Italian oil company Eni returned to profit during the first quarter of 2017, versus a loss in the year-before quarter, owing to the upward trend in crude oil prices. The oil company on Wednesday posted a net profit of €965 million, versus a loss of €383 million. According to Eni, this performance was driven by a recovery... Continue Reading →
SBM Offshore still in talks to resolve bribery case in Brazil
SBM Offshore has yet to resolve its status in Brazil following an alleged corruption scandal. To remind, the world’s largest FPSO vessel provider had in July 2016 signed a settlement agreement with the Brazilian authorities, and Petrobras, closing corruption probe over improper payments to Petrobras’ executives. SBM Offshore has been accused of bribing its way... Continue Reading →
Petrobras – New divestment portfolio
Rio de Janeiro, May 10, 2017 – Petróleo Brasileiro S.A. – Petrobras, further to the material fact disclosed on 3/31/2017, informs that its Executive Board has approved the recomposition of its partnership and divestment portfolio. Among these projects, there are the sales of Pasadena Refinery and of the interest in Petrobras Oil & Gas B.V.... Continue Reading →
Brazil ex-president Lula appears in court to face graft charges
Embattled former Brazilian president Luiz Inacio Lula da Silva appeared in a federal court on Wednesday to give his first direct testimony before a crusading, anti-corruption judge on graft charges he dismisses as a political witch hunt. Lula is accused of receiving a beach apartment in return for helping the OAS construction firm win government... Continue Reading →
Petrobras includes Texas refinery, African assets in divestment plan
Wed May 10, 2017 May 10 Petróleo Brasileiro SA will include its Pasadena, Texas refinery and its African assets in a divestment plan, the Brazilian state-controlled oil company said in a Wednesday securities filing. Petrobras, as the company is known, reaffirmed its target of divesting up to $21 billion in assets by the end of... Continue Reading →
Aker Solutions profit, revenues hit by market slowdown
Norwegian oil services company Aker Solutions saw a decrease in profit as well as revenues for the first quarter of this year due to market slowdown. However, looking ahead, the company sees some signs of recovery. According to its quarterly report on Tuesday, the company won NOK 4.6 billion in new orders in the quarter. The... Continue Reading →
Transocean raises $410M to pay for drillship construction
Transocean, world’s largest offshore drilling contractor, has closed a private offering $410 million in senior secured notes with an annual rate of 5.52% and maturing in 2022. Transocean last week posted a net income of $95 million for the first quarter of the year, which is a drop when compared to $242 million in the corresponding... Continue Reading →
Exxon, Petrobras Said to Hold Talks on Wide-Ranging Partnership
Exxon Mobil Corp. and Petrobras have held talks on a strategic partnership that could involve multiple assets in Brazil and overseas in different segments of the industry, similar to the $2.2 billion deal signed with Total SA in December, said people familiar with the conversations. Such a deal could give Exxon access to oil fields... Continue Reading →
Brazil on edge as ex-president Lula squares off with judge Moro
When Brazil's former President Luiz Inacio Lula da Silva and Judge Sergio Moro meet for the first time in a courtroom on Wednesday, the contrasts - and the stakes - could hardly be greater. One is the country's most popular president ever and the front-runner in next year's election - a former union leader who... Continue Reading →
Cost cuts, NTS sale to boost first-quarter profit at Petrobras
Profit at Brazilian state-controlled oil firm Petróleo Brasileiro SA probably rose to the highest level in almost two years in the first quarter, benefiting from stringent cost-cutting and one-time gains from the $5.2 billion sale of a natural gas pipeline unit, analysts said on Tuesday. Net income at Rio de Janeiro-based Petrobras likely came in... Continue Reading →
Brazil Energy Insight 