David Wethe February 25, 2016 Halliburton Co. said it’s cutting another 5,000 workers, or 8 percent of its global workforce, to cope with the worst crude market downturn in 30 years. The world’s second-largest oilfield services provider said last month it cut nearly 4,000 jobs in the final three months of 2015. With the latest... Continue Reading →
Brazil’s January Primary Budget Surplus Beats Analyst Estimates
The central government’s primary budget surplus exceeded analyst estimates last month, as a jump in tax revenue pulled Brazil out of deficit territory for the first time since April 2015. The surplus, which excludes interest payments as well as municipalities and government-run companies, was 14.8 billion reais ($3.8 billion) in January, the Treasury said Thursday. The... Continue Reading →
Technip Shares Post Record Gain as Oil-Services Orders Increase
Technip SA climbed the most on record in Paris trading after orders received by Europe’s largest oilfield-services provider exceeded analyst expectations. The order intake was 2.8 billion euros ($3.1 billion) in the fourth quarter, bringing its backlog to 17 billion euros at the end of the year, Paris-based Technip said Thursday in a statement. The... Continue Reading →
Petrobras may get $6 billion in sale of gas pipeline system
Feb 25, 2016 Reuters The Brazil's state-run Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil, January 28, 2016. REUTERS/SERGIO MORAES Brazil's state-led oil company Petrobras is expected to fetch as much as $6 billion from the sale of a natural gas pipeline unit in Brazil's industrialized Southeast, the Valor Economico daily newspaper... Continue Reading →
Seadrill Jumps as Profit Beats Estimates Amid Deeper Cuts
Seadrill Ltd., the oil-rig company controlled by billionaire John Fredriksen, beat profit estimates as it deepened cost cuts to counter a slump in demand for offshore drilling. The stock rose as much as 10 percent in Oslo. The company, which is struggling with debt in a dismal rig market, said it would announce a funding... Continue Reading →
Pemex, Badly in Need of Cash, Works on Plan to List Some Assets
With oil prices stuck near a 12-year low and output in free-fall, speculation is mounting that Petroleos Mexicanos will seek to raise cash by selling stakes in pipelines and oil terminals that might have otherwise been off limits. The state-owned oil company will probably take advantage of new rules creating master limited partnerships in Mexico,... Continue Reading →
Brazil Senate Votes to Limit Petrobras Role in Deep Waters
Brazil’s Senate approved legislation that relieves Petrobras of its role as sole operator and mandatory stakeholder in so-called pre-salt deepwater oilfields, potentially allowing the state-run company to direct resources to more profitable operations. Legislators on Wednesday night voted 40 to 26 in favor of the bill, which was introduced by opposition Senator Jose Serra and now goes... Continue Reading →
Swiss detain Brazilian citizen in Petrobras probe
Feb 24, 2016 Reuters The Brazil's state-run Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil, January 28, 2016. REUTERS/SERGIO MORAES Swiss authorities have arrested a Brazilian citizen linked to a criminal investigation into suspected bribes paid to former directors at Brazil's state-run oil company Petroleo Brasileiro SA, Swiss federal prosecutors said... Continue Reading →
Brazil Credit Ratings Cut to Junk by Moody’s
Brazil’s sovereign rating was cut to junk by Moody’s Investors Service, the last of the major ratings companies to strip the country of its investment grade, as President Dilma Rousseff struggles to shore up fiscal accounts amid deepening political turmoil. The country’s benchmark stock gauge declined the most in two weeks and the currency weakened... Continue Reading →
Peru’s president linked in court papers to Brazil bribery scheme
Brazilian police have uncovered evidence that Peruvian President Ollanta Humala may have received $3 million in bribes from engineering and construction conglomerate Odebrecht, according to federal court filings in Brazil. The court papers, made public on Monday, show that documents seized from Marcelo Odebrecht, the jailed former chief executive of the Brazilian company, list $3... Continue Reading →
Brazil Energy Insight 