Brazil economists forecast a stronger currency in 2016 and 2017 for the second straight week as the government seeks to shore up fiscal accounts and rebuild confidence. The country’s real will reach 3.55 per U.S. dollar at the end of 2017, compared to the previous week’s forecast of 3.70 and 3.81 a month ago, according... Continue Reading →
Brazil’s Petrobras bringing two FPSO platforms online
Jul 11, 2016 Reuters Brazil's state-led oil company Petroleo Brasileiro SA is working hard to meet its production targets, the company's head of exploration and production, Solange Guedes, said on Monday in a telephone interview. Guedes said the company's floating, production, storage and offloading ship (FPSO) named Cidade de Saquarema could begin operations in the... Continue Reading →
Petrobras announces Tender Results and Settlement of Tender Offer and Consent Solicitation
Rio de Janeiro, Brazil – July 11, 2016 – Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) (NYSE: PBR) hereby announces that holders of US$299,159,000.00, or approximately 51.87%, of the outstanding 8.375% Global Notes due 2018 (the “2018 Notes”), issued by Petrobras’s wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”), tendered their 2018 Notes at or prior to... Continue Reading →
Petrobras – Oil and natural gas production in June
Rio de Janeiro, July 11, 2016 – Petróleo Brasileiro S.A. (Petrobras) announces that its total oil and natural gas production in June was 2.90 million barrels of oil equivalent per day (boed), a new monthly record for the company, beating its previous record of 2.88 million boed, set in August 2015. June’s output was up... Continue Reading →
Brazil’s Petrobras oil, gas production up 2 pct in June
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 →
