Brazil’s central bank slashed interest rates to a four-year low on Wednesday to spur an incipient economic recovery, but said the pace of monetary easing would probably be reduced next month as the bank prepared to gradually stop cutting rates. The bank’s nine-member monetary policy committee, known as Copom, cut its benchmark Selic rate BRCBMP=ECI... Continue Reading →
Siemens’ new topside solution to digitize offshore o&g production
Siemens has developed Topsides 4.0, a solution aimed to facilitate offshore production transition to a fully digital operation. Siemens said on Tuesday that the solution was designed to reduce project cycle time, minimize unplanned downtime, and reduce offshore manning for operations and asset monitoring. According to the company, the Topsides 4.0 offers a holistic digital... Continue Reading →
Petrobras Prepayment of bank debts and new financing
Rio de Janeiro, September 6, 2017 - Petróleo Brasileiro S.A. – Petrobras reports that, following its debt portfolio management strategy, it has effected the following transactions: (i) prepayment of a NCE (Export Credit Note) of R$ 2.5 billion, issued to Caixa Econômica Federal to mature in November 2018. ii) issue of a new NCE to... Continue Reading →
Big Oil Says It Still Loves North Sea Despite Asset Sales
Europe’s biggest energy companies have a message for the aging U.K. North Sea oil industry: We may be selling assets, but that doesn’t mean we’re heading for the exit. The North Sea will always be “one of the great basins,” said BP Chief Executive Officer Bob Dudley. Royal Dutch Shell Plc will keep investing in... Continue Reading →
Ibama releases 4D for Shell in the Campos Basin. P-69 receives installation license
Shell received from IBAMA environmental license for 4D data acquisition for the Ostra field area, in Parque das Conchas, Campos Basin. The license is valid until January 31, 2018 and was being discussed with the environmental agency since 2014. The data acquisition campaign will cover a total area of 3,478.45 km2. The minimum distance from... Continue Reading →
Shell no longer uses Port Açu to tranship oil
Shell has confirmed that it no longer uses the Port of Açu to tranship oil because of environmental issues. "The interruption of the ship-to-ship transfer operations of Shell's cargoes in Açu effectively led to the suspension of payments related to this activity, since the port failed to comply with contractual security clauses," the company said... Continue Reading →
Brazil former presidents Lula and Rousseff charged in corruption case
Brazil’s top prosecutor on Tuesday charged former Presidents Luis Inacio Lula da Silva and Dilma Rousseff along with fellow Workers Party members with forming a criminal organization, the latest accusations in Brazil’s sprawling corruption scandal. The prosecutor, Rodrigo Janot, alleged that eight members of the Workers Party, including Lula and Rousseff, committed a series of... Continue Reading →
France Proposes to End Oil Output by 2040 With Exploration Ban
France will stop granting new exploration permits next year as it seeks to end all oil and gas production by 2040, according to a draft bill presented at a cabinet meeting Wednesday. The move would allow the government to turn down more than 40 exploration requests already made, while some existing permits may be extended... Continue Reading →
Petrobras – Sale of 90% equity interest in TAG: Opportunity Disclosure – Teasers
Rio de Janeiro, September 5, 2017 – Petróleo Brasileiro S.A. – Petrobras reports that it has initiated the opportunity disclosure stage (Teasers) related to the sale process of 90% of its stake in Transportadora Associada de Gás S.A. ("TAG"), a wholly-owned Petrobras subsidiary. TAG is a company that operates in the natural gas transportation sector,... Continue Reading →
Emas Offshore eyes $50 million investment as part of restructuring
Offshore services provider Emas Offshore has started restructuring process in Singapore and entered into an agreement with potential investors who will put in $50 million into the company as part of its financial restructuring. The restructuring application was filed at the end of August. Read more
Brazil Energy Insight 