Energy & OilEnergy & Oil
Venezuela's PDVSA will discharge in the coming days its first cargo of U.S. crude bought from British BP, who along with China Oil was awarded a tender to supply the state-run company with some 8 million barrels in the second quarter, traders close to the deal revealed on Wednesday.
Brazil's embattled oil company Petrobras said it will launch a voluntary layoff program to cut an estimated 12,000 jobs in a bid to save up to 33 billion reais ($9.20 billion) by 2020. The program will cost 4.4 billion reais and is open to all employees, according to a statement from Petrobras, which has been hard hit by low oil prices, refinery project problems and a massive price-fixing, bribery and political kickback scandal.
Mega corporation Odebrecht involved in Petrobras case, plans to sell assets to meet debt obligations
Troubled Brazilian construction company Odebrecht SA plans to sell about 12 billion reais (US$3.4 billion) in assets to help meet its debt obligations, according to the builder’s chief executive officer. The company had a gross debt of 85 billion reais in 2014, the most recent figure available, but much of it is long-term debt and the biggest payments start only in 2025, Odebrecht CEO Newton de Souza said in an interview published Friday in the Folha de S. Paulo newspaper.
A consortium led by France's Total and U.S.-based super major ExxonMobil Corp started this week drilling for oil off Uruguay, Industry, Energy and Mining Minister Carolina Cosse announced. Uruguay is totally reliant on imports for its oil and has for decades tried to discover possible hydrocarbons resources both in the continent and offshore.
The World Trade Organization (WTO) ruled on Tuesday in favor of Argentina in a series of complaints the country filed with the international body, challenging punitive duties by the European Union on its biodiesel imports. The WTO, however, said the EU was not violating its rules.
Brazil's state-run oil company, Petrobras, reported a record quarterly loss of $10.2 billion on Monday due to a large reduction in the value of some assets amid lower oil prices. Petrobras has been at the center of a sprawling corruption scandal that has ensnared some of Brazil's most powerful lawmakers and business executives.
Falkland Islands' oil and gas industry is making steady advancement in spite of global concerns about falling prices, according to new analysis by GlobalData. With positive signs coming from the neighboring Argentina, which recently witnessed a change in government, the Falklands is preparing to commercialize production of its first oil project, Premier Oil's Sea Lion.
By Nick Cunningham of Oilprice.com
Argentina offers one of the few places on earth where oil companies are not suffering from the full force of the collapse in prices. Argentina regulates oil prices, a policy originally intended to insulate the public from the whims of the market, protecting people from triple-digit crude prices. But with the crash in prices since mid-2014, the effect of the regulation has reversed: motorists are now effectively subsidizing the oil industry.
France's Total ready to begin drilling offshore Uruguay: risky project but it could be AN ”elephant''
France’s Total SA announced it is preparing to begin drilling one of its most important offshore exploration wells in the Americas this year as it hunts for a giant oil field in Uruguayan waters. A discovery could extend an exploration boom in a country that currently imports all of its oil and gas needs.
The Odebrecht group of companies, whose top officials have been sentenced to prison for involvement in the corruption scheme of Brazil's largest company Petrobras, has come under strong pressure from its creditors to use the crown jewel, the petrochemical company Braskem as collateral to avoid filing for bankruptcy.