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Crude’s plunge keeps piling on the bad news for oil producers, who are having the worst start to a year on record. More than $100 billion has been wiped off the 61-company Bloomberg World Oil & Gas Index this year as it plunged to the lowest since August 2004. It has dropped 5.6 percent, making... Continue Reading →
Statoil ASA, Norway’s biggest energy company, said an oil rout that’s pushed prices to a 12-year low may still get worse. “It could go even lower, and it just underlines the uncertainty,” Chief Executive Officer Eldar Saetre said in an interview in Oslo. “We still have a situation with an imbalance in the market.” West... Continue Reading →
Thu Jan 7, 2016 Reuters Brazilian state-run oil company Petrobras will present a five-year investment plan in coming weeks that is even leaner than the $19 billion announced in October, newspaper Estado de S. Paulo reported on Thursday. The plan will likely be presented in February, the newspaper said, citing anonymous sources. In addition to... Continue Reading →
Grupo BTG Pactual and other investors in a troubled drilling-rig supplier will meet this month and decide whether Sete Brasil Participacoes SA will file for bankruptcy protection after oil prices collapsed and it was cited in a sprawling corruption scandal, four people with direct knowledge of the matter said. Shareholders may vote to seek legal... Continue Reading →
The price of crude sold by OPEC members slid below $30 a barrel, the lowest level in almost 12 years, as turmoil in Chinese markets deepened the global commodities rout. The daily basket price of crudes produced by the 13 members of the Organization of Petroleum Exporting Countries fell to $29.71 a barrel on Wednesday,... Continue Reading →
Latin America’s economy will stagnate in 2016 as commodity-dependent countries such as Brazil and Venezuela drag down the entire region, offsetting a positive performance in Mexico, the World Bank forecast. Output in Latin America and the Caribbean will be flat this year, down from a 2.1 percent growth forecast last June, according to the World... Continue Reading →
Wed Jan 6, 2016 Reuters Petrobras ends rig contract with Ensco over bribe charges The logo of Brazil's state-run Petrobras oil company is pictured outside its headquarters in Rio de Janeiro, Brazil, December 17, 2015. REUTERS/RICARDO MORAES Rig contractor Ensco Plc said Brazilian oil producer Petrobras has ended a contract for a drillship over allegations... Continue Reading →
Wed Jan 6, 2016 Reuters Jan 6 Brazilian engineering firm UTC Engenharia S.A. has renegotiated 1.2 billion reais ($300 million) of debt with banks, the first engineering firm caught in a massive construction scandal to do so, newspaper Folha de S. Paulo reported on Wednesday. After a year of negotiations, four banks agreed to extend... Continue Reading →
In a few weeks Petrobras will release an update of this report. I am re-posting the Oct/2015 report to keep at hand for comparison purposes and to draw your attention to slide 22 comparing the old development plan with the newer version. Petrobras Update_Oct2015
A group of Japanese shipbuilders led by Mitsubishi Heavy Industries Ltd (MHI) plans to exit its 30 percent stake in Brazilian shipbuilder Ecovix and declare the investment as a loss, Valor Economico newspaper reported on Tuesday. The group led by MHI plans to sell its stake in Ecovix, which it bought in 2013 for about... Continue Reading →
Brazil Energy Insight 