The company on Tuesday posted earnings attributable to McDermott stockholders of $21.9 million for the first quarter of 2017, compared to a $2.2 million net loss in the corresponding period of 2016. There were no adjustments from GAAP for the $21.9 million net income in 1Q 2017, compared to an adjusted net income of $36.3 million,... Continue Reading →
Baker Hughes tightens net loss in first quarter
Oilfield services provider Baker Hughes narrowed its net loss for the first quarter of 2017 compared to the prior-year period while its revenues declined by 15 percent. Baker Hughes on Tuesday posted a net loss for the first quarter of 2017 of $129 million, compared to $417 million in the fourth quarter of 2016, and... Continue Reading →
Odebrecht lenders to forgo early debt repayment after M&A deal
Creditors of Odebrecht SA have agreed to not tap proceeds from the sale of a water and sanitation utility for early repayment of loans, giving the embattled Brazilian engineering conglomerate more time to restructure 76 billion reais ($24 billion) of obligations. In a Tuesday statement, Odebrecht [ODBES.UL] said lenders allowed it to keep the 2.5... Continue Reading →
Uruguay says it will auction 17 offshore blocks for oil exploration
Uruguayan state oil company Ancap said it will auction 17 offshore blocks for exploration in areas of up to 3,000 meters deep with offers to be presented in April 2019. The auction, called the Uruguay Round III, will be launched in Houston in September. "Ancap is working with the Ministry of Industry and Energy to... Continue Reading →
Petrobras divestment – LNG terminal Pecem/Ceara
Petrobras President Pedro Parente and Ceará Governor Camilo Santana met at the company's headquarters in Rio de Janeiro to discuss the possibilities of investing in the Pecem port regasification terminal and storage tanks for oil derivatives. According to the governor, several companies have already contacted the state expressing interest in analyzing the potential of these... Continue Reading →
Brazil weighs biofuel mandates for fuel distributors to cut emissions
The Brazilian government is evaluating setting biofuel mandates to fuel distributors with the aim of increasing consumption of renewable fuels and cutting carbon emissions, the country’s biofuels director Miguel de Oliveira said on Tuesday. Ethanol and biodiesel mills would issue certificates of emissions reductions (CERs) that would be transferred to fuel distributors when they buy... Continue Reading →
Brazil’s labor reform bill clears lower house committee
A bill that backers say will modernize Brazil's labor laws and ease employment rules for companies was approved by a lower house committee on Tuesday and was headed for a floor vote in the full chamber on Wednesday. The committee approved the proposal 27-10, a victory for President Michel Temer, who is trying to pass... Continue Reading →
The Electric-Car Boom Is So Real Even Oil Companies Say It’s Coming
Electric cars are coming fast -- and that’s not just the opinion of carmakers anymore. Total SA, one of the world’s biggest oil producers, is now saying EVs may constitute almost a third of new-car sales by the end of the next decade. The surge in battery powered vehicles will cause demand for oil-based fuels... Continue Reading →
BRASA Shipyard could close its doors if ANP approves end of local content in LIBRA
April 25, 2017 By Daniel Fraiha (daniel@petronoticias.com.br) The discussion about the waiver request for the Libra FPSO was intense at the public hearing promoted by the ANP and the industrial sector has been waiting with great expectation for the result to be released by the agency. Several companies and institutions, concerned about the future of... Continue Reading →
Spain, Brazil plan subsea fiber optic cable by 2019
The Spanish and Brazilian governments have teamed up to lay an undersea cable in the Atlantic Ocean to offer fast online and cloud services to citizens of both countries by 2019, underscoring efforts to rout communications outside North America. The EllaLink subsea cable will connect to data centers in Madrid and São Paulo, as well... Continue Reading →
Brazil Energy Insight 