Wednesday, January 16, 2019

Statecontrolled Oil News

New Petrobras Chief Wants to Oust Board Members

Roberto Castello Branco (Photo: Petrobras)

The new chief executive of Brazil's Petroleo Brasileiro SA is pushing for the ouster of two of the state-controlled oil company's board members, three people with knowledge of the matter said on…

Brazil Reaches Deal with Petrobras Over Transfer of Rights Area

© Celso Pupo / Adobe Stock

The Brazilian government has reached an agreement with state-controlled oil company Petróleo Brasileiro SA over the so-called transfer of rights area, Finance Minister Eduardo Guardia said on Wednesday.Guardia…

Petrobras' Next CEO Already Working Inside Company

© Donatas Dabravolskas / Adobe Stock

Petroleo Brasileiro SA's next CEO is already working within the Brazilian state-controlled oil firm and is talking with employees about business plans, four sources told Reuters.Roberto Castello Branco…

Revisions to Petrobras' Investment Plan Likely

© dabldy / Adobe Stock

Brazil's right-wing President-elect Jair Bolsonaro is likely to revise the just-announced investment plans of state-controlled oil company Petroleo Brasileiro SA, newspaper O Estado de S.

Petrobras Fires Employee Accused of Corruption

Brazil's state-controlled oil company Petroleo Brasileiro said on Wednesday it had fired a Houston-based employee accused of participating in a corruption scheme involving bribes allegedly paid by trading giants including Glencore.Rodrigo G

Execs of Big Oil Traders Knew of Petrobras Bribes

© Celso Pupo / Adobe Stock

Brazilian investigators said on Wednesday that "top executives" of trading giants Vitol , Trafigura and Glencore had full knowledge that their employees paid millions in bribes to executives of…

Argentina to Export First LNG in 2019

The barge-based floating liquefaction unit Caribbean FLNG will be redeployed as Tango FLNG to the Port of Bahía Blanca in the second quarter of 2019. (Photo: Wison Offshore & Marine)

Argentina is due to begin exports of liquefied natural gas from a part of its vast Vaca Muerta shale gas resource next year through a floating LNG liquefaction (FLNG) vessel provided by Exmar,…

Petrobras Sells Stake in Africa Unit

(Photo: Petrobras)

Brazil's Petroleo Brasileiro SA will sell its 50 percent stake in a Nigerian oil and gas exploration venture to a consortium led by top oil trader Vitol for $1.53 billion, the latest step in the…

Petrobras Stops Chevron Plan to Drill Offshore Brazil

© Celso Pupo / Adobe Stock

A decision by Petrobras not to invest in drilling new wells has derailed Chevron Corp's plan to resume exploration in a Brazilian offshore field, people familiar with the matter said.Chevron, which…

YPF to Spend Billions to Boost Oil and Gas Output

Argentina's state-controlled oil company, YPF, will significantly boost oil and gas production, investing between $4 billion and $5 billion per year through 2022, Chief Executive Daniel Gonzalez…

Petrobras Forms JV with Murphy in Gulf of Mexico

Brazil's state-controlled oil company Petroleo Brasileiro SA is forming a joint venture with Murphy Oil Company to explore oil and gas fields in the Gulf of Mexico, the Brazilian company said on…

Petrobras Repays 2 Bln Real Loan, Opens Fresh Credit Line

Brazil's state-controlled oil company Petroleo Brasileiro said on Friday it prepaid a 2 billion real ($516.13 million) loan due in 2020 from Banco do Brasil, and opened a new credit line for the same amount with the same bank due in 2025.Th

Petrobras Sees Lower 2018 Net Debt, Ups Free Cash Flow

Brazilian state-controlled oil company Petróleo Brasileiro SA on Monday cut its 2018 net debt target to $69 billion from $85 billion in 2017, according to a presentation to investors.Petrobras…

SBM Offshore to Pay Additional Fines to Petrobras

(File photo: SBM Offshore)

SBM Offshore has reached a settlement to pay additional leniency fines of 200 million reais ($48.27 million) to Brazil's state oil company Petroleo Brasileiro SA, Brazilian prosecutors said on…

Petrobras Prepays $975 Mln Worth of Bank Debt

Brazilian Petróleo Brasileiro SA has settled three bank loans worth a total of $975 million that were due 2022, the state-controlled oil company said in a securities filing on Monday.Petrobras, as the company is known, paid $325 million to

Brazil Calls Oil Auction, Seeks to Export Oil in a Year

File Image: CREDIT Adobestock / 
 © Mike Mareen

Brazil's government will seek to sell 14.4 million barrels of oil cargo this month, while the state company managing the development of the pre-salt oil exploration aims to export its own oil in a year's time…

Petrobras to Start Up Four New Platforms in Q4

© Rafael Silva / MarineTraffic.com

Brazil's state-controlled oil company Petrobras will start pumping pre-salt oil from four new platforms between October and December, the company's director for production and technology development…

Vantage Drilling wins $622 mln Settlement against Petrobras

Brazil's state-controlled oil company Petrobras has been fined $622 million by an international tribunal for breaching a 2009 contract with a unit of Vantage Drilling, the U.S.-based rig contactor said on Monday.

What Saudi Arabia Does Now is Key for Global Crude Markets: Russell

File Image (CREDIT: AdobeStock / © Jose Gill)

If it were possible to boil the crude oil market down to just one determining factor for the coming months, it would be this: What will Saudi Arabia actually do? The Saudis appear to have emerged…

Asset Sales Help Boost Petrobras Q1 Profit

File photo: MODEC

Brazil's state-controlled oil company Petróleo Brasileiro SA reported a 56.5 percent rise in net profit in the first quarter, helped by asset sales, a filing showed on Tuesday.Petrobras, as the company is known, posted a net profit of 6.961