Oil and gas drilling contractor Nabors Industries and oilfield services company Tesco Corporation have received approvals for the previously announced acquisition of Tesco by Nabors from two key regulators. Nabors announced the deal to acquire all of the issued and outstanding common shares of Tesco Corporation, with each outstanding share of common stock of Tesco being exchanged for... Continue Reading →
Reuters: Petrobras asks Odebrecht to stop drillship operation after fatal accident
Brazilian oil company Petrobras has reportedly asked offshore drilling contractor Odebrecht to stop operations of the Norbe VIII drillship, on which three workers died in June after an explosion. According to a Reuters report on Tuesday, Petrobras carried out an investigation into the causes of the accident that happened on the Marlim field in June.... Continue Reading →
Here Are Brazilian Presidential Hopeful Joao Doria’s Economic Proposals
Doria supports "gradually" selling off state-run oil giant Petrobras. “There is no need for Petrobras to keep being a state-owned company. Brazil is isolated in the world. We can’t be afraid to do what’s necessary to insert Brazil in the global and liberal economy,” he said. He is also in favor of privatizing Brazil’s electricity utility... Continue Reading →
Developments in the class action filed against Petrobras
Rio de Janeiro, November 6, 2017 – Petróleo Brasileiro S.A. – Petrobras reports that on November 3, 2017, the United States Court of Appeals for the Second Circuit (“Second Circuit”) granted Petrobras’s motion to stay the issuance of the mandate pending the filing of a petition for certiorari. On November 1, 2017, the Company filed... Continue Reading →
Petrobras Prepayment of bank debts, renegotiation and new financing
Rio de Janeiro, November 6, 2017 - Petróleo Brasileiro S.A. – Petrobras reports that it has executed debt prepayment (US$ 1.28 billion), renegotiation of existing debt (US$ 1.6 billion) and new financing operation (US$ 300 million), according to the tables below. The company will continue to assess new prepayment and funding opportunities pursuant to its... Continue Reading →
Petrobras Revision of the Transfer of Rights Agreement – Surplus Volumes
Rio de Janeiro, November 6, 2017 - Petróleo Brasileiro S.A. – Petrobras clarifies, regarding the volumes in surplus to the contracted volumes in areas under the Transfer of Rights Agreement, that: 1. The Transfer of Rights Agreement, through which Petrobras acquired the right to produce up to 5 billion barrels in pre-salt areas, was signed... Continue Reading →
ANP indicates more blocks and CNPE decides on auctions of 2018
The National Energy Policy Council (CNPE) meets next Thursday to discuss the exploratory blocks that will be offered in the 15th round of concession areas. Also to discuss the 4th pre-salt auction, scheduled for the first half of next year. The ANP board approved this week the indication of another 11 blocks for the auction,... Continue Reading →
ANP announces expected volumes for Onerous Assignment surplus
November 03, 2017, 9:21 pm ANP contracted certifier Gaffney, Cline & Associates to estimate the recoverable volumes under the Onerous Assignment Agreement. It is an activity of high complexity. All analyzes are performed in an environment of uncertainties, where information is limited. Reservoir data, which determine engineering designs, are restricted to a small number of... Continue Reading →
SBM Offshore earmarks $238M for DOJ bribery probe settlement
Dutch FPSO provider SBM Offshore has set aside $238 million to settle an investigation by the U.S. Justice Department for alleged improper payments made between 2007 and 2012. The company on Monday said it had made a provision of $238 million based on advanced discussions with the U.S. Department of Justice (“DoJ”) in relation to... Continue Reading →
Mexico Announces Biggest Onshore Oil Discovery in 15 Years
Petroleos Mexicanos announced its biggest onshore discovery in 15 years, just three months after Mexico reported the first major find by private companies, bolstering the nation’s efforts to revive its oil industry. The Ixachi-1 well that lies 72 kilometers (45 miles) south of the port of Veracruz is believed to contain 1.5 billion barrels of... Continue Reading →
Brazil Energy Insight 