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Pre-salt Pipeline Begins Operating Petrobras starts operation of Rota 2, the second largest gas pipeline in the pre-salt. The FPSO Cidade de Maricá, in the Lula field, in the Santos Basin also began production [16.02.2016] By Gustavo Gaudarde/Brasil Energy In Santos, the president of Petrobras Aldemir Bendine said the company will give priority to divestiture... Continue Reading →
Suppliers’ Business Merger Vallourec Tubos and VSB to merge activities in Brazil due to the unfavorable economic situation. The first has 26 contracts with Petrobras with assets totaling around US$ 4 B [16.02.2016] By Lara de Faria/Brasil Energy Vallourec Tubos do Brazil (VBR) announced today (February 16) the merger of their business with VSB, which... Continue Reading →
Feb 16, 2016 Reuters BRASILIA Brazil's Senate may soon vote on a bill ending state-led oil company Petrobras' obligation to run all new development and pay at least 30 percent of the costs of all new offshore development in the Subsalt Polygon oil region, Renan Calheiros, the Senate's president, said on Tuesday. The vote, sponsored... Continue Reading →
Petrobras’s stock is worthless and a growing group of investors believe Brazil’s state-controlled oil company will convert debt into equity in a move that will benefit bondholders over shareholders, BTG Pactual said in a research report. Brazil’s three state-controlled banks, Banco do Brasil, Caixa Economica and development bank BNDES, hold an estimated 87 billion reais... Continue Reading →
02/16/2016 Rio de Janeiro, February 16, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that began operating the Cidade de Maricá platform, in the Lula field (Lula Alto area), in the pre-salt layer of the Santos Basin. The Cidade de Maricá platform is a FPSO, a unit that produces, stores and transfers oil. The... Continue Reading →
Feb 16, 2016 Reuters Shell's company logo is pictured at a gas station in Zurich in this April 8, 2015 file photo. REUTERS/ARND WIEGMANN/FILES Brazilian oil and gas company Petro Rio SA PRIO3.SA said on Tuesday that Royal Dutch Shell (RDSa.L) had canceled an agreement to sell offshore assets in the Campos Basin for an... Continue Reading →
Saudi Arabian Oil Minister Ali Al-Naimi said the output freeze agreed with Russia and two other countries on Tuesday might be followed be more action to improve the oil market. “The reason we agreed to a potential freeze of production is simply the beginning of a process to to asses in the next few months... Continue Reading →
Sembcorp Marine Ltd., which posted its first loss in more than a decade in the fourth quarter, saw its shares jump by the most in nearly a month amid talk that the company could be taken private. The world’s second-largest builder of oil rigs on Monday reported a net loss of S$537 million ($384 million) for the three months... Continue Reading →
Paragon Offshore Plc, the oil services company spun off just as crude began its plunge, filed for bankruptcy protection after announcing deals to reorganize its debt and avoid protracted legal battles involving its former parent, Noble Corp. Houston-based Paragon is the latest casualty of an oil market that has fallen more than 70 percent since June 2014, just... Continue Reading →
Sete Brasil Participacoes SA’s creditors, including Banco do Brasil SA and Itau Unibanco Holding SA, received 2.68 billion reais ($670 million) from a government-backed fund and will likely tap about 1.58 billion reais more, according to a person familiar with the matter. Creditors withdrew the money from the fund created with government assets in 2008 after... Continue Reading →
Brazil Energy Insight 