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Foreign Oil Highlights: Royal Dutch Shell plc (ADR) (RDS.A)’s Pre-Emption Right, TOTAL S.A. (ADR) (TOT) & EU Court, Petroleo Brasileiro Petrobras SA (ADR) (PBR)’s Deal

Editor’s Note: Royal Dutch Shell plc (ADR) (NYSE:RDS.A), TOTAL S.A. (ADR) (NYSE:TOT), Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR)

ONGC, Shell to pre-empt Petrobras oil block stake sale to Sinochem-sources (Reuters)
Royal Dutch Shell plc (ADR) (NYSE:RDS.A) and India’s ONGC plan to exercise their pre-emption rights to buy a 35 percent stake in a Brazilian oil block that Brazil’s Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) had planned to sell to China’s Sinochem Group, two sources said. Petrobras is shedding non-core assets to help finance a $237-billion, five-year investment plan. Last month it agreed to sell its stake in block BC-10, known as Parque das Conchas, in Brazil’s Campos Basin, for $1.54 billion to Sinochem Group. Existing participants in such projects often have a first right of refusal when fellow participants offer stakes for sale.


EU Court Trims Total’s Antitrust Fine To €125M (Law360)
A European Union court on Friday upheld the bulk of a €128 million ($170 million) fine against TOTAL S.A. (ADR) (NYSE:TOT) for its role in a paraffin wax cartel, trimming just €3 million from the total after taking issue with the calculation of the penalty. The EU’s General Court ruled that the European Commission had provided sufficient evidence to show that TOTAL S.A. (ADR) (NYSE:TOT) and its Total Raffinage Marketing unit had participated in a plot to restrict competition for paraffin wax…

New Petrobras Deal for Solstad Offshore (Rigzone)
Solstad Offshore, the Norwegian operator of offshore services vessels, reported Friday that it has entered into a new long-term contract with Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) for its AHTS (anchor-handling, tug and supply) vessel Normand Drott. Solstad said the new contract will begin in November after a scheduled dry docking of the vessel. The contract will last four years and has a value to Solstad of approximately $55 million.

Shell to shut Singapore ethylene unit in Q4 2014 for maintenance (TODAYonline)
Royal Dutch Shell plc (ADR) (NYSE:RDS.A) is expected to shut its 800,000 tonnes per year (tpy) ethylene cracker in Pulau Bukom for maintenance and expansion works in the fourth quarter of 2014, trade sources said on Friday. “We do not comment on operational matters,” said a Royal Dutch Shell plc (ADR) (NYSE:RDS.A) spokeswoman when contacted by Reuters. The three-and-a-half-year old cracker, which uses naphtha, liquefied petroleum gas (LPG) and heavy liquid hydrocarbons as raw material, will be shut for at least two to three months, trade sources added.

Petrobras Sells Colombian Oil Assets to Perenco for $380 Million (Bloomberg)
Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR), the most indebted publicly traded oil company, agreed to sell oil blocks and pipelines in Colombia to Perenco UK Ltd. for $380 million. “The Petrobras Colombia assets that are part of the transaction include 11 onshore exploration and production blocks with an average production of 6,530 barrels of oil equivalent per day, as well as the Colombia and Alto Magdalena oil pipelines,” Petrobras, as Brazil’s state-run producer is known, said in a regulatory filing today. The sale is pending approval from Colombia’s oil regulator. Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) is selling overseas assets to help finance development of its so-called pre-salt oil reserves below the Brazilian seabed.

Recommended Reading:

BP plc (ADR) (BP), Royal Dutch Shell plc (ADR) (RDS.A): What Makes This European Oil Major A Buy?

BP plc (ADR) (BP), Exxon Mobil Corporation (XOM): Will Big Oil Regret Abandoning Renewables?

Petroleo Brasileiro Petrobras SA (ADR) (PBR): Brazil To Auction Off Massive Offshore Oil Field

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