09/08/2017 Suretank Latin America has entered into a partnership agreement with Pinamak in the quest to reduce operating costs in transporting chemicals to offshore platforms in Brazil. The partnership between Suretank, a leading manufacturer of offshore chemical tanks, and Pinamak, an offshore logistics company with a long-term presence in the Campos Basin, marks a... Continue Reading →
No-Name U.S. Oil Driller Gets Shot at World’s Biggest Reserves
Nicolas Maduro was in his element, flanked by an enormous Venezuelan flag, beneath a portrait of Simon Bolivar on horseback, in front of a statue of Hugo Chavez, praising foreign companies wise enough to make deals with what he called “our beloved PDVSA.” That would be Petroleos de Venezuela SA, the state-owned oil giant struggling to... Continue Reading →
Petrobras CEO: Pre-salt oil extraction costs $8 per barrel
Oil extraction in Brazil's promising pre-salt offshore wells costs about $8 per barrel, Petroleo Brasileiro SA Chief Executive Officer Pedro Parente said at an event in Sao Paulo on Tuesday. Discovered only 10 years ago, the pre-salt area has rapidly become the top priority for Petrobras and other oil majors holding exploration rights to some... Continue Reading →
Petrobras obtains Certification in the Corporate Governance Program for State-Owned Companies
Rio de Janeiro, August 8, 2017 – Petróleo Brasileiro S.A. – Pursuant to the material fact disclosed on June 5th, 2017, Petrobras informs that it has received the certification in the Corporate Governance Program for State-Owned Companies, granted by B3 (former BM&FBovespa). Petrobras has complied with all the compulsory measures of the Program and obtained... Continue Reading →
Extension of Repetro should include benefits to the local industrial sector
BY MANOEL VENTURA /Globo The Repetro program suspends the collection of federal taxes on the importation of equipment destined to the petroleum sector. Under the new rules, similar domestic products will undergo the same tax treatment. The provisional measure is being finalized by the federal government, according to sources accompanying the lawsuit. Created in 1999,... Continue Reading →
Prosafe to lay up another flotel as Petrobras contract ends
Prosafe, an owner and operator of semi-submersible accommodation rigs known as flotels, will lay up another one of its units, following contract completion with Petrobras. In its operational update for 2Q 2017 on Monday, Prosafe said that its 2005-built flotel Safe Concordia was fully contracted in the second quarter for Petrobras at a market adjusted dayrate.... Continue Reading →
Petrobras cuts gasoline prices below import parity to regain market
Brazilian state-controlled oil firm Petróleo Brasileiro SA has reduced prices for the gasoline it sells in Brazil to below parity with the fuel imported from the United States, reducing profit margins to regain market share. Petrobras, as the company is commonly known, has sharply reduced the price gap between the value of gasoline sold at... Continue Reading →
Petrobras – Advance payment of bank debt and new financing with The Bank of Tokyo-Mitsubishi UFJ and Banco Safra
Rio de Janeiro, August 3, 2017 – Petróleo Brasileiro S/A. – Petrobras reports that it has effected today a transaction with The Bank of Tokyo-Mitsubishi UFJ, Ltd., member of MUFG, for prepayment of debt in the amount of US$ 333 million, with expected maturity in 2018, while simultaneous hiring new financing in the amount of... Continue Reading →
Spanish Repsol indicates interest in the 14th round of bidding, says ANP
The oil company Repsol Exploración indicated interest in participating in the 14th Round of bidding for exploratory blocks of oil and natural gas in partnership with other bidders, the National Oil, Natural Gas and Biofuels Agency (ANP) said on Thursday. According to the regulatory agency, Repsol's areas of interest are in the Campos, Espírito Santo,... Continue Reading →
Marathon Oil narrows loss, cuts capex
U.S. oil and gas company Marathon Oil tightened its net loss for the second quarter and reduced capex for the year. On Wednesday, the oil company reported a second quarter 2017 net loss of $139 million, compared to $170 million net loss in the prior-year quarter. The result for this year’s quarter includes the impact of certain... Continue Reading →
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