Subsea UK to highlight digital challenges at Rio conference
Subsea UK will set out the digital challenges facing the sector at a conference in Brazil next week.
Rio
Anti-Austerity protesters clash with police in Rio
Police and protesters have clashed outside the Rio de Janeiro state legislature during a demonstration against government austerity measures being discussed by policymakers.
Two Petrobras basins: One safe but fading, one is a costly bet
The two oil basins off Rio de Janeiro’s coast offer a glimpse into the tough choices Petroleo Brasileiro SA is making as it slashes $77 billion in investments. The Campos Basin along Rio’s north shoreline produces more oil than any other region in Brazil, but output is sliding fast as fields age. The Santos Basin to the south holds Brazil’s biggest-ever crude finds, but the massive deposits up to four miles deep are costly to tap. They each need billions of dollars in investments. Petrobras doesn’t have the cash for both. The dilemma highlights how far Brazil’s state-run oil giant has fallen since its 2010 heyday, when it raised $70 billion in what was then the world’s biggest-ever share sale to fund projects from Africa to the Gulf of Mexico. Since then, a sweeping corruption scandal and tumbling oil prices have forced it to scale back operations. It’s now trying to sell almost $60 billion of assets and cut more than a third of a five-year investment plan that was once the world’s largest.