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Billionaire Paolo Rocca has a new way of keeping his cash-starved oil company clients drilling: putting up funding as bank credit tightens. Rocca’s Tenaris SA, the biggest manufacturer of seamless steel tubes for the oil industry, will use its own cash to support clients next year after crude prices collapsed, the Argentine-Italian entrepreneur said Thursday on... Continue Reading →
11/04/2015 Rio de Janeiro, November 4, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter nº 442/2015/CVM/SEP/GEA-1 requesting clarifications, as transcribed below: OFFICIAL LETTER nº 442/2015/CVM/SEP/GEA-1 “We refer to the news item published in Lauro Jardim’s blog, entitled Tempo quente na Petrobras: mais uma renúncia no conselho (“Hot weather at Petrobras: another... Continue Reading →
Members of Brazil's national oilworkers federation said on Wednesday that Petrobras was underestimating output losses. In a statement late Wednesday, Brazil's biggest oil union federation said production cuts are as much as a quarter of Petrobras Brazilian output, or just over 500,000 barrels a day. The union, though, did admit that it has not cut... Continue Reading →
Brazil's state-controlled oil company Petróleo Brasileiro SA agreed to buy 82,000 cubic meters (515,764 barrels) of gasoline from Braskem SA in November, bolstering supplies of the fuel as Petrobras faces its biggest strike in 20 years. Petrobras, which owns 36 percent of Braskem, signed the contract on Oct. 26 and will receive the fuel from... Continue Reading →
A decade ago, when ExxonMobil Chief Executive Officer Lee Raymond was nearing retirement and looking for a successor, Rex Tillerson seemed the perfect candidate. A 53-year-old native Texan with an engineering degree and a commanding physical presence, Tillerson was an Exxon lifer who’d spent 30 years in the “upstream” side of the business, dedicated to finding... Continue Reading →
11/04/2015 Rio de Janeiro, November 4, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the strike coordinated by the oil workers’ unions is still affecting its operations. Yesterday, November 3rd, 2015, as forecasted by the Company, oil production fell by 178,000 barrels, equivalent to around 8.5% of daily output in Brazil. With the measures... Continue Reading →
Transocean Ltd. posted a better profit than analysts expected as the world’s largest offshore rig owner races to slash costs to cope with falling demand for deep-water oil drilling. Lower taxes helped. Thanks largely to a tax rate that was half the one for the previous quarter, the company’s adjusted per-share profit for the third quarter... Continue Reading →
A four-day strike against Petrobras gathered steam on Wednesday, cutting crude and natural gas output from the No. 2 South American oil producer and threatening to become the most disruptive walkout at the state-run oil company in 20 years. Petroleo Brasileiro SA, as Petrobras is formally known, is expected to continue to report significant output... Continue Reading →
Brazil's government has fine-tuned arguments aimed at defending President Dilma Rousseff from a ruling that her administration manipulated federal accounts last year, and expects Congress to approve them, Chief of Staff Jaques Wagner said on Wednesday. The Federal Accounts Court, or TCU, last month said the government had manipulated its accounts in 2014 to disguise... Continue Reading →
An unusually high number of rigs are competing for a Det Norske Oljeselskap ASA drilling contract on the Alvheim oil field in the North Sea, an illustration of how companies are desperate for business as producers slash spending amid a crude-price slump. “I’ve tendered for rigs on the Norwegian continental shelf many times, and I’ve... Continue Reading →
Brazil Energy Insight 