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When he became finance minister 10 months ago, Joaquim Levy was an uncomfortable fit in Brazil's left-leaning government - an orthodox, University of Chicago-trained economist, a fiscal hawk with an affinity for cutting spending. Dogged by speculation over his departure amid vocal opposition from the ruling Workers' Party, Levy and his boss President Dilma Rousseff... Continue Reading →
Crude prices rose more than 2 percent on Tuesday as a rally in U.S. gasoline and diesel added support to oil markets already boosted by an industry strike in Brazil and force majeure for Libyan crude loadings. The rebound, after a 1 percent drop in crude prices on Tuesday, came ahead of industry group American... Continue Reading →
Brazil’s lower house will open hearings against its speaker on allegations of misconduct that could deplete his political capital and make it increasingly difficult for him to start impeachment proceedings against President Dilma Rousseff. The house ethics committee on Tuesday will begin choosing a legislator to lead the probe into accusations that the chamber’s president, Eduardo Cunha,... Continue Reading →
Technology can be used to increase the world’s proved oil and gas reserves by two thirds -- almost double the amount needed to meet demand through 2050 -- keeping energy supplies plentiful and affordable, according to BP Plc. The amount of oil and gas recoverable from known reservoirs could rise to 4.8 trillion barrels of... Continue Reading →
Hugo Miller /Bloomberg November 3, 2015 — 5:21 AM BRST Switzerland’s finance regulator has begun enforcement proceedings against three Swiss banks over shortcomings in their anti money-laundering provisions that exposed them to a widening corruption scandal surrounding Brazilian oil producer Petrobras Brasileiro SA. Finma, as the regulator is known, said Tuesday in an e-mailed statement... Continue Reading →
Royal Dutch Shell Plc said its record takeover of BG Group Plc will still deliver value to investors even in a prolonged oil-industry downturn and reshaped its business in preparation for the acquisition. Europe’s biggest oil company will save an addition $1 billion in operating costs from the combination with BG, bringing the total estimate... Continue Reading →
The pressure is building on North Sea drillers starved of contracts as Statoil ASA deepens cuts in investment to cope with a collapse in crude prices. In less than 18 months, Norway’s biggest oil company has scrapped four years worth of drilling by canceling or suspending rig contracts, according to Bloomberg calculations based on Statoil... Continue Reading →
Diamond Offshore Drilling Inc, one of the world's top-five offshore rig contractors, said contracts for two rigs with Brazil's Petrobras had ended ahead of schedule. The company said it had secured an 875-day extension on another rig working for the Brazilian oil and gas producer in exchange for the terminations. Diamond, which also reported a... Continue Reading →
Filipe Pacheco/Bloomberg November 1, 2015 — 3:19 PM BRST Money is part of 31 lawsuits seeking repayment of funds Proceeds to be initially held by Brazil's justice system Individual and companies involved in the investigations of Carwash, an alleged pay-to-play scheme, agreed to give back to Brazil’s government close to 2.4 billion reais ($622 million),... Continue Reading →
Brazil’s main oil union began a nationwide strike Sunday to halt asset sales by state-controlled Petroleo Brasileiro SA at a time the company is slashing investments to reduce the biggest debt load in the oil industry. The Oil Workers Federation, known as FUP, said the nationwide strike started on Nov. 1. Some of the FUP’s... Continue Reading →
Brazil Energy Insight 