A worker grabs a nozzle at a petrol station in Tehran, Iran January 25, 2016. REUTERS/RAHEB HOMAVANDI/TIMA Oil prices rose 5 percent on Wednesday, their biggest advance in three weeks, after the U.S. government reported a surprise draw in domestic crude stockpiles versus market expectations for a new record high. Minutes from the Federal Reserve's... Continue Reading →
Clarification on News: Conditions of the Loan with the China Development Bank (CDB)
Rio de Janeiro, April 04, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 140/2016/CVM/SEP/GEA-1 requesting clarifications, as transcribed below: Official Letter 140/2016/CVM/SEP/GEA-1 “Dear Executive Officer, We present clarifications about the news item published today on the O Estado de São Paulo newspaper, Seção Economia (Economy Section), under the title: “China conditions... Continue Reading →
Keppel, Sembcorp Rallies Seen Ending as Oil-Rig Orders Drop
The world’s two biggest builders of oil rigs saw their stocks rise the most in more than two years last month as crude rebounded. Investors looking for more gains shouldn’t get their hopes up just yet, Baring Asset Management and Henderson Global Investors say. Keppel Corp. surged 13 percent and Sembcorp Marine Ltd. rose 7.8 percent... Continue Reading →
Halliburton’s Dying Bid Shows Antitrust Cops Pounding Mega-Deals
The corporate deal-making boom last year was one for the record books. The harder part: Winning the blessing of emboldened antitrust officials in the Obama administration’s last year. U.S. enforcers have turned increasingly aggressive in their mission to protect competition between companies -- the latest example being the Justice Department’s expected move to block Halliburton Co.’s... Continue Reading →
Petrobras Chairman, Management Said Split on Gasoline Price Cuts
Petrobras Chairman Nelson Carvalho has opposed a management proposal to reduce the price of gasoline in a bid to boost sales, said a person familiar with the discussions. Jorge Celestino, the head of refining, proposed a price cut at a time Petrobras is losing market share, said the person, who asked to remain anonymous because... Continue Reading →
Brazil New Election Calls Grow as Crisis Snares Vice President
With political turmoil engulfing much of Brazil’s leadership, a proposal for new presidential elections this year is beginning to gain traction. A Supreme Court Justice on Tuesday ruled that Vice President Michel Temer should face impeachment proceedings just like President Dilma Rousseff. Judge Marco Aurelio Mello said Lower House chief Eduardo Cunha had overstepped his... Continue Reading →
Halliburton Faces U.S. Lawsuit on Baker Hughes Deal
U.S. antitrust officials have prepared a lawsuit to stop Halliburton Co. from taking over rival oil-services company Baker Hughes Inc., according to a person familiar with the matter. The Justice Department plans to file the lawsuit seeking to block the deal as soon as this week, claiming it violates antitrust laws by eliminating competition between... Continue Reading →
Justice Department will sue to stop merger of Halliburton and Baker Hughes
Various Halliburton equipment being stored at the equipment yard in Alvarado, Texas June 2, 2015. REUTERS/COOPER NEILL The U.S. Justice Department will file a lawsuit as soon as this week to stop Halliburton from merging with Baker Hughes, a deal that would combine the No. 2 and No. 3 oil services companies, a source familiar... Continue Reading →
House of Cards Cont.. Brazil top court justice orders Temer impeachment
Brazil's President Dilma Rousseff (L) talks to Vice President Michel Temer at the Planalto Palace in Brasilia, Brazil, in this March 2, 2016 file photo. REUTERS/ADRIANO MACHADO/FILES A Brazilian Federal Supreme Court justice on Tuesday ordered Congress to start impeachment proceedings against Vice President Michel Temer, in a surprise ruling that risks deepening a political... Continue Reading →
Another Brazil State-Run Giant Readies Its Own Graft Writedowns
A year after Brazilian oil giant Petroleo Brasileiro SA took a writedown of $2.1 billion because of the sweeping corruption scandal known as Carwash, another state-run company is getting closer to reporting its own price tag from graft losses. The team of lawyers and specialists hired by Centrais Eletricas Brasileiras SA has finished the bulk... Continue Reading →
Brazil Energy Insight 