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 →
Apply Leirvik to construct Peregrino II living quarters for Statoil
Norway’s Apply Leirvik has been awarded a new living quarters engineering, procurement, and construction (EPC) contract from Statoil with a total value of 400 million NOK ($48 million). Apply Leirvik said that Statoil awarded the company a contract for the delivery of the living quarters module for the Peregrino II platform in the Campos Basin... Continue Reading →
Statoil takes further interest in Brazilian offshore license
Statoil and Queiroz Galvão Exploração e Produção (QGEP) have signed an agreement for Statoil to acquire QGEP’s 10% interest in the BM-S-8 license in Brazil’s Santos basin. The additional 10% equity will increase Statoil’s operated interest in the license from 66% to 76%. The total consideration for the transaction is $379 million. BM-S-8 includes a... Continue Reading →
Brazil’s Temer Has the Votes to Crush Corruption Charges
Brazil President Michel Temer has the support to defeat a congressional motion that would put him on trial for alleged corruption, according to a tally of voter intentions compiled by Bloomberg. The request to try Temer is expected to be up for both a lower house committee and a floor vote as early as this... Continue Reading →
Brazil’s Lula Sentenced to Prison on Corruption Charges
Brazil’s former President Luiz Inacio Lula da Silva was convicted of graft and money-laundering for his part in the country’s sweeping corruption scandal, potentially removing him from the political scene just as his prospects of returning to the presidency were gaining momentum. Sergio Moro, the lead judge in the multi-billion dollar corruption probe known as... Continue Reading →
Galp wants to be Statoil’s pilot fish in Brazil
Galp selected as an absolute priority in Brazil, the bidding of the North area of the Carcara field (BM-S-8), in the Santos Basin, scheduled for 27 of October. Galp is trying to convince Statoil to enter the bidding, repeating part of the consortium that owns the BM-S-8 concession. Galp is the "small fish" of... Continue Reading →
Brazil Energy Insight 