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(Reuters) - Brazil's Senate approved on Thursday two bills aimed at curbing fuel price hikes with subsidies and tax exemptions, a positive move potentially for state-run oil company Petrobras , but one that could add stress to the government's stretched finances. One bill would set an acceptable range for domestic fuel prices. If international prices... Continue Reading →
MODEC has started up operations for the FPSO MIAMTE MV34, commissioned by Eni for the Offshore Area 1 block development in the Bay of Campeche offshore Mexico. The charter contract runs initially for 15 years, with options thereafter for annual extensions for up to five additional years. The vessel, moored in 32 m (105 ft)... Continue Reading →
(Reuters) - Last year, when Brazilian President Jair Bolsonaro sacked the head of state-run oil company Petrobras amid a spat over domestic fuel prices, the market reaction was apoplectic. Preferred shares in the firm plummeted 22% in a day. Analysts quickly downgraded a slew of Brazilian assets from state banks to sovereign debt. Many investors... Continue Reading →
(Bloomberg) — Some oil and gas dealmakers are hitting the pause button as prices whipsaw following the ban on Russian oil imports. Companies are concerned about overpaying for assets while focused on cutting debt and rewarding shareholders. For example, the owners of Sequitur Energy Resources are holding onto 83,000 net acres in part of the... Continue Reading →
Guyana-focused oil companies Frontera Energy Corporation and CGX Energy, joint venture partners in the Corentyne block offshore Guyana, said Friday they'd entered into a $35 million loan deal that will enable CGX to continue to finance part of its share of costs related to the Corentyne Block, the Berbice Deepwater Port, and other budgeted costs... Continue Reading →
(Reuters) - Oil prices settled lower on Thursday after a volatile session, a day after its biggest daily dive in two years, as Russia pledged to fulfil contractual obligations and some traders said supply disruption concerns were overdone. Since Russia's Feb. 24 invasion of Ukraine, oil markets have been the most volatile in two years.... Continue Reading →
(Reuters) - Norwegian energy giant Equinor (EQNR.OL) has stopped trading Russian oil as part of its plan to wind down its operations in Russia in the wake of the invasion of Ukraine, Chief Executive Anders Opedal told Reuters on Thursday. Equinor joins other major oil and gas traders including Shell (SHEL.L), BP and France's TotalEnergies(TTEF.PA)in its decision to... Continue Reading →
(Reuters) - The U.S. oil industry and President Joe Biden's administration are clashing over who is to blame for tight energy supplies that have driven up U.S. pump prices to record highs. Big Oil blames the problem on Biden's tighter regulations and push for renewable energy, which it says threaten to constrain output. The White... Continue Reading →
The deadline for companies registered in the Permanent Offer to present additional offer guarantees for sectors of blocks included in the 3rd Bidding Cycle, which will be carried out under the concession regime, ends next Monday (3/14). The areas that are included in the 3rd Cycle are located in the Espírito Santo, Pelotas, Potiguar, Recôncavo,... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 08/25/2021, concerning the sale process of Refinaria Isaac Sabbá (REMAN) to Ream Participações S.A., informs that the General Superintendence of the Administrative Council for Economic Defense (CADE) published on 03/08/2022 a dispatch declaring the Act of Concentration to be complex and ordering the... Continue Reading →
Brazil Energy Insight 