Brought to you by Quest Offshore & Southern Cone Consultants
(Reuters) - Brazilian state run oil firm Petrobras should raise gasoline prices in the domestic market to reflect high international oil prices and level the playing field, Ricardo Mussa, chief executive of energy company Raizen (RAIZ4.SA), said on Tuesday. "At some point, Petrobras will have to make a move in gasoline ... (the current price situation)... Continue Reading →
(Reuters) - Glencore's (GLEN.L) traded oil volumes fell to below 4 million barrels per day in 2021 for the first time since 2015, the company's results showed on Tuesday. The global trader and miner traded 3.86 million bpd in 2021, down from 4.2 million bpd a year earlier, showing it has not recovered volumes after the peak... Continue Reading →
(Reuters) - An upward revision in historical oil demand by the International Energy Agency in its monthly report points to a tighter global market than the West's energy watchdog had previously estimated. "Our balances are now more in line with observed market fundamentals, which underpin the view of traders. We believe the tighter balance for... Continue Reading →
(Reuters) - Italian energy services group Saipem said on Tuesday it would submit an updated strategic plan for approval by the board on March 15. Sapem, which presented its 2022-2025 plan last October, issued a surprise profit warning at the end of last month and pulled its outlook. The company, controlled by energy group Eni... Continue Reading →
A setback in the courts for Dommo Energia (formerly OGX). The company announced that the court of the International Chamber of Commerce rejected its claim for damages against the Malaysian company Petronas. With the defeat, Dommo will likely be forced to bear the costs related to the arbitration process. This is a dispute that has... Continue Reading →
(Reuters) - Brazil's Supreme Court annulled on Monday a previous court decision that would have required state-run oil company Petrobras (PETR4.SA) to pay billions of dollar in a labor dispute involving additional wages for employees. The majority Supreme Court vote confirms a previous ruling made last year by Justice Alexandre de Moraes to annul the dispute, the... Continue Reading →
Energy technology company Baker Hughes announced it has opened a new "supercenter" facility for oilfield services and equipment in Guyana. The facility, which spans more than 8 acres, will support regional customers and bolster Baker Hughes’ localization efforts within South America. Referencing its work in Guyana, Baker Hughes said it currently provides drilling services, drill... Continue Reading →
(Reuters) - Siemens Energy (ENR1n.DE) should buy the rest of struggling wind turbine division Siemens Gamesa (SGREN.MC), Union Investment said on Monday, the first such demand by a major investor since a recent profit warning and leadership change. Siemens Gamesa last month issued its third profit warning in nine months, a move that has led parent Siemens Energy... Continue Reading →
(Reuters) - Portuguese oil & gas company Galp Energia (GALP.LS) finds Brazil an attractive country to pursue its bet on solar and wind energy, its CEO Andy Brown said on Monday, adding the company is looking for investment opportunities there. Galp had agreed in October to acquire and develop two solar projects in Brazil with a combined... Continue Reading →
Offshore drilling contractor Transocean has secured more work for four of its drillships and one semi-submersible rig, with some getting better day rates than before, pushing its backlog up to $6.5 billion. Transocean published its latest fleet status report on Monday, revealing new contracts and extensions for its fleet of drilling rigs with an aggregate incremental backlog... Continue Reading →
Brazil Energy Insight 