By Kevin Allison and Neil Unmack The author is a Reuters Breakingviews columnist. The opinions expressed are his own. It would be hard for Brazil to let Petroleo Brasileiro go. The embattled oil company is hobbled by rising debt with bond yields pricing in a high degree of distress. The government of President Dilma Rousseff... Continue Reading →
OTC Brasil Highlights
OTC Brasil Nov. 27-29, Rio de Janeiro OTCBrasil29Nov2015
Tax tangle arises as Brazil starts importing U.S. condensate
Petrobras' move to start buying processed U.S. condensate will help output at its domestic refining network, but the purchases have exposed a wrinkle in Brazilian law that could allow the state-run company to import the light oil duty-free, tax lawyers and traders said. Typically, condensate is considered a very light form of crude found in... Continue Reading →
Shell’s $7.4 Billion Loss Raises Stakes for CEO’s Big Takeover
Royal Dutch Shell Plc’s worst loss in at least 16 years has further stoked concerns about the wisdom of buying BG Group Plc. For now at least, investors are still giving Chief Executive Officer Ben Van Beurden the benefit of the doubt. Europe’s biggest oil company said it will press ahead with it’s largest-ever acquisition... Continue Reading →
Eni Reports Third-Quarter Loss After Crude-Oil Prices Slide
Eni SpA, Italy’s largest oil producer, reported a net loss in the third quarter after crude prices slumped. The adjusted net loss was 257 million euros ($281 million) compared with net income of 1.17 billion euros a year earlier, the Rome-based company said Thursday in a statement. “The fundamentals of the oil market remain weak due... Continue Reading →
‘Too Low’ Crude Prices Seen Rising to $80 in 2018 by Statoil
Crude prices that have almost halved in the past year are unsustainable at current levels as cuts to investments and postponement of projects will lead to a decline in supply growth, according to Norway’s biggest oil company. “We think that the price level now is too low,” Eirik Waerness, chief economist and vice-president at Statoil ASA,... Continue Reading →
The Man Who Will Decide Brazil’s Fate Wants Something in Return
Eduardo Cunha.Photographer: Evaristo Sa/AFP via Getty Images In the 19 months since a sprawling corruption scandal broke out at Brazil’s state-run oil giant, many people have come to represent the crisis through its twists and turns. President Dilma Rousseff, of course, has played that role for much of that time, but so have lesser-known types... Continue Reading →
Total Third-Quarter Profit Beats Estimates on Refining
Total SA posted a third-quarter profit that beat analysts’ forecasts as rising oil and gas production and growing profits from its refining operations helped the French company weather a slump in crude prices. Total’s adjusted net income fell to $2.76 billion in the third quarter, a decline of 23 percent from $3.56 billion a year ago,... Continue Reading →
PetroChina Profit Plunges to Record Low on Oil Price Rout
Bloomberg PetroChina Co., the country’s biggest oil and gas producer, posted its worst quarterly profit as a plunge in crude prices punished revenue. Net income dropped to 5.2 billion yuan ($818 million), or 0.03 yuan a share, from 27.9 billion yuan, or 0.15 yuan, a year earlier, the Beijing-based company said in a statement to... Continue Reading →
Shell Has Biggest Loss in More Than a Decade on Price Slump
Shell reported its biggest net loss in more than a decade after halting some operations and lowering oil-price expectations. Royal Dutch Shell Plc reported its biggest net loss in more than a decade after halting some operations and lowering its oil-price expectations, resulting in a $7.89 billion charge. The company, which is buying BG Group Plc... Continue Reading →
Brazil Energy Insight 