Even for Venezuela's notoriously opaque economy, it was a sweetheart deal that went too far. Last August, state oil company Petroleos de Venezuela SA issued one of its largest tenders in recent years: a multi-billion dollar project in the Orinoco Belt, the world's largest crude reserve. The project was designed to shore up the OPEC... Continue Reading →
Petrobras to reduce role in Brazil’s natural gas industry
State-controlled oil company Petrobras said on Tuesday it plans to scale back its role in Brazil's natural gas industry by selling or sharing control of pipelines and opening its liquefied natural gas (LNG) terminals to third parties. The move by Petroleo Brasileiro SA, as the company is formally known, is part of a wider move... Continue Reading →
BP Profit Sinks as Lower Oil, Weak Refining Strain Industry
BP Plc posted a 45 percent slump in earnings, pointing to a poor set of results from the industry as oil production barely breaks even and profits from refining sputter. The U.K. company, the first oil major to report second-quarter results, said adjusted profit dropped to $720 million from $1.3 billion a year earlier, missing... Continue Reading →
Brazil Banks’ Lower Provisions Seen Masking Credit-Quality Woes
Itau Unibanco Holding SA, Banco Bradesco SA and Brazil’s other major banks are expected to post their first quarter-over-quarter decline in bad-loan provisions in at least a year when they report results in coming days. The good news will probably be short-lived. Provisions jumped in the first quarter as banks took into account the looming... Continue Reading →
TECHINT STARTS LAST CONSTRUCTION PHASE OF FPSO P-76 NEXT WEEK
June 22,2016 FPSO P-76, which will be used by Petrobras in the Buzios III field, area of transfer of rights of pre-salt Santos Basin, is heading towards the Pontal do Paraná,PR. , to the Offshore Techint Unit, for last adjustments of the modules integration process before leaving for the final destination. The new unit... Continue Reading →
Ecuador Ends One Chevron Battle. What Does It Mean for the War?
Ecuador last week paid Chevron Corp. $112 million in an arbitration case dating back to the 1970s. The accord, while dealing with obscure contractual matters, could have ramifications for bigger court fights between the two fierce adversaries. The government of Ecuadorian President Rafael Correa has taken an extremely hostile stance in other, pricier legal battles with the U.S. energy company. The natural... Continue Reading →
Brazil’s Economic Gloom Shows Signs of Lightening
Brazil’s Economic Gloom Shows Signs of Lightening Amid a litany of other challenges, some indicators suggest prospect of a recovery, however plodding By ROGERIO JELMAYER and JEFFREY T. LEWIS/WSJ July 24, 2016 7:34 p.m. ET SÃO PAULO—As the world starts to focus on the Olympic Games in Rio de Janeiro, economists here say they see... Continue Reading →
Agreement to Sell Petrobras Chile is Signed
Rio de Janeiro, July 22, 2016 – Petróleo Brasileiro S.A. (Petrobras), following up its material fact announcement of May 3, 2016, announces that it today signed a sale and purchase agreement with the Southern Cross Group for 100% of Petrobras Chile Distribuición Ltda (PCD), held through Petrobras Caribe Ltda. The estimated cash inflow from the... Continue Reading →
COMPERJ Project
Rio de Janeiro, July 22, 2016 – Petróleo Brasileiro S.A. (Petrobras) announces that at a meeting held today, its Board of Directors approved a reassessment of its Rio de Janeiro Petrochemical Complex (COMPERJ) project. This decision will enable the continuation of activities to implement COMPERJ units associated with its natural gas processing unit. The natural... Continue Reading →
Abreu e Lima Refinery (RNEST)
Rio de Janeiro, July 22, 2016 – Petróleo Brasileiro S.A. (Petrobras) announces that at a meeting held today, its Board of Directors approved a reassessment of the Abreu e Lima Refinery (RNEST) project. This decision will enable the continuation of procurement activities to complete the emissions reduction unit (SNOX) and other construction work to complement... Continue Reading →
Brazil Energy Insight 