Mexico’s state-owned oil company is taking deepwater development off its plate for now. Driven to rip $5.5 billion out of its budget this year to cope with a lengthening market downturn, it makes sense that Petroleos Mexicanos would look first to its riskiest and most expensive operations. The company reported its 13th quarterly loss on... Continue Reading →
Big Oil Moves to Drill in Brazil — Not Because Things Improved
Major oil producers are beginning to confront the need to develop offshore prospects in Brazil, or lose them. Total SA and BP Plc are starting to search the market for drilling rigs, helicopters and support vessels for deepwater Brazilian fields even as the industry endures its worst downturn in a generation, three people involved in... Continue Reading →
Petrobras bonds end higher on China loan
Bonds issued by Brazil's Petrobras ended the day one to two points higher on Monday as the beleaguered oil company eased refinancing pressure by clinching a US$10bn loan from China. The up to US$10bn loan from China Development Bank, which can be repaid in cash or oil, will do much to reduce refinancing risks for... Continue Reading →
Brazil Real Posts Monthly Slide Amid Heightened Political Woes
Brazil’s real declined for a fourth straight month amid increasing tension between President Dilma Rousseff and her party as a corruption probe gets closer to her administration, offsetting China’s efforts to boost its economy. The currency dropped 0.4 percent to 4.0159 per U.S. dollar Monday, after advancing as much as 1.2 percent earlier. While one-week... Continue Reading →
Exxon Mobil Sells $12 Billion in Bonds to Fortify Its War Chest
Exxon Mobil Corp. raised $12 billion in its biggest bond sale on record and may use the funds to snap up rivals amid a commodities bust. The world’s largest oil company, which is at risk of losing its top-notch credit rating, sold the debt in eight parts at above average yields, according to data compiled by... Continue Reading →
Brazil Justice Minister Stepping Down as Probes Fuel Dissent
Brazilian Justice Minister Jose Eduardo Cardozo will step down and take over as the nation’s attorney general, according to the presidential press office. President Dilma Rousseff will replace Cardozo with Wellington Cesar Lima e Silva, the chief prosecutor from Bahia state, the press office said in a statement Monday. The current attorney general, Luis Inacio... Continue Reading →
Pemex Hits 13 Straight Quarterly Losses
Petroleos Mexicanos’s financial woes continue to mount as the country’s biggest company reported a $9.3 billion loss in the fourth quarter and laid out plans for deep spending cuts this year. Pemex lost about $32 billion in all of 2015 as oil prices plunged and the company’s crude output fell for an 11th straight year,... Continue Reading →
Petrobras – Oil and natural gas production in January
Rio de Janeiro, February 29, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that its average oil and natural gas production amounted to 2.47 million barrels of oil equivalent per day (boed) in Brazil and 183,000 boed abroad, totaling 2.65 million barrels boed. Oil production averaged 2 million barrels per day (bpd) in Brazil and... Continue Reading →
U.S. shale’s message for OPEC: above $40, we are coming back
For leading U.S. shale oil producers, $40 is the new $70. Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce more; now some say they will settle for far less in deciding whether to crank up output after the worst oil price crash in a... Continue Reading →
Brazil justice minister to quit as Lula probe tension grows
Brazil's Justice Minister Jose Eduardo Cardoso plans to resign, fed up with rising attacks from his Workers' Party over a police probe into the activities of former Brazilian President Luiz Inacio Lula da Silva, two Brazilian newspapers reported Sunday. Cardoso will quit this week, Folha de S.Paulo said. Cardoso, who took office with Lula's PT... Continue Reading →
