Brazilian boost for Bharat Petroleum

From: LiveMint and The Wall Street Journal

Pallavi Pengonda

A view of Bharat Petroleum Corporation Ltd. Refinery in Mumbai. The BPCL stock has been the best performing oil marketing company so far in this calendar year.

Bharat Petroleum Corp. Ltd (BPCL) announced on Tuesday that Petroleo Brasileiro SA (Petrobras), made a new oil discovery in a Brazilian block in which BPCL and Videocon Industries Ltd hold a 20% stake each. Although resource potential details are not available, in general, any discovery is considered positive. BPCL’s stock increased marginally on Tuesday, a day when the BSE Sensex was trading lower. Analysts believe that the chances of success on these fields does increase post discoveries.


Rolls Royce Bags Drillships Propulsion Systems Order

From: Shipping Times

£100m contract for seven drillships at Atlantico Sul, Brazil

Rolls-Royce, last week announced an order worth more than £100 million to supply integrated power and propulsion systems for seven offshore drilling vessels in Brazil.

The ships will be built at the Atlântico Sul shipyard for Brazilian oil company Petrobras. Rolls-Royce will equip each of the seven vessels, which will satisfy local content requirements, with six large thrusters and six Bergen diesel generator sets. Together, the systems will be used to propel the vessels to and from drill sites and to accurately maintain their positioning during drilling operations.


Gulf states to build Latin America links

From: Financial Times

By Michael Peel

Gulf states have built modest but growing ties with Latin American countries,  in an emerging economy powerplay that supporters hope will exploit shared  commercial goals and complement both blocs’ existing links to Asia.

Big Arab petro-state wealth funds have already taken stakes in leading South  American companies, with the two regions sharing interests in areas such as  energy, infrastructure and food security.

Arab and Latin American countries gathered in October in Peru for their third  inter-regional summit in seven years, the latest stage of an official embrace  that dates back at least to the founding of the Opec oil cartel in 1960 but has  been slow to develop.