Brazil President Michel Temer has survived a massive corruption scandal with a victory in the lower house that allows him to cling to power and focus back on the economy. Temer allies on Wednesday defeated the motion that would have put him on trial and forced him to step aside, with 263 against 227 votes.... Continue Reading →
Justice decrees end of OGX’s judicial recovery and shares surge more than 9%
The company filed the recovery process on October 30, 2013, with debts in excess of R $ 13.8 billion OGPAR ( OGXP3 ), formerly OGX Petróleo, reported on Wednesday that the 4th Business Court of the District of Rio de Janeiro has ordered the closure of the company's judicial recovery process. The company filed the recovery process on... Continue Reading →
Queiroz Galvão to start production in 2018
Thursday, 03 August 2017 Queiroz Galvão Exploration and Production (QGEP) plans to start its first deep-water oil production in early 2018 at the Atlanta Field, in the post-salt area of the Santos Basin. The delay in the project, according to QGEP CEO Lincoln Guardado, is due to the delay in the execution of the... Continue Reading →
ION in new reimaging program off Brazil
ION Geophysical Corporation on Tuesday announced a new 3D multi-client broadband reimaging program offshore Brazil. Supported by industry funding, the Picanha program provides a regional 3D framework that delivers fresh insights into the complex Campos and Santos basins’ petroleum systems ahead of upcoming license rounds, the company said. By using ION’s latest broadband processing and... Continue Reading →
Brazil Investors Watching Temer Vote for Clues on Economic Plan
Brazilian President Michel Temer is widely expected to avoid a corruption trial by winning a congressional vote Wednesday. But the final tally could signalwhether he still has enough support to push through economic measures that have been championed by investors. Read more
Galp prepares for upcoming oil auctions in Brazil
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 →
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