Jul 11, 2016 Reuters Brazilian state-run oil company Petrobras said on Monday it produced 2.9 million barrels equivalent of oil and natural gas per day in June, an increase of 2 percent compared with May. Petroleo Brasileiro SA, as the company is formally known, said oil production reached a daily average of 2.3 million barrels... Continue Reading →
Transocean’s Junk Bond Sale Shows Investors Still Fear Energy
After a two-week drought, debt investors showed they’re willing to start lending to junk-rated borrowers again. But they’re still apprehensive when it comes to energy companies. That’s what happened this week when off-shore driller Transocean Ltd. came to the bond market with plans to raise $1.5 billion. The company ended up trimming the deal to $1.25... Continue Reading →
Size Isn’t Everything Anymore for World’s Oil-Service Providers
The era of monster takeouts in the oil-services world took a further step back Thursday when National Oilwell Varco Inc. and GE Oil & Gas partnered up, reinforcing an industry-wide push for cost savings over size. The last major attempt at large-scale consolidation failed after Halliburton Co. called off the $28 billion takeover of... Continue Reading →
Petrobras announces the pricing of reopening of outstanding series of Global Notes and increase of Tender Cap
RIO DE JANEIRO, BRAZIL – JULY 7, 2016 – Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) (NYSE: PBR) announces the pricing of additional notes of its 8.375% Global Notes due 2021 (CUSIP No. 71647N AP4 / ISIN No. US71647NAP42) (the “2021 Notes”) and 8.750% Global Notes due 2026 (CUSIP No. 71647N AQ2 / ISIN No. US71647NAQ25)... Continue Reading →
Big Oil’s $45 Billion of New Projects Signal Spending Revival
Two projects worth $45 billion announced this month show the world’s largest oil companies are regaining the confidence to make big investments, emboldened by rising crude prices and low costs that promise to trigger more expansion ahead. Chevron Corp. gave the go-ahead to a $37 billion expansion in Kazakhstan, the industry’s biggest undertaking since crude... Continue Reading →
Meanwhile at the House of Cards Set – Engulfed by Corruption Probe, Brazil’s House Speaker Resigns
Brazilian congressman Eduardo Cunha, who led the drive to impeach Dilma Rousseff, stepped down as lower house speaker on Thursday following allegations of corruption. He announced his decision in a press conference in Brasilia, at times choking up with emotion, saying his decision would help ease the political instability that has rocked Latin America’s largest... Continue Reading →
Brazil committee votes to end exclusive Petrobras subsalt rights
July 7. A bill that would allow companies other than state-led Petrobras to run new oil and gas projects in Brazil's prolific subsalt region advanced on Thursday when a committee of the lower house of Congress voted to recommend it in hopes of reviving stalled petroleum investment. The bill, already passed by Brazil's Senate, will... Continue Reading →
Petrobras announces Reopening of Outstanding Series of Global Notes and Commencement of Cash Tender Offers
Rio de Janeiro, Brazil – July 7, 2016 – Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) (NYSE: PBR) announces that its wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”), plans to offer additional notes of its 8.375% Global Notes due 2021 (CUSIP No. 71647N AP4 / ISIN No. US71647NAP42) (the “2021 Notes”) and 8.750% Global Notes due... Continue Reading →
Brazil police launch probe into Panama’s FPB Bank
Brazilian police seized documents and questioned suspects on Thursday to investigate Panama's FPB Bank in connection to a sweeping graft probe of political corruption at state-run companies. Police said FPB Bank was under investigation for "financial crimes, laundering of assets and transnational criminal organization" for offering private banking services without the authorization of Brazil's central... Continue Reading →
Lost Generation of Oil Workers Leaves Few Options for Next Boom
The oil industry is fighting a generation gap. Already contending with a global price slump, U.S. explorers are also grappling with the demographic hangover of the last great industry downturn in the 1980s, when scores of drillers went out of business. That rout drove a generation away from the business, leaving a shortage of workers... Continue Reading →
Brazil Energy Insight 