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Western Europe’s biggest oil and gas producer will probably see investments slump by one-fifth next year compared with 2014, when crude hit a peak, as the industry adjusts to considerably lower prices. Investments by oil and gas companies operating in Norway will fall to 171 billion kroner ($20 billion) next year, 5.6 percent under a... Continue Reading →
Seadrill Ltd., the offshore driller controlled by billionaire John Fredriksen, reported its first quarterly loss since 2011 as a collapse in oil prices reduced demand for its rigs. The net loss of $1.83 billion came after the Hamilton, Bermuda-based company booked $1.8 billion in non-cash impairment charges to investments and goodwill, it said in a... Continue Reading →
Camargo Correa SA, the holding company of the billionaire Camargo sisters, said it is selling the maker of Havaianas flip-flops to J&F Investimentos SA for 2.7 billion reais ($718 million). J&F, a holding company that controls the world’s largest meat exporter JBS SA, will acquire control of Alpargatas SA, the publicly-traded company that includes Havaianas among its... Continue Reading →
Mon Nov 23, 2015 /Reuters Nov 23 Brazil's state-run oil company Petroleo Brasileiro SA said on Monday it had been unable to produce 2.29 million barrels of oil and 48.4 million cubic meters of natural gas during a strike that began on Nov. 1. Petrobras, as the firm is known, said the majority of unions... Continue Reading →
There is no immediate need for a capital injection at Brazilian state-run oil firm Petrobras, Finance Minister Joaquim Levy said on Friday, downplaying media reports about a possible government plan to bolster the capital of the heavily indebted company. "They have enough cash to run," Levy told reporters on the sidelines of an infrastructure conference... Continue Reading →
Petrobras was leading LatAm credit markets higher on Friday following news that the Brazilian government was considering a plan to inject fresh capital into the beleaguered oil company. The issuer's 2024s were extending Thursday's late-day rally to trade at 83.50-84.00 on Friday, marking a five-point leap for the week. The company's Century bond was up... Continue Reading →
Members of Sindipetro NF have decided to end the 20 day strike at Petrobras. The union members of the Campos Basin represent 65% of Petrobras production. 8 platforms in the Campos Basin will restart operations. Members of Sindipetro Espirito Santo and members of the FNP union are still holding out.
Eni SpA sold its remaining 4 percent stake in Galp Energia SGPS SA as the Italian oil producer disposes of assets that aren’t part of its main business. Eni raised 325 million euros ($347 million) by selling 33.1 million shares of Portugal’s biggest oil company at 9.81 euros apiece to institutional investors, the Rome-based company said in a... Continue Reading →
Brazil is studying the possibility of using hybrid securities to boost capital at struggling state-controlled oil producer Petroleo Brasileiro SA, Agencia Estado reported, citing government officials it didn’t name. The operation is being discussed between Brazil’s treasury and Petrobras’s management, and no amount has been defined yet, Estado said. The government and Rio de Janeiro-based... Continue Reading →
Brazilian prosecutors are increasingly turning their attention to bribery by foreign companies in the country's biggest-ever corruption case, a lead prosecutor said in an interview, adding that only one such company had signed a leniency deal so far. Deltan Dallagnol, 35, a relentless anti-corruption advocate, said companies that bribed employees of state-run oil company Petrobras... Continue Reading →
