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The new chief executive officer of Petroleo Brasileiro SA looks like he’s going to be making fans in the ethanol industry. Pedro Parente, who was sworn in as the head of Brazil’s state-owned oil producer this month, has made clear that the era of government-subsidized domestic gasoline is over. That’s likely to raise prices and... Continue Reading →
Statoil ASA may seek to partner with Petroleos Mexicanos in Mexico’s deepwater fields as the producer looks to gain a foothold in the country’s recently opened energy market. “We see opportunities to bid on deepwater farm-out agreements with Pemex if the terms and conditions are right," said Tore Loseth, vice president of Statoil Exploration in... Continue Reading →
Brazil's second-biggest fuel distributor, the Ipiranga unit of Ultrapar Participações SA , agreed to acquire a smaller peer for 2.17 billion reais ($635 million), rivaling the reach of state oil company Petrobras' distribution unit. Ipiranga, which has a network of 7,241 service stations, said in a securities filing on Sunday that the acquisition of Alesat... Continue Reading →
Brazil's main oilworkers unions on Friday held a 24-hour strike as part of nationwide protests against the government of interim-President Michel Temer, attacking his oil policies and seeking the return of suspended President Dilma Rousseff. The strike started just before midnight Thursday. Officials with the union, Sindipetro NF said there was almost no chance it... Continue Reading →
Rio de Janeiro, June 9, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 255/2016-CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 255/2016-CVM/SEP/GEA-1 “Dear Officer, We refer to the news item published on June 6, 2016 in the O Pais (The Country) column of the newspaper O Globo, entitled Propinas desde 2002... Continue Reading →
It’s longer than three soccer fields, heavier than two aircraft carriers and powerful enough to chill gas into liquid colder than the surface of Jupiter. And its maiden voyage couldn’t have come at a worse time. The world’s first modern vessel for producing liquefied natural gas was ordered by Petroliam Nasional Bhd in 2012 when LNG... Continue Reading →
BP Plc sold its Norwegian oil fields, some more than 40 years old, to a company controlled by billionaire Kjell Inge Roekke in a 10.8 billion kroner ($1.3 billion) stock deal. The new business, called Aker BP ASA, will be the seventh-largest producer in Norway, with daily oil and natural gas output of about 122,000... Continue Reading →
When Odebrecht SA sought to raise cash at the turn of the decade for an oil and gas venture, a top financier predicted the project would be pitched by “every single banker worth his mettle.” These days, when the Brazilian conglomerate seeks new funding, the answer is almost always the same: No. Interviews with... Continue Reading →
Brazil has banned the local unit of Swedish construction company Skanska AB from doing government work for at least two years, having accused it of involvement in a bribery and kickback scandal, the Ministry of Transparency said on Thursday. The ministry said Skanska Brasil Ltda belonged to a cartel that fixed prices on contracts with... Continue Reading →
Seadrill Ltd., the offshore driller seeking to cut its debt load, agreed to swap bonds for equity in the second such deal in less than a month. The company will issue 7.5 million new shares with par value of $2 apiece to some holders of its bonds due September 2017, in exchange for $50 million... Continue Reading →
Brazil Energy Insight 