www.ft.com/cms/s/0/57ed823e-a573-11e4-ad35-00144feab7de.html#ixzz3agWeGlOw May 19, 2015 5:00 pm Drill deeper than oil for Saudi prosperity John Sfakianakis/FT Important reforms centre on energy, which kingdom uses wastefully, writes John Sfakianakis ©AFP When your income is cut in half, it helps to have a few dollars on hand, but even then you will have to make changes. So it... Continue Reading →
From Canada to Australia, energy groups’ cuts are laid bare
http://www.ft.com/cms/s/0/4c6eab9a-fa55-11e4-aa42-00144feab7de.html#ixzz3afpx0IgV May 18, 2015 6:01 pm From Canada to Australia, energy groups’ cuts are laid bare Christopher Adams, Energy Editor/FT Almost 30 years ago, Saudi Arabia triggered a slide in oil prices by making an aggressive bid for market share, and western energy companies were forced to make sweeping cuts in capital spending in response.... Continue Reading →
