Brazil's government and state-run oil company Petroleo Brasileiro are locked in a dispute over the value of offshore oil blocks involving an estimated $30 billion, newspaper Valor Econômico reported on Friday. The dispute, which has previously been reported, centers on a 2010 contract in which Petrobras paid the government for the transfer of exploratory rights... Continue Reading →
Exclusive: Few foreign bids expected for Petrobras $1 billion natgas project
(Reuters) - Taking aim at local corruption, Brazil is trying to get competition among global players to build a $1 billion natural gas plant, but the number of foreign bids will be smaller than anticipated due to more stringent requirements, sources said. Brazil's state oil company Petroleo Brasileiro SA excluded large local engineering firms implicated... Continue Reading →
Seadrill takes action to insulate Seadrill Partners from restructuring
Indebted offshore driller Seadrill Limited has made changes to its credit facilities to insulate Seadrill Partners, a limited liability company formed by Seadrill Limited to own drilling rigs, from its restructuring. Seadrill Limited informed on Thursday it has completed amendments to three secured credit facilities that relate to rigs bought by Seadrill Partners from the company... Continue Reading →
U.S. Department of Justice closes Vantage Drilling bribery probe
Offshore drilling contractor Vantage Drilling International said on Wednesday an investigation into the company’s possible violations of the Foreign Corrupt Practices Act regarding alleged improper payment in Brazil had been completed. The company said it had received a letter from the United States Department of Justice acknowledging Vantage’s full cooperation in the DOJ’s investigation concerning... Continue Reading →
ANP approves registration of seven more companies in the 14th Round
Updated: Wednesday, August 16, 2017, 05:08 PM Total is now 21 companies The Special Bidding Commission (CEL) approved on Wednesday (16/08) the registration of seven more companies in the 14th Round of Bids. Of these, two are of foreign origin CNOOC (China) and Murphy (USA) and five Brazilian. Two still do not have a... Continue Reading →
Petrobras – Public Offering of Debentures with Limited Distribution Efforts: Bookbuilding Procedure Concluded
Rio de Janeiro, August 16, 2017 - Petróleo Brasileiro S.A. – Petrobras, further to the material fact July 26, 2017, reports that the bookbuilding procedure (“Bookbuilding”) for the 5th (fifth) issue of simple, non-convertible, unsecured debentures ("Issuance" and "Debentures") has been concluded, resulting in the distribution of Debentures amounting to R$ 4,988,819,000.00 (four billion, nine... Continue Reading →
Maersk Oil lifts profit on higher oil price, lower costs
Danish oil company Maersk Oil increased its profit and revenues for the second quarter of 2017 helped by higher oil prices and lower costs. According to a financial report on Wednesday by Maersk Oil’s parent company, A.P. Moller – Maersk, Maersk Oil recorded an underlying profit of $184 million in the second quarter of 2017,... Continue Reading →
Offshore rig dayrates expected to remain soft, Maersk Drilling says
Danish offshore driller Maersk Drilling does not expect to see financial improvements from an increase in offshore rig demand until the market reaches a stable oil price above $60 per barrel or until industry cost levels adjust further to a lower oil price. The current oil price remains below levels required to support sustainable economic returns... Continue Reading →
ANP extends date of public consultation of resolution that will define criteria for exemption of Local Content
The ANP decided to extend for 30 days (until September 18) the period of Public Consultation No. 20/2017, which aims to collect subsidies for the edition of the resolution that will govern the criteria applicable to requests for exemption from compliance with the Local Content obligation , Adjustment and transfer of surplus, in addition... Continue Reading →
Brazil prosecutors to investigate Petrobras Argentina sale
Prosecutors investigating Brazil's biggest-ever corruption scandal will probe last year's sale of the Argentine subsidiary of Petrobras, Brazil's state oil company, a lawyer representing its minority shareholders on Wednesday. Petrobras, formally known as Petroleo Brasileiro SA (PETR4.SA), sold its 67.2 percent stake in Petrobras Argentina SA for $892 million to Pampa Energia SA (PAM.BA), Argentina's... Continue Reading →
Brazil Energy Insight 