• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 16 hours Could Venezuela become a net oil importer?
  • 8 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 19 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 1 hour Oil prices going Up? NO!
  • 16 hours Gazprom Exports to EU Hit Record
  • 18 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 16 hours Could oil demand collapse rapidly? Yup, sure could.
  • 9 hours Oil prices going down
  • 19 hours Why is permian oil "locked in" when refineries abound?
  • 16 hours Oil Buyers Club
  • 19 hours EVs Could Help Coal Demand
  • 7 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 day China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 1 day Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 2 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 14 hours Saudi Arabia turns to solar
Permian Discount Could Rise To $20 Per Barrel

Permian Discount Could Rise To $20 Per Barrel

Midstream constraints plaguing Permian drillers…

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