Latin America should strengthen regional trade and financial linkages to boost growth and further the social achievements of the past 15 years.
Debt levels are currently rising at an annual rate of 11.5 percent, more than double the 5.1 percent witnessed between 2009 and 2014.
Energy giant is set to begin selling its offshore-China assets this month, the latest in a series of divestments in Asia. The company is looking to raise up to $10 billion globally from asset sales, a big chunk of which will come from its Asian upstream operations, as part of a broader effort to cut costs and adapt to an environment of lower oil prices.
Russian assets are under pressure as concerns resurface that the global oil market is over supplied. After rallying from a record low at the start of the year as crude rebounded, the ruble is the third-worst performer in emerging markets so far this quarter.
Maersk Drilling will cut 122 jobs in the United States due to the early termination of a contract for deepwater rig Maersk Valiant
In the latest transaction, Statoil will divest some of its non-operated interests in the US state of West Virginia to Antero Resources Corporation (“Antero”) for approximately USD 96 million in cash.
Iran's failure to get full access to the global financial system a year after it signed the nuclear deal with world powers has intensified domestic political infighting. It has also turned up the heat on President Hassan Rouhani, a pragmatist facing re-election next year, who has gambled on attracting foreign investment to help raise voters' living standards.
Mozambique made one of the world's biggest gas finds in a decade in 2010 but negotiations with operators Eni and U.S. firm Anadarko have dragged on for years due to disputes over terms and concerns about falling energy prices.
Brent crude oil prices averaged at the lowest level since 2004, significantly reducing profits and cash flow for energy companies.
Directors welcomed the ambitious reform goals announced by the authorities in Vision 2030 and the National Transformation Program, and underscored the importance of clear prioritization and sequencing of the planned reforms to reduce implementation risks and give the economy time to adjust. They supported the authorities’ plan to increase the role of the private sector in the economy by focusing on privatization and public-private partnerships, improve the business environment, develop local capital markets, encourage FDI, and support small and medium enterprises. Directors noted that continued labor market and education reforms are needed to encourage private sector employment of Saudi nationals and increase labor force participation of women.
Rosneft Finance S.A. (Rosneft subsidiary) has paid off series 2 eurobonds amounting to $1 bln of total nominal value. Those eurobonds were issued by the former TNK-BP Group in 2006, maturing 10 years later, with the coupon rate of 7.5% p.a.
Venezuela and state oil company PDVSA face heavy debt payments this year amid weak oil markets and continuing decay of its socialist economic model. Neither have been able to borrow in recent years because the extremely high yields have made such operations too costly.
Exxon Mobil Corporation (NYSE: XOM) and InterOil Corporation (NYSE: IOC, POMSoX: IOC) announced an agreed transaction worth more than $2.5 billion, under which ExxonMobil will acquire all of the outstanding shares of InterOil (the ExxonMobil Transaction).
“The industry has got a real problem,” says Chris Pateman-Jones of Ernst & Young. “Projects are becoming larger and more complex and more challenging … Even if they were to hit their targets, they could still be uneconomic.”
First-quarter 2016 financial results from U.S. onshore producers reveal an improving balance between capital expenditure and operating cash flow. Although operating cash flow was the lowest in any quarter in the past five years, larger reductions to capital expenditure brought these companies closest to self-finance (when capital investment can be paid for entirely from operating cash flow). With crude oil prices such as the global benchmark Brent price averaging over $45 per barrel in the second quarter—a 34% increase from first-quarter 2016—cash flow may improve and help offset declining revenue from lower production.