Brazil's lack of clear rules for the unitization of oilfields is delaying the development of as many as 10 billion barrels of oil and gas and about $120 billion of investment, Jorge Camargo, head of Brazil's oil industry association, IBP, said on Monday. Unitization, the process of joining different or competing oil rights in an... Continue Reading →
Petrobras Rescue Could Cost Brazil $21 Billion, Citigroup Says
Bailing-out state-controlled oil producer Petroleo Brasileiro SA could cost the government as much as $21 billion, according to research from Citigroup Inc. That would be the amount necessary to plug the company’s cash hole and fix the capital structure on a sustainable basis were oil to fall to $20 for 12 months, Citigroup credit analysts... Continue Reading →
SBM CEO settles ‘favouritism’ charge with Brazilian prosecutors
The chief executive of SBM Offshore and one of its board members settled "personal favouritism" charges with Brazilian prosecutors for around $60,000 each, with no admission of guilt, the company said on Monday. The company said in a statement it believed the charges against CEO Bruno Chabas and board member Sietze Hepkema were "without merit"... Continue Reading →
Is this the riskiest oil stock in the world?
As the stock and commodities markets continue trying to make paupers of energy investors everywhere, many investors are undoubtedly unnerved by the volatility. Yet for all of the sound and fury of the markets, many oil companies from Exxon to Devon actually remain in relatively good shape even if this quarter’s earnings will be pretty rough.... Continue Reading →
Brazil’s Petrobras close to selling Braskem stake: source
Jan 22, 2016 Reuters The Petrobras logo is reflected in the window of the company's headquarters in Sao Paulo April 23, 2015. REUTERS/PAULO WHITAKER Brazil's state-led oil company Petroleo Brasileiro SA (PETR4.SA) is on the verge of selling its stake in Brazilian petrochemical company Braskem SA (BRKM5.SA) and expects to complete the sale by the... Continue Reading →
Currency woes lead Brazil to offer support for companies
http://www.ft.com/cms/s/0/7829560e-c11a-11e5-846f-79b0e3d20eaf.html#ixzz3xzyks1sD January 22, 2016 4:40 pm Currency woes lead Brazil to offer support for companies Gillian Tett in Davos ©AFP Brazilian minister of finance Nelson Barbosa at a press conference in Brasilia shortly after taking office Brazil’s central bank is helping Brazilian companies to cope with market volatility by offering programmes to hedge currency risk,... Continue Reading →
UPDATE 1-Brazil maintains oil price formula for Petrobras royalties
Brazilian President Dilma Rousseff has approved a resolution to maintain the current system for establishing the minimum price of oil on which royalty payments are paid by state-run company Petroleo Brasileiro SA to local governments. The resolution, announced in the official government gazette on Friday, is a victory for Brazil's oil industry, which has been... Continue Reading →
Hyundai Heavy shuts factory making offshore oil rigs
http://www.ft.com/cms/s/0/6004ade8-c0cb-11e5-a8c6-deeeb63d6d4b.html#ixzz3xyZEICCk January 22, 2016 Hyundai Heavy shuts factory making offshore oil rigs Song Jung-a in Seoul ©Bloomberg Hyundai Heavy Industries is to temporarily shut one of its two factories making offshore oil rigs, due to a dearth of orders as the crude price rout forces international oil companies to cut spending. The closure of the Onsan plant in... Continue Reading →
Oil Rout Prompts Moody’s to Consider Shell, Total for Downgrade
Royal Dutch Shell Plc, Total SA and Statoil ASA, three of Europe’s biggest oil producers, were among more than 100 energy companies whose credit ratings were placed on review for possible downgrade by Moody’s Investors Service. The reviews come after the rating company cut its oil-price forecasts and should for the most part be completed... Continue Reading →
Petrobras – Clarification on News: Approval of Internal Restructuring
01/21/2016 Rio de Janeiro, January 21, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 217/2016-SAE, which requests the following clarifications: Official Letter 217/2016-SAE “Dear Sirs, A news item published on January 21, 2016 by Agência Estado - Broadcast, states, among other matters, that the members of Petrobras’ Board of Directors expect... Continue Reading →
