Seeking to reduce costs, while maintaining the high productivity of the pre-salt wells, Petrobras is studying the use of smaller platforms for oil production in the area. According to the director of Exploration and Production of Petrobras, Solange Guedes, some pre-salt wells are achieving daily production of up to 50,000 barrels, an amount which allows... Continue Reading →
Shell Says While Gas Is the Future, It Won’t Be Traded Like Oil
Natural gas is rapidly becoming one of the most traded global commodities, but that doesn’t mean it will have a global price, according to Royal Dutch Shell Plc. While the fuel can be transported anywhere on liquefied natural gas carriers, it will probably remain regionally priced for the time being, with some contracts continuing to... Continue Reading →
Statoil and Petrobras strengthen strategic partnership in Brazil
Statoil and Petrobras took a step forward in strengthening their cooperation in Brazil by signing a Memorandum of Understanding (MoU). The MoU was signed by Statoil CEO, Eldar Sætre (left), and Petrobras CEO, Pedro Parente. (Photo: Ole Jørgen Bratland) The intention of the MoU is to evaluate joint participation in future tenders for exploration areas... Continue Reading →
Oil Discoveries at 70-Year Low Signal Supply Shortfall Ahead
Explorers in 2015 discovered only about a tenth as much oil as they have annually on average since 1960. This year, they’ll probably find even less, spurring new fears about their ability to meet future demand. With oil prices down by more than half since the price collapse two years ago, drillers have cut their exploration budgets to... Continue Reading →
Rousseff Fails to Sway Senate in Trial for Political Life
Dilma Rousseff’s plea against the impeachment process that she likens to a political “death sentence” failed to sway senators, with lawmakers on both sides of the aisle expecting the Brazilian president’s permanent ouster this week. In her first appearance in Congress since proceedings started in December 2015, Rousseff on Monday cited minutia of budget laws,... Continue Reading →
Oil industry suppliers see light at the end of the tunnel
European suppliers to the oil industry, hit by their customers' spending cutbacks over the past two years, have produced stronger than expected second-quarter earnings and are cautiously pointing to signs of recovery in demand. These companies, which encompass oil drillers, engineering groups, oil services providers and seismic surveyors, have had to slash jobs, costs and... Continue Reading →
Seadrill says oil industry may be turning as Q2 beats forecast
Listed offshore driller Seadrill, once the crown jewel in the business empire of shipping tycoon John Fredriksen, said the oil industry may be turning a corner as it posted second-quarter earnings above forecasts on Thursday. At the height of the oil price boom, the company was the world's largest offshore driller by market capitalisation, but... Continue Reading →
Sinopec Profit Slips as Oil Crash Drags Down Refining Gains
China Petroleum & Chemical Corp., the world’s biggest oil refiner, posted a 22 percent decline in profit for the first half of the year as oil’s collapse overpowered the boost from cheaper crude used to make fuels and chemicals. Net income dropped to 19.9 billion yuan ($3 billion), the Beijing-based company known as Sinopec said... Continue Reading →
Brazil’s Impeachment Euphoria Is Blinding Bond Traders to Risks
The finances of Brazilian companies are deteriorating quickly, yet their bonds are handing investors some of the most impressive returns in emerging markets. The incongruity underscores how the euphoria unleashed by the push to impeach President Dilma Rousseff has masked the faltering creditworthiness of the nation’s businesses. S&P Global Ratings now has a negative outlook... Continue Reading →
Brazil’s Dilma Rousseff takes stand in impeachment trial
Suspended President Dilma Rousseff will make a last stand in Brazil's Senate on Monday in an impeachment trial that is widely expected to remove her from office and end more than a decade of leftist rule by her Workers Party. Rousseff, who is being impeached on charges of breaking budget laws, has denied wrongdoing and... Continue Reading →
Brazil Energy Insight 