Lupatech announced that it has filed for a judicial reorganization, creditor protection, for all the companies in the Group. Besides the holding, it includes: Lupatech Finance Ltd., Amper Amazonas Perfurações; Itacau Agenciamentos Maritimos, Lochness Participações; Lupatech Equipamentos e Serviços para Petroleo, Lupatech Perfuração e Completação, Matep Maquinas e Equipamentos, Mipel Ind. e Com. de Valvulas,... Continue Reading →

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 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 →

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 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 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 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 →