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Keppel Corp., the world’s largest builder of oil rigs, posted a 48 percent drop in second-quarter profit as oversupply led to delivery delays for offshore projects, and said it doesn’t expect demand for rigs to return soon. Net income dropped to S$205.8 million ($152 million) from S$396.7 million a year earlier, Keppel said in a... Continue Reading →
Brazil’s central bank kept the benchmark interest rate unchanged for the eighth straight meeting Wednesday, saying stubborn inflation leaves no room for monetary easing. The central bank board, led for the first time by its new chief, Ilan Goldfajn, held the so-called Selic rate at an almost 10-year high of 14.25 percent. All 38... Continue Reading →
Brazil's government may not need a further freeze spending to meet fiscal goals because revenues are expected to recover in the second half of the year as the recession-hit economy stabilizes, government officials said on Wednesday. Local media reports have said the government was considering freezing an additional 20 billion reais ($6.17 billion) in spending... Continue Reading →
If there is one thing the oil world's chief prognosticators can agree on, it is that global demand is going up by more than a million barrels a day this year. Both the International Energy Agency and the Energy Information Administration put growth at about 1.4 million barrels a day; OPEC has it at 1.2... Continue Reading →
Free translation from article at Valor Economico 07/20/2016 The decision of Odebrecht Oil and Gas (OOG) to go to court to participate in a Petrobras tender was timely and should not be replicated in a linear fashion going forward. "It is not the goal be litigating with Petrobras," said a source familiar with the matter.... Continue Reading →
July 20, 2016 In testimony given on Tuesday (19), to federal judge Sergio Moro, the former CEO of Sete Brasil, João Carlos Ferraz, confirmed of sharing fees charged to shipyards hired by the company, with the former PT treasurer, John Vaccari Neto, with the former director of Petrobras, Renato Duque, and also former Sete... Continue Reading →
At Australia’s Curtis Island, you can see Big Oil morphing into Big Gas. Just off the continent’s rugged northeastern coast lies a 667-acre liquefied natural gas (LNG) terminal owned by Royal Dutch Shell, an engineering feat of staggering complexity. Gas from more than 2,500 wells travels hundreds of miles by pipeline to the island, where... Continue Reading →
Three initial offers on Odebrecht SA's 55 percent stake in a $5 billion natural gas pipeline contract in Peru were rejected by the banks that would finance the project, a Peruvian business news website reported on Tuesday. The banks took issue with two separate proposals by Brookfield Asset Management Inc and Ferrovial SA that would... Continue Reading →
Brazil's state-controlled Petróleo Brasileiro SA is inclined to restart the process of selling part of BR Distribuidora SA, a source with direct knowledge of the matter said, as a recent bidding round put a low price tag on the fuel distribution unit. The source, asking for anonymity as talks are underway, said preliminary board and... Continue Reading →
Braskem SA said on Tuesday controlling shareholder Odebrecht Serviços e Participações SA has placed the entire stake it has in the firm as collateral for outstanding bank loans, in a sign of Odebrecht's challenging debt refinancing outlook. No details on the accord between Odebrecht Serviços, a subsidiary of Grupo Odebrecht SA [ODBES.UL], and lenders were... Continue Reading →
Brazil Energy Insight 