Devon Energy Corp. became the latest oil and gas producer to cut everything from its dividend to jobs to spending as it tries to weather the worst price slump in a generation. The shale driller is reducing its workforce by 20 percent in the first quarter, while slashing its quarterly dividend to 6 cents a share... Continue Reading →
Brazil state banks may swap Petrobras debt for stock
Feb 16 Brazilian state-run lenders are considering converting part or all of their outstanding loans to Petróleo Brasileiro SA into equity in a bid to help the embattled oil producer, two sources familiar with the plan told Reuters on Tuesday. The swap would offer a government lifeline to Petrobras , the world's most indebted oil... Continue Reading →
Brasil Port, a company belonging to the Edison Chouest Group, to invest US$ 150 million in base
Investment In Açu Authorized Brasil Port, a company belonging to the Edison Chouest Group, to invest US$ 150 million in base [16.02.2016] / By João Montenegro/Brasil Energy The Minister of the Secretariat of Ports of the Presidency of the Republic, Helder Barbalho, and the Governor of the State of Rio de Janeiro, Luiz Fernando Pezão,... Continue Reading →
Petrobras starts operation of Rota 2, the second largest gas pipeline in the pre-salt
Pre-salt Pipeline Begins Operating Petrobras starts operation of Rota 2, the second largest gas pipeline in the pre-salt. The FPSO Cidade de Maricá, in the Lula field, in the Santos Basin also began production [16.02.2016] By Gustavo Gaudarde/Brasil Energy In Santos, the president of Petrobras Aldemir Bendine said the company will give priority to divestiture... Continue Reading →
Vallourec Tubos and VSB to merge activities in Brazil due to the unfavorable economic situation.
Suppliers’ Business Merger Vallourec Tubos and VSB to merge activities in Brazil due to the unfavorable economic situation. The first has 26 contracts with Petrobras with assets totaling around US$ 4 B [16.02.2016] By Lara de Faria/Brasil Energy Vallourec Tubos do Brazil (VBR) announced today (February 16) the merger of their business with VSB, which... Continue Reading →
Brazil Senate may vote to cut Petrobras subsalt preference on Wednesday
Feb 16, 2016 Reuters BRASILIA Brazil's Senate may soon vote on a bill ending state-led oil company Petrobras' obligation to run all new development and pay at least 30 percent of the costs of all new offshore development in the Subsalt Polygon oil region, Renan Calheiros, the Senate's president, said on Tuesday. The vote, sponsored... Continue Reading →
Petrobras Equity Value Is Zero Due to Debt, BTG Pactual Says
Petrobras’s stock is worthless and a growing group of investors believe Brazil’s state-controlled oil company will convert debt into equity in a move that will benefit bondholders over shareholders, BTG Pactual said in a research report. Brazil’s three state-controlled banks, Banco do Brasil, Caixa Economica and development bank BNDES, hold an estimated 87 billion reais... Continue Reading →
Petrobras – Operational start-up of FPSO Cidade de Maricá, in the Lula field, in the pre-salt layer of the Santos Basin
02/16/2016 Rio de Janeiro, February 16, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that began operating the Cidade de Maricá platform, in the Lula field (Lula Alto area), in the pre-salt layer of the Santos Basin. The Cidade de Maricá platform is a FPSO, a unit that produces, stores and transfers oil. The... Continue Reading →
Brazil’s Petro Rio says Shell backs out of Campos Basin deal
Feb 16, 2016 Reuters Shell's company logo is pictured at a gas station in Zurich in this April 8, 2015 file photo. REUTERS/ARND WIEGMANN/FILES Brazilian oil and gas company Petro Rio SA PRIO3.SA said on Tuesday that Royal Dutch Shell (RDSa.L) had canceled an agreement to sell offshore assets in the Campos Basin for an... Continue Reading →
Saudi Oil Minister Signals More Action May Follow Output Freeze
Saudi Arabian Oil Minister Ali Al-Naimi said the output freeze agreed with Russia and two other countries on Tuesday might be followed be more action to improve the oil market. “The reason we agreed to a potential freeze of production is simply the beginning of a process to to asses in the next few months... Continue Reading →
