• 2 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 2 days Mexico Blames Brazil For Failing Auction
  • 2 days Norway Allows Eni To Restart Goliat Oil Field In Barents Sea
  • 2 days Malaysia Suggests Muslim Countries Stop Trading Oil In U.S. Dollars
  • 3 days Kinder Morgan Wins Appeal To Start Trans Mountain Work
  • 3 days Mexico Cancels Deepwater JV Tender Due To Lack Of Interest
  • 3 days Oil Drillers Give Cold Shoulder To Alaska Bidding Round
  • 3 days Budweiser Bets On Tesla To Replace Its Fleet
  • 3 days Forties Pipeline And Nearby Terminal Disrupted After Oil Leak
  • 3 days Major Nigerian Union Threatens Strike After Mass Firing Of New Members
  • 4 days China’s Sinopec Sues Venezuela’s PDVSA Over Unpaid Debts
  • 4 days Chevron Cuts Total 2018 Capex, Boosts U.S. Shale Investment
  • 4 days Shell Idles Six Nigerian Power Plants After Gas Shortage
  • 4 days London Firms To Visit Saudi Arabia As Battle For Aramco Listing Continues
  • 4 days East Timor Is Running Out of Oil
  • 4 days Withdrawal From OPEC Deal Could Take 6 Months To Negotiate
  • 4 days India’s Largest Refiner Looks To Ditch Oil In Favor Of Renewables
  • 4 days Protestors Shut Down A Minnesota Wells Fargo Over Oil Investments
  • 4 days U.S. Energy Secretary Discusses LNG Exports To Saudi Arabia
  • 5 days China’s CNOOC Spends Big In Panic Hoard of LNG
  • 5 days Asia May Return To Mid-East Crude As Mexican Supply Tightens
  • 5 days Enbridge Restarts Controversial Line 5 After Shutdown
  • 5 days South Sudan Stills Owes $1.3B Oil Payments To Sudan
  • 5 days Oil Prices Fall After API Reports Huge Build In Gasoline Inventories
  • 6 days Rosneft Takes On Massive Debt As US Sanctions Mount
  • 6 days Kinder Morgan Announces Further Trans Mountain Pipeline Delays
  • 6 days API Announces Voluntary Methane Reduction Program
  • 6 days Statoil Plans $6B Development At Huge Arctic Oil Field
  • 6 days South Sudan Hopes Higher Oil Prices Will Restore Ravaged Economy
  • 6 days China Launches New Gas Pipeline Amid Soaring Demand
  • 6 days Total’s $16B Ultra-Deepwater Project In Jeopardy
  • 6 days OPEC’s November Output Drops 300,000 Bpd
  • 6 days Exxon’s Beaumont Refinery To Remain Partially Offline
  • 6 days Engie To Ditch Natural Gas By 2050
  • 6 days Aberdeen University Launches World’s First Oil Decommissioning Simulator
  • 7 days China Orders Regions To ‘Regulate’ Surging Natural Gas Prices
  • 7 days Exxon Looks To Enter Egypt’s Upstream Oil And Gas
  • 7 days Tax Bill Supports Oil And Gas Industry, API President Says
  • 9 days Blackstone Teams Up With Brazilian Partner To Buy $6B Gas Pipeline
  • 9 days Tesla Faces New Sales Challenges In Germany
Is This The Top Of The Oil Market?

Is This The Top Of The Oil Market?

A surge in gasoline inventories…

5 Booming Tech Stocks For 2018

5 Booming Tech Stocks For 2018

The U.S. is facing a…

BTG Invest $1 Billion to Double Stake in Oil Rig Operator

BTG Invest $1 Billion to Double Stake in Oil Rig Operator

BTG Pactual SA’s private-equity funds have announced that it has invested $1 billion in Sete Brasil Participacoes SA.

Sete Brasil has been seeking investment to raise capital in order to carry out its $27 billion plans to build deepwater drilling platforms in the south of Brazil and rent them to Petrobras. This latest sale of shares was done with the intention of raising $2.7 billion.

BTG, Banco Santander Brasil SA, and Banco Bradesco SA, all had a 13.7 percent stake in the oil rig operator before this round of fund raising efforts. BTG more than doubled its stake in the company to 30 percent, Santander’s stake shrank to 6.9 %, whereas Bradesco, who didn’t buy any additional stock, has seen its share in the company fall to around 3 percent.

Pension funds Petros and Funcef each held 19.2 percent before the capital increase, while Previ and Valia, also pension funds, had 10 percent and 5.5 percent, respectively. Petrobras held the remaining 5 percent and is keeping its stake.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News