Mexico will delay its next offshore oilfield auctions by a month, giving international bidders more time to evaluate recent major crude discoveries that highlight the potential value of the assets. A new billion-barrel find announced last week "confirms that the Mexican side of the Gulf of Mexico is very prolific," said Juan Carlos Zepeda, Mexico’s... Continue Reading →
Exxon hunting for new Liza in Suriname
U.S. oil major Exxon Mobil has confirmed it has, with its partners Hess and Statoil, signed a production sharing contract for Block 59 with Staatsolie Maatschappij Suriname N.V., the national oil company of Suriname. To remind, Staatsolie informed of the upcoming signing of the PSC two weeks ago, but with little detail. The block adds... Continue Reading →
Aker BP quarterly revenues lifted by swelling production
Norwegian exploration and production company Aker BP more than doubled its second quarter 2017 production and revenues, compared to last year’s quarterly result, due to inclusion of BP Norge’s activities. To remind, Aker BP was formed in September 2016 through a merger between Det norske oljeselskap and BP Norge. In its quarterly financial report on Friday,... Continue Reading →
Brazil congressional panel votes against putting Temer on trial
A Brazilian congressional committee on Thursday voted against sending a corruption charge against President Michel Temer to the Supreme Court for the leader to be put on trial. The vote is non-binding and the full house must still vote on the charge, which would only be approved if two-thirds of legislators vote for it. Read... Continue Reading →
Statoil hires Seadrill drillship for drilling in Brazil
Offshore driller Seadrill has secured a firm contract for one well and one drill stem test with Statoil for the West Saturn drillship in Brazil. According to Statoil’s statement on Thursday, the exploration drilling with the Seadrill rig will be done in the BM-S-8 license in the Santos basin offshore Brazil, which contains parts of the... Continue Reading →
China’s HNA buys Odebrecht stake in Rio Airport for $19 million
The transport unit of Odebrecht SA, the Brazilian conglomerate at the heart of a global graft scandal, has concluded the sale of a stake in Rio de Janeiro international airport to China's HNA Infrastructure Co Ltd (0357.HK) for $19 million, the companies said on Thursday. The stake was the equivalent of 30 percent in the... Continue Reading →
Brazil’s Lula vows to appeal conviction, run for president
SAO PAULO (Reuters) - Former Brazilian President Luiz Inacio Lula da Silva vowed on Thursday to appeal his conviction on corruption charges and run for president next year, calling the case against him a politicized effort to influence the 2018 election. "They haven't taken me out of the game," Lula told supporters at the headquarters... Continue Reading →
Brazil Oil Sector News Briefs
Investments in the Brazilian oil and gas industry have the potential to increase in coming years and reach a tenth of the world’s total capital expenditure, as the country opens up to private sector spending with a series of initiatives to attract new players and have a more diverse market. Over the past 12 months,... Continue Reading →
Wall Street Cheers as Brazil Judge Cripples Lula’s Comeback
Traders couldn’t be happier with the latest casualty in Brazil’s largest-ever corruption probe -- former President Luiz Inacio Lula da Silva. That’s because the chances for the populist leader to stage a comeback in next year’s presidential race are drastically reduced after the lead judge in the so-called Carwash investigation sentenced him to nine and a... Continue Reading →
Aker Solutions profit sinks amid market slowdown
Norwegian oil services company Aker Solutions saw a decrease in its second quarter 2017 profit and revenues amid market slowdown. For the second quarter of 2017, Aker Solutions on Wednesday posted a profit of NOK 33 million ($4 million), which dropped from a profit of NOK 131 million ($15.9 million) in the corresponding quarter of last year.... Continue Reading →
Brazil Energy Insight 