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The collapse of oil prices has claimed its first bankruptcy victim in Norway’s offshore industry, and analysts warn more may follow. Dolphin Group ASA, a seismic surveyor that maps the seabed for oil and gas reservoirs, became the first Oslo-listed company in the industry to file for bankruptcy Monday. One of its competitors, Polarcus Ltd.,... Continue Reading →
Brazilian police raided the homes of Lower House Speaker Eduardo Cunha and at least one minister on Tuesday, widening the political scope of an investigation into a suspected web of corruption linking ruling coalition politicians and influential business figures. Cunha is at loggerheads with President Dilma Rousseff after opening impeachment proceedings against her on Dec.... Continue Reading →
Dec 14 Brazil's state of Rio de Janeiro, home to the bulk of the country's oil production, threatened on Monday to impose a new tax on oil and natural gas in the state if the country's oil regulator ANP does not adjust its royalty calculation. The state, whose budget has been hurt by a nearly... Continue Reading →
The opening of Petroleos Mexicanos’s first-ever gasoline station in Houston featured several cultural reminders of the company’s origins. There were mariachis dressed in traditional Charro suits, trumpet-heavy Mexican music and, of course, tacos. Quite a show for one of the world’s most indebted oil companies. Pemex, as the world’s eighth-largest oil company is known, opened... Continue Reading →
Colombia’s state-controlled Ecopetrol SA is targeting reduced production next year as the company slashes its investment budget amid falling oil prices. The combined business group is targeting output of 755,000 barrels of oil equivalent per day next year, down from a 2015 target of 760,000 barrels, Ecopetrol said in a statement Monday. The board approved an investment... Continue Reading →
To the Editor: Re article entitled, “Brazil’s Debt King: The Professor Who Oversaw a Boom Gone Wrong” (Dec. 10): Placing a group of facts together, even when they are true, doesn’t necessarily lead to a truthful or balanced understanding. That’s what Bloomberg did in its reporting. The story presents a distorted and biased view of... Continue Reading →
Dec 10,2015/Reuters Marcelo Odebrecht, the former chief executive of Grupo Odebrecht, has formalized his departure from Latin America's largest engineering group after six months in prison on corruption charges, the Brazilian company said on Thursday. He also stepped down as chairman of petrochemical producer Braskem SA, Odebrecht Oleo e Gas, Odebrecht Realizações Imobiliarias and Odebrecht... Continue Reading →
Royal Dutch Shell Plc said it would cut about 2,800 jobs to meet a pledge of reducing operating costs by $3.5 billion following its takeover of BG Group Plc. That equates to 3 percent of Shell and BG’s combined workforce as The Hague-based company consolidates offices and its administration structure once the acquisition is completed, it... Continue Reading →
12/11/2015 Rio de Janeiro, December 11, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 531/2015/CVM/SEP/GEA-1 which requests the following clarifications: Official Letter 531/2015/CVM/SEP/GEA-1 “We refer to the news item published on December 9, 2015 in the Negócios (Business) section of the Reuters Brasil website, entitled Petrobras oferece vender até 10% da... Continue Reading →
Tens of thousands of Brazilians took to the streets on Sunday to demand President Dilma Rousseff's ouster, but the first nationwide protests since formal impeachment proceedings began were smaller than similar events earlier this year. Pollster Datafolha said 40,000 people turned out in Brazil's largest city of Sao Paulo, down from 135,000 in an August... Continue Reading →
Brazil Energy Insight 