Oct 31 Petróleo Brasileiro SA has secured 20-year contracts for the transport of natural gas through Nova Transportadora do Sudeste SA, which the Brazilian state-controlled oil company recently sold to Brookfield Asset Management Inc for $5.19 billion. In a Monday securities filing, Petrobras, as the company is known, said Brookfield will pay $4.34 billion... Continue Reading →
GE Deal With Baker Hughes Creates $32 Billion Oil-Services Giant
General Electric Co. agreed to combine its oil and gas business with Baker Hughes Inc., creating an industry giant with a broader suite of offerings amid the ongoing slump in crude prices. GE will own a 62.5 percent stake in the combined provider of oilfield services, which will be publicly traded and have $32 billion in... Continue Reading →
GE, Baker Hughes Partnership Would Raise Oilfield Clout for Both
Combining General Electric Co. and Baker Hughes Inc.’s oil businesses into partnerships could create a player capable of competing with the industry’s biggest -- and may not require a huge amount of money. The industrial-equipment behemoth and the No. 3 oil services provider say that discussions are taking place for potential "partnerships," but wouldn’t provide... Continue Reading →
Statoil, YPF plan Argentina offshore seismic
Offshore tie-up: Ricardo Darre of YPF and Tim Dodson of Statoil YPF Kathrine Schmidt 28 October 2016 17:20 GMT Norway's Statoil and Argentina's YPF have penned a co-operatative agreement aimed at deepening understanding of the South American nation's offshore potential. Under the agreement, the two national oil companies will together collect new 2D seismic data... Continue Reading →
Libra programme in the crosshairs for cost reductions
28 October 2016 00:00 GMT As Petrobras presses forward with efforts to put its house in order after the ravages wrought by the Car Wash corruption scandal and the oil price collapse, the Brazilian state oil giant is turning its attention to boosting the economics of major development programmes such as that at the giant... Continue Reading →
Petrobras aiming at 11 FPSOs in three years
By Fabio Palmigiani Rio de Janeiro 28 October 2016 00:00 GMT Brazilian oil giant working with fabricators and yards to bring already-contracted units into play by 2019 Petrobras is working closely with fabricators and shipyards in Brazil and China, as it looks to bring 11 already-contracted floating production, storage and offloading vessels into operation over... Continue Reading →
Petrobras reveals Libra FPSO plans
Pioneira de Libra FPSO: integration work 80% complete By Fabio Palmigiani in Rio de Janeiro 27 October 2016 19:27 GMT Brazil’s Petrobras has unveiled plans to install four large floating production, storage and offloading vessels at the giant Libra field in the Santos basin pre-salt province by 2023, as it looks to speed up development... Continue Reading →
Brazil prosecutor says any Odebrecht plea deal ‘months’ away
A long-anticipated plea bargain deal with the construction firm at the center of Brazil's largest graft scheme is at least "months" away and could fall apart due to interference by fearful politicians, a top prosecutor told Reuters. Construction firm Odebrecht SA [ODBES.UL], the largest in Latin America, is accused of being the main corporate driver... Continue Reading →
GE Weighs Baker Hughes Partnership as Oil Giants Pilot Slump
Months after General Electric Co. considered a potential deal for Baker Hughes Inc. assets, the pair are in talks to form unspecified “partnerships” as oilfield equipment makers and service providers grapple with an extended rout in energy prices. The discussions are ongoing but GE isn’t weighing “an outright purchase,” spokeswoman Deirdre Latour said Thursday in a statement. GE... Continue Reading →
Exxon Facing Historic Reserves Reduction as Slump Persists
Exxon Mobil Corp. warned it may be facing the biggest reserves revision in its history as production sank to a seven-year low and profit slid amid a prolonged slump in energy markets. About 3.6 billion barrels of reserves in the Canadian oil sands and the equivalent of another 1 billion barrels of oil in other... Continue Reading →
Brazil Energy Insight 