This is crazy... Two Chevron Corp. employees detained in Venezuela last week could be charged with treason for refusing to sign a parts contract for a joint venture with state-owned oil company PDVSA, according to two sources familiar with draft charges against the U.S. firm’s executives. Read more

Following the closing of pending merger between McDermott and CB&I, the combined company intends to retain the name McDermott.  Announcing this decision on Monday, McDermott said that the combination remains subject to customary conditions, including approval by McDermott’s and CB&I’s stockholders and other closing conditions, but it is expected to close in May 2018. “The name... Continue Reading →

(Reuters) - Petrobras oil production in Brazil in March totaled 2.07 million barrels per day on average, or 0.8 percent less than reported in February, due mainly to maintenance work at its Cidade de Angra dos Reis oil rig located in the Lula field, the company said. Total oil equivalent production, which includes natural gas,... Continue Reading →

Petrobras invites investors and analysts to participate in the conference call/webcast for clarifications regarding the Preliminary Model of Petrobras Repositioning in Refining, with transmission in English, to be held on Tuesday, April 24, 2018, with the participation of the Investor Relations Executive Manager and the General Manager of Refining, Commercialization and Transportation Business Restructuring Programs, as... Continue Reading →

Meanwhile, in an unexpected turn of events on Monday, another engineering giant, the UK-based Subsea 7, offered to take over the entire issued share capital of McDermott. Subsea 7 proposed to acquire McDermott common stock for $7 per share, payable entirely in cash or up to 50% in Subsea 7 stock and the balance in cash. Read more

Oilfield services provider Halliburton returned to quarterly profit on the back of a 34% increase in revenues and improved activity in North America.  According to its financial statement for the first quarter 2018 released on Monday, Halliburton recorded income from continuing operations of $46 million for the first quarter of 2018. This compares to a loss... Continue Reading →

Read presentation by Arlindo Moreira, Petrobras Oil and Products Gen. Mgr. Presentation-Petrobras-repositioning-in-refining

The TAG sale would add to growing foreign presence in Brazil’s natural gas industry as Petrobras sheds side businesses to slash debt and focus on its most profitable oil projects in deep waters of the South Atlantic. In March, China’s Shandong Kerui Petroleum signed a deal with Petrobras to invest in a natural gas processing... Continue Reading →

Oil prices rebound brought more revenues to CNOOC Limited during the first quarter of the year when the company recorded an increase of 10.8% in oil and gas sales revenues year over year.  According to its 1Q 2018 report on Friday, the company achieved total net production of 120.1 million barrels of oil equivalent (BOE)... Continue Reading →