Galp is studying the upcoming auctions for the attribution of oil exploration areas in Brazil. By 2019, there will be nine auctions in Brazil with the next bids in September and October this year. "We are preparing for the next bids in Brazil," Galp's chief executive said Monday in a meeting with analysts. "We now have... Continue Reading →
Changes to the Executive Office of Petrobras Distribuidora (BR)
Rio de Janeiro, July 31, 2017 - Petróleo Brasileiro S.A. – Petrobras informs that the Board of Directors of its wholly-owned subsidiary Petrobras Distribuidora S.A. (BR) approved today the reelection of Mr. Ivan de Sá Pereira Júnior to the position of CEO of BR for a two-year term. The Board of Directors also approved the... Continue Reading →
Who Needs $100 Oil? Majors Making More Cash at $50, Goldman Says
Oil majors are raking in more cash now than they did in the heyday of $100 oil, according to Goldman Sachs Group Inc. Integrated giants like BP Plc and Royal Dutch Shell Plc have adapted to lower prices by cutting costs and improving operations, analysts at the bank including Michele Della Vigna said in a research note Wednesday.... Continue Reading →
Tidewater emerges from bankruptcy
Offshore vessel owner Tidewater has emerged from bankruptcy after completing its reorganization. Through its reorganization plan, Tidewater eliminated approximately $1.6 billion in principal of outstanding debt, and considering the rejection of certain sale-leaseback agreements, Tidewater estimates that interest and operating lease expenses will be reduced by approximately $73 million annually. “The company believes that its... Continue Reading →
Brazil, Argentina prosecutors say governments interfering in Odebrecht probe
The top prosecutors of Brazil and Argentina are accusing their governments of interfering in the creation of a joint anti-corruption task force to investigate bribes by the Odebrecht engineering group so that politicians, many of whom are under investigation, can themselves control the exchange of evidence. Brazil's Prosecutor General Rodrigo Janot said on Tuesday the... Continue Reading →
Delay in issuing environmental licenses may affect the ANP auction result
With the main items on the agenda of the oil sector - including the end of Petrobras' obligation as a pre-salt operator, the flexibilization of local content requirements and government signaling of the extension of the special customs regime Repetro - Companies in the sector now fall on environmental licensing. In the opinion of experts,... Continue Reading →
BP Breaks Even in ‘Tough Environment’ After Debt Hits Record
BP Plc moved to calm investor concerns after debt rose to a record, saying lower oil-spill payments for the rest of the year and funds from asset sales will ease the burden. “This year debt is going up exactly in line with payments going out for Macondo,” Chief Financial Officer Brian Gilvary said Tuesday by phone.... Continue Reading →
Karoon enters deal with DEA for work in Brazil
07/31/2017 By Rick Wilkinson OGJ Correspondent Melbourne-based Karoon Gas Australia Ltd. has entered into agreements with German company DEA Deutsche Erdoel AG to review and evaluate and, if appropriate, jointly bid for oil and gas assets in selected areas offshore Brazil. As part of the arrangements, an exclusive option has been granted to DEA for the acquisition of a... Continue Reading →
Diamond Offshore returns to quarterly profit
U.S. deepwater drilling contractor Diamond Offshore returned to profit in the second quarter of the year from a loss in the prior-year period. For the second quarter of 2017, the driller on Monday posted a profit of $15.9 million, which compares to a net loss of $589.9 million in the prior-year quarter. The driller’s revenues... Continue Reading →
PROBLEMS ON THE CHRISTMAS TREE FORCES OGX TO CLOSE TUBARAO MARTELO’S WELL UNTIL A SOLUTION IS FOUND
A pressure drop on the wet Christmas tree detected by OGX at 7-TBMT-8HP, which operates at the Tubarao Martelo well, halted production. The submerged centrifugal pump was shut down and the well closed, in order to avoid possible damages. After waiting for an increase in the pressure, which would facilitate the process of resumption of... Continue Reading →
Brazil Energy Insight 