Brazil’s oil and gas agency ANP has defined the criteria for winning blocks in the 2nd and 3rd Pre-Salt Bidding Rounds set to be held on Friday in Rio de Janeiro. The two rounds will offer blocks for exploration and production of oil and natural gas, on a production sharing basis. According to the ANP,... Continue Reading →
Brazil’s Biofuel Push Is Threatened by Too Much Cheap Oil
Brazil is positioning itself as a global biofuels ambassador, fighting climate change by spurring demand for ethanol. It will be a tough sell in a world awash with cheap oil. Brazil is one of the leaders of the Biofuture Platform, a group of 20 nations that also includes the U.S., China and France. The organization was formed... Continue Reading →
Halliburton CEO Defends Fracking Business as Margins Disappoint
Fracking isn’t looking so great for the world’s biggest fracker, but the CEO of Halliburton Co. says he can pull some levers to improve profits. After lackluster margins for the company’s main business sent shares tumbling, casting a cloud over third-quarter earnings that otherwise beat estimates, Chief Executive Officer Jeff Miller said there are three things he... Continue Reading →
Petrobras – Decision by the Federal Regional Court of the 2nd Region concerning the withholding income tax on remittances for platform charter payments
Rio de Janeiro, October 23, 2017 - Petróleo Brasileiro S.A. – Petrobras informs that, in a trial held on October 19, 2017, the Third Class of the Federal Regional Court of the 2nd Region rendered an unfavorable decision to the company, considering that the remittances for payment of chartering of mobile oil platforms, from 1999... Continue Reading →
Petrobras – Sale of 90% equity interest in TAG: Start of the non-binding phase
Rio de Janeiro, October 23, 2017 - Petróleo Brasileiro S.A. – Petrobras, further to the Material Fact disclosed on 9/5/2017, informs the start of the non-binding phase regarding the sale process of 90% of its stake in Transportadora Associada de Gás S.A. ("TAG"), a wholly-owned Petrobras subsidiary. At this stage of the project, the descriptive... Continue Reading →
Saetre to remain CEO of Statoil after he turns 62
Eldar Sætre, CEO of the Norwegian oil company Statoil, will continue as CEO after he turns 62 in February 2018, and will not use his contractual right to retire at the age of 62. Read more
Aker Solutions to deliver largest umbilical system ever. Client unknown
Norway’s Aker Solutions has won an order valued at more than NOK 1.6 billion to deliver the largest umbilicals system ever. The contract entails delivery of 250 kilometers of steel-tube umbilicals linking a subsea development to an existing offshore platform. “We are honored to have been selected to work on this project, which is groundbreaking... Continue Reading →
Baker Hughes books loss in first report following GE merger
Oilfield services provider Baker Hughes, a GE company (BHGE), posted a loss for the third quarter 2017 despite seeing an increase in orders. This is BHGE’s first quarterly report following the closure of the previously announced combination of Baker Hughes with General Electric’s oil & gas business, GE Oil & Gas, on July 3, 2017. According to... Continue Reading →
Schlumberger records profit and revenues boost in third quarter
Schlumberger, the world’s largest oilfield services provider, saw an increase in profit and revenues during the third quarter of 2017 compared to the prior-year period. The company on Friday posted a profit of $545 million for the third quarter of this year, compared to a $176 million profit recorded in the same period of 2016. Read more
Decree excludes equity stakes held by Petrobras from PND
Rio de Janeiro, October 20, 2017 - Petróleo Brasileiro S.A. – Petrobras informs that Decree no. 9,173, of 10/18/2017, has been issued, excluding the minority equity stakes held by Petrobras in Deten Química S.A. and Braskem S.A. from the National Privatization Program (Programa Nacional de Desestatização, PND), as published in the Official Federal Gazette yesterday.... Continue Reading →
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