Oilfield services firm Wood Group reported an 86 percent drop in its profit for the first half of the year, citing, among other factors, weak contribution from the North Sea activity. The UK-based company posted a profit of $6 million, down from $45 million in the first half of 2016. Profit for the period was... Continue Reading →
Brazilian Prosecutors Charge Former Petrobas CEO With Corruption
Aldemir Bendine, who ran the state-run oil giant and Banco do Brasil, is accused of receiving bribes Aldemir Bendine, who was arrested and faces corruption charges as part of Brazil’s Car Wash probe, has denied any wrongdoing. PHOTO: ERALDO PERES/ASSOCIATED PRESS By Luciana Magalhaes Aug. 22, 2017 1:27 p.m. ET SÃO PAULO—Prosecutors leading Brazil’s largest-ever corruption probe... Continue Reading →
Petrobras Clarification on News: Sale process of Termobahia stake
Rio de Janeiro, August 21, 2017 – Petróleo Brasileiro S.A. – Petrobras reports that it received Official Letter 290/2017/CVM/SEP/GEA-1 on 8/21/2017, requesting the following clarification: Official Letter n. 290/2017/CVM/SEP/GEA-1 “Mr. Director, We refer to the news published on 8/21/2017, in the Valor Online newspaper, under the headline “Liminar suspende venda de 50% da TermoBahia, da... Continue Reading →
Pre-salt auctions to offer reserves of 2.5 billion barrels
The two pre-salt auctions that will be held in 2017 will offer at least 2.5 billion barrels of reserves. The figure is a conservative estimate: it considers that only 20% of the 12.3 billion barrels identified by the ANP in the areas can be recovered. Typically, the average recovery of reserves in Brazil ranges from... Continue Reading →
Brazil to sell Eletrobras control in boldest privatization yet
Brazil on Monday floated a proposal to cede control of the country's biggest power utility, Eletrobras, in the boldest privatization yet by a government struggling to close a record budget deficit, sending Eletrobras' shares soaring in after-market trading. The Mining and Energy Ministry gave Centrais Elétricas Brasileiras SA, the holding company known as Eletrobras, notice... Continue Reading →
Date set for shareholders’ vote on Ensco-Atwood merger
Offshore drillers Ensco and Atwood Oceanics, which recently agreed to merge, on Friday filed definitive proxy materials with the U.S. Securities and Exchange Commission regarding the deal. To remind, subject to certain conditions, including approval from both sets of shareholders, Ensco will acquire Atwood in an all-stock transaction. In a statement on Friday, Ensco and... Continue Reading →
Greenpeace stages protest against BP’s offshore drilling plan
Greenpeace UK activists are staging a protest in front of the UK headquarters of the oil giant BP, protesting against the company’s plans to drill near a coral reef offshore Brazil. The protesters were carrying signs which read “BP, back off the Amazon Reef” and tropical fish and jellyfish shaped inflatables, depicting the marine life... Continue Reading →
Petrobras Suffers Growing Pains in Brazil’s Freed Up Fuel Market
Zema, a 94 year-old retailer of toys and appliances in Brazil’s interior, has become an unlikely thorn in the side of state-controlled oil behemoth Petroleo Brasileiro SA. This year Zema, which also runs gas stations, got its first fuel import license and joined a fast-growing group of new players that managed to, at least temporarily, squeeze... Continue Reading →
Oil States Offshore Inspection Technology Offers Cost Reduction to O & G Industry
08/18/2017 The acquisition of offshore inspection technology expanded Oil States 'technical capacity in this field of activity, adding value and reducing operational costs related to drilling risers' logistics. With the use of advanced non-destructive techniques, international certifications and state-of-the-art equipment for both inspection and data recording, Oil States is able to provide high resolution... Continue Reading →
Maersk Stands to Get Another $7.5 Billion for Energy Divestments
Now that its oil and gas unit has been sold, A.P. Moller-Maersk A/S is planning separate divestments for the three remaining bits of what used to be a combined energy division, with estimates valuing those businesses at $7.5 billion in total. The owner of the world’s biggest container shipping line said on Monday it agreed to sell its oil and... Continue Reading →
Brazil Energy Insight 