After filing to conclude its judicial recovery process, OGX, jewel of the crown of the former Empire X of Eike Batista, faces important challenges to overcome in the coming months. With difficulties to honor its investment commitments and living with risks of having its only source of revenue generation interrupted as early as next year, the... Continue Reading →
PETROBRÁS STARTS DRILLING OF TWO NEW WELLS
Jun. 2 , 2017 Petrobras kicked off the drilling of two wells, one offshore and another onshore. The first is located in the Campos Basin in the Marlim Sul field. The drilling is being done by the Norbe IX rig, which belongs to Odebrecht. The well, which bears the technical name of 6BRSA1349RJS, is in... Continue Reading →
Petrobras – Pre-payment of bank debt with Itaú
Rio de Janeiro, June 2, 2017 - Petróleo Brasileiro S.A. – Petrobras informs that has executed today the pre-payment of an Export Credit Note with Banco Itaú, in the amount of R$ 1 billion and maturity in 2020. Petrobras will continue to assess new funding opportunities according to its liability management strategy, which aims to... Continue Reading →
KNOT Offshore Partners LP Announces Completion of the Acquisition of Vigdis Knutsen
June 01, 2017 ABERDEEN, Scotland--(BUSINESS WIRE)--KNOT Offshore Partners LP (the “Partnership”) (NYSE:KNOP) announced today that it has completed its acquisition of the ownership interests in the company that owns and operates the shuttle tanker Vigdis Knutsen (KNOT Shuttle Tankers 25 AS “KNOT 25”) for an aggregate purchase price of $147.0 million less $137.7 million of outstanding indebtedness plus... Continue Reading →
Brazil Oil production increases 10.9% compared to April 2016
June 01, 2017 In April 2017, oil production in Brazil totaled 2,539 million barrels per day (bbl / d). The volume represents a growth of 10.9% in relation to the same month in 2016 and a decrease of 0.4% in comparison with the previous month. Meanwhile, natural gas production was 103 million cubic meters per... Continue Reading →
UNDER NEW MANAGEMENT, SCHAHIN OIL & GAS CHANGES NAME TO BASE
JUNE 2, 2017 Schahin OIL & GAS has a new face. Or rather, new name. The company that carried the founders' last name for 50 years is now called Base. The move is part of the restructuring following the corruption scandals discovered by the Lava Jato operation and follows the course of the judicial... Continue Reading →
Brazil’s Petrobras says political turmoil unlikely to affect asset sales
Brazil's state-controlled oil company Petroleo Brasileiro SA does not expect political turmoil caused by a massive corruption investigation to affect its asset sales and debt reduction program, Chief Executive Officer Pedro Parente said Thursday. The Petrobras CEO also said the company will not stop deleveraging once the target of 2.5 times EBITDA is reached. He... Continue Reading →
Brazil Plots Steady Clean-Energy Course Amid Political Turmoil
Brazil is taking steps to promote new renewable-energy projects as the government seeks to reassure the industry that political turmoil won’t threaten current power policies. The country will organize at least one power auction for clean-energy projects this year, according to Eduardo Azevedo, secretary of energy planning and development at the Ministry of Mines and... Continue Reading →
Petrobras – R$ 7 billion financing transaction with Banco do Brasil
Rio de Janeiro, June 1st, 2017 - Petróleo Brasileiro S.A. – Petrobras reports that it has executed today a financing transaction with Banco do Brasil, as an Export Credit Note (ECN) modality, in the amount of R$ 7 billion, with maturity in 2022. Simultaneously, the company prepaid ECNs in the amount of R$ 6 billion,... Continue Reading →
Trump’s Paris Adieu Is a Win for Coal and Oil But Not a Big One
The biggest winners in President Donald Trump’s decision to walk away from the Paris climate accord are oil, coal and natural gas producers. And even they aren’t popping Champagne corks. The president, who has called climate change a hoax, cast aside any lingering doubts about his commitment to fossil fuels Thursday when he announced the... Continue Reading →
