By Walter Brandimarte Oct 28 (Reuters) - Fitch Ratings on Wednesday expressed concern about Brazil's deteriorating fiscal accounts after the government said it will post a record budget deficit this year. The agency, which cut Brazil's rating to the brink of junk less than two weeks ago, said the government's decision to give up on... Continue Reading →
Statoil Deepens Spending Cuts as Profit Tumbles on Oil Slump
Statoil ASA, Norway’s biggest oil company, stepped up cuts in its investments and delayed projects after third-quarter earnings missed forecasts amid a collapse in crude prices. The Stavanger-based company cut planned investments in 2015 by $1 billion to $16.5 billion and pushed production start of its Aasta Hansteen and Mariner fields to the second half of... Continue Reading →
Eni Sells Saipem Stake to Italy’s FSI to Reduce Debt Burden
Eni SpA agreed to sell a stake in oil-services company Saipem SpA to Fondo Strategico Italiano SpA in an effort to get its debt off the balance sheet. Eni, which owns 43 percent of Milan-based Saipem, sold a 12.5 percent interest to Italian state-controlled Cassa Depositi & Prestiti’s FSI investment fund, Eni said in a statement... Continue Reading →
Brazil, BNDES in talks to abate hefty debts
Brazil's National Treasury and state development bank BNDES are in talks to abate multimullion dollar debts that are eroding government fiscal accounts, two sources with knowledge of the matter said on Tuesday. In the last couple of years, President Dilma Rousseff has delayed payments worth around 26.5 billion reais ($6.8 billion) to the BNDES related... Continue Reading →
Brazil Set to Ease Procurement Rules for Oil, Lobby Group Says
Brazil is expected to loosen regulations in the oil industry on contracting goods and services after current restrictions dampened demand during a recent licensing round, an industry group said. The changes, under study by the Energy Ministry and that still need to be signed by president Dilma Rousseff, would make Brazilian projects more competitive amid... Continue Reading →
Brazil Bust Said to Spur Schlumberger to Boost Venezuela Staff
Cutbacks by Brazil’s state oil company has one of its main suppliers exporting local talent to an unlikely location: Venezuela. Schlumberger Ltd. is increasing activity in the neighboring country even as it continues to trim its global workforce in response to weakening demand for its goods and services elsewhere, according to a person familiar with... Continue Reading →
Brazil – Latest Poll
Dilma Rousseff’s popularity remained near record lows as the majority of Brazilians forecast Latin America’s biggest economy won’t recover from the current crisis for at least another three years. Rousseff’s personal approval rating was 15.9 percent compared with 15.3 percent in the previous poll in July, according to an Oct. 20-24 MDA poll published by the... Continue Reading →
Technip Awarded a Substantial Contract to Supply the First Flexible Pipes for the Libra Pre-Salt Field | Business Wire
Technip Awarded a Substantial Contract to Supply the First Flexible Pipes for the Libra Pre-Salt Field Confirming its strong expertise in deepwater and leveraging its technological leadership October 27, 2015 02:00 AM Eastern Daylight Time PARIS--(BUSINESS WIRE)--Regulatory News: “gas injection flexible pipes. Designed to produce the first Libra field oil, they are the first 8’’... Continue Reading →
BP Profit Beats Estimates as CEO Plans Deeper Cost Cuts
BP Plc third-quarter profit beat analysts’ estimates, boosted by refining profit, as Chief Executive Officer Bob Dudley laid out a plan for deeper cost cuts to withstand low prices. Earnings from processing crude into fuels and from trading oil and natural gas took profit adjusted for one-time items and inventory changes to $1.82 billion, 40... Continue Reading →
U.S. Plans to Sell Down Strategic Oil Reserve to Raise Cash
The U.S. plans to sell millions of barrels of crude oil from its Strategic Petroleum Reserve from 2018 until 2025 under a budget deal reached on Monday night by the White House and top lawmakers from both parties. The proposed sale, included in a bill posted on the White House website, equates to more than... Continue Reading →
