Brought to you by Quest Offshore & Southern Cone Consultants
SCHIEDAM, Netherlands, Aug. 5, 2015 (GLOBE NEWSWIRE) -- SBM Offshore is happy to report better than expected revenue. The Company continues to see a healthy appetite for its projects, as evidenced by the 45% taken up by joint venture partners in the Turritella project as well as the recently announced US$1.55 billion of project financing... Continue Reading →
Renato Duque, ex Petrobras Service Director, jailed months ago on charges of corruption at Petrobras, has decided to plea bargain for a lenient prison term. He follows ex Director, Paulo Roberto Costa, in turning evidence. Duque was allegedly appointed Petrobras director by, then, Lula's Chief of Staff and recently arrested, Jose Dirceu. He will most... Continue Reading →
Brazil needs to finish its fiscal adjustment before seeking growth, and must reflect on economic risks generated by public spending, Finance Minister Joaquim Levy said as Congress reconvenes following a recess. The country needs fast reforms, and President Dilma Rousseff has assumed the popularity cost of doing what’s necessary to restart growth, Levy said at... Continue Reading →
Brazil’s real fell to a 12-year low as Societe Generale SA said it will tumble to 4 per dollar as the struggle to pare government budget deficits makes further credit rating downgrades unavoidable. Read More
LONDON—The world’s biggest oil companies have vowed to bring down the costs of big projects in the face of slumping oil prices, but the unrelenting price weakness—with crude below $50 a barrel—suggests they could have to dig deeper still. In the past year, as oil prices plunged 60% from highs of $114 in 2014, U.K.... Continue Reading →
The first oil output from a long-duration test in Brazil's giant Libra offshore area will flow in the first quarter of 2017, platform joint operator Odebrecht Oil & Gas (OOG) said on Tuesday. That is later than the 2016 second-half start forecast in June by Brazil's state-run oil company Petroleo Brasileiro SA , or Petrobras,... Continue Reading →
It is shaping up as a cruel summer for debt investors wagering on a rebound in the oil-and-gas business. Funds managed by Franklin Resources Inc., Blackstone Group LP and Oaktree Capital Group LLC, among others, are facing paper losses on substantial investments this year in exploration-and-production companies. The sector is coming under further pressure as... Continue Reading →
Petroleo Brasileiro SA is looking to sell about 25 percent of its distribution unit in what would be Brazil’s biggest initial public offering in more than two years, said two people with direct knowledge of the matter. The Petrobras Distribuidora SA unit, known as BR, is Latin America’s largest distributor and marketer of petroleum derivatives... Continue Reading →
Odebrecht Oil & Gas announced the signing of a 10 year loan, with 7 undisclosed financial institutions, for U$804 million. The purpose of the loan is to build an FPSO for the pre salt Libra field operated by Petrobras. The lease contract was signed shortly after the Libra auction and the vessel is being built... Continue Reading →
The real fell for a fourth straight day, declining 0.6 percent to 3.4723 per dollar at 10:36 a.m. in Sao Paulo, the weakest level on a closing basis since March 2003. The average directional index increased to 35.7, above the level of 25 that some traders interpret as a sign that a trend will last.... Continue Reading →
