Latin America ///

Petrobras board member resigns, replaced by corruption prevention attorney

Márcio Zimmermann has resigned as a Petrobras board member, and has been replaced by newly-elected Luiz Navarro.

YPF defies oil industry with same budget amid price slump

Argentina's YPF SA is defying the oil industry trend after crude prices collapsed by keeping last year’s capital budget intact without laying off workers.

Tissue paper-for-Venezuelan oil swap offered by Trinidad

Venezuela, plagued with shortages of basic goods, was offered a reprieve by the Prime Minister of neighboring Trinidad & Tobago: exchange oil for tissue paper.

Rolls-Royce vows compliance after Petrobras bribe accusation

RIO DE JANEIRO (Bloomberg) -- Rolls-Royce Holdings said it will take all necessary action to ensure compliance with the law following allegations it was involvement in bribery and kickbacks at Brazilian oil producer Petrobras.

Chevron settles with backer of fraudulent Ecuador litigation

Chevron has reached a settlement agreement with James Russell DeLeon, the principal funder of the fraudulent lawsuit against Chevron in Ecuador.

Seadrill writes off $1.1 billion of Petrobras orders

HAMILTON, Bermuda – Seadrill, the world's third-biggest offshore driller, has cut $1.1 billion worth of Petrobras orders from its backlog.

Petrobras platform explosion kills 5 at gas field off Brazil

Five workers died and four went missing in an explosion on a production vessel at a natural-gas field off Brazil’s coast operated by state-run Petroleo Brasileiro, said Norway’s BW Offshore, the ship’s owner.

Petrobras said to hit snag while drilling Libra well

Petrobras halted drilling at its largest oil discovery in deep waters, two people with knowledge of the matter said, underscoring the technical challenges facing the company’s new management team.

Roussef taps state banker to lead Petrobras from scandal

RIO DE JANEIRO -- Brazil's President Dilma Rousseff is putting her faith in a state bank executive to guide Brazil’s national oil company out of an unprecedented graft scandal.

Petrobras CEO and five directors resign as company remains mired in mounting corruption charges

RIO DE JANEIRO -- Petrobras confirmed Wednesday that its CEO and president Maria das Graças Foster and five directors resigned.

Petrobras CEO presented with SPE Distinguished Award

Petrobras’ CEO, Maria das Graças Silva Foster, has been presented with the highest award granted by the Society of Petroleum Engineers (SPE).

World Oil anticipates a drilling recovery after the oil price decline

HOUSTON -- The oil and gas industry’s leading magazine for upstream technology and activity, World Oil, forecasts a sharp drop in drilling, both in the U.S. and internationally, as a direct result of plunging crude oil prices. In its 89th annual forecast and review, World Oil predicts an average WTI oil price of $55.75/barrel (bbl), while Brent will be $58.80/bbl. A Henry Hub natural gas price of $3.35/MMBtu is expected.

Pre-salt subsea deployment technique saves Petrobras $5 million per well

At the end of last year, Petrobras deployed its first wet Christmas tree using cables in the pre-salt area.

PetroRio acquires 80% stakes in Brazil's Bijupirá and Salema fields

PetroRio, the new brand of HRT Participações em Petróleo has announced the signing of a purchase and sale agreement to acquire 80% of the rights and obligations of the concession contracts for the Bijupirá and Salema fields with Shell Brasil and Petrobras holding the remaining 20%.

Shell said to sell Brazil offshore fields to HRT amid oil rout

RIO DE JANEIRO (Bloomberg) -- Royal Dutch Shell, the second-largest oil operator in Brazil, is selling a stake in one of its crude-producing projects in the country to HRT Participacoes em Petroleo, two people with knowledge of the matter said.

GE Oil & Gas awarded 13-year contract to provide long-term services for PERU LNG plant

PAMPA MELCHORITA, Peru -- GE Oil & Gas has been awarded a long-term contractual service agreement through General Electric International Peru to support the PERU LNG S.R.L liquefied natural gas (LNG) facility in Pampa Melchorita, Peru, approximately 100 mi south of Lima. The facility is South America’s LNG production plant.

Petrobras is world's largest operator of floating production platforms

RIO DE JANEIRO -- Petrobras now operates more floating production platforms (including self-owned and chartered ones) than any other company in the world, according to Petrodata, a consulting firm that specializes in providing information about the global oil industry.

IEA sees oil-price recovery; cuts 2015 non-OPEC output estimate

PARIS (Bloomberg) -- Non-OPEC oil producers will increase output this year at a slower rate than previously forecast, aiding a recovery in crude prices, the International Energy Agency said. The adviser lowered its non-OPEC supply growth estimate by 350,000 bopd, the first cut since the 2015 forecast was introduced in July. Half the cut is from Colombian output while effects on U.S. production are so far “marginal,” it said. The slow-down in non-OPEC output will lead to a “rebalancing” of currently over-supplied global markets in the second half, reviving prices, the agency said.

Petrobras saves $1 billion in wake of well cost reduction program

RIO DE JANERIO -- Petrobras has saved around $1 billion in cost reductions, design optimization and productivity gains since it launched its well cost reduction program in 2013.

Petrobras becomes largest oil producer among publicly traded companies

RIO DE JANEIRO, Brazil -- In the third quarter of 2014, Petrobras surpassed Exxon Mobil’s oil production, and is now the largest producer of liquid hydrocarbons among its publicly traded peers. Considering oil and natural gas, the company is now fourth in the ranking.