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Foreign Oil Updates: Royal Dutch Shell plc (ADR) (RDS.A)’s Settlement Offer, TOTAL S.A. (ADR) (TOT) on CNH Market, Petroleo Brasileiro Petrobras SA (ADR) (PBR) & Gasoline Prices

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

Nigerian Community Rejects $46m Settlement From Shell (Ventures Africa)
Indigenes of Bodo village in the Niger-Delta region of Nigeria have rejected a settlement offer from Royal Dutch Shell plc (ADR) (NYSE:RDS.A), for the oil spillage that has left the community without a meaningful source of livelihood. Shell, a leading oil exploration company in Nigeria, offered members of the Bodo community, estimated to be around 15,000, a N7.5 billion ($46.3 million) settlement deal for a pipeline spillage it took major responsibility for. However, much to the frustration of the international oil firm, its efforts to prevent the situation from escalating is proving fruitless as its offer was on friday rebuffed by the host community.


TOTAL re-opens CNH market (The Asset)
Integrated international oil and gas company TOTAL S.A. (ADR) (NYSE:TOT) on September 11 re-opened the offshore renminbi bond market as it priced its inaugural offering amounting to CNH1.065 billion. The Reg S five-year deal was priced at par with a similar coupon and re-offer yield of 3.75%. It generated a total order book of over CNH1.7 billion from 53 mainly high quality accounts with 89% of the paper sold in Asia and 11% in Europe. By type of investors, fund managers accounted for 78%, banks 13% and private banks 9%. Just like the US dollar bond market, the CNH market has been impacted by the global financial volatility with headlines on emerging markets’ fund flows.

Brazil to allow Petrobras to raise gasoline prices (Hydrocarbon Processing)
Brazil’s government will allow state-run energy giant Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR), or Petrobras, to raise gasoline prices by Oct. 21, the Estado de Sao Paulo newspaper reported Monday. The price increase of about 8% for gasoline at the refinery gate would help shore up Petrobras’s finances ahead of the sale of Brazil’s largest offshore oil discovery under new production-sharing agreements also set for Oct. 21, the newspaper said. Under the agreements, Petrobras must hold a 30% stake and operate the field, known as Libra and estimated to hold between 8 billion and 12 billion barrels of recoverable oil. Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR)’s share of the signing bonus for Libra will be about $2 billion.

Shell reopens 150K bbl/day Trans Niger pipeline (Seeking Alpha)
Royal Dutch Shell plc (ADR) (NYSE:RDS.A) has reopened its 150K bbl/day Trans Niger pipeline in Nigeria which had been shut for nearly two months; however, the force majeure declares in April on Nigeria’s benchmark Bonny Light crude oil grade remains in place. Shell shut in the Trans Niger in July following a leak on the Bomu-Bonny section at Owokiri, which was caused by a six-inch crude theft valve being placed on the line. Royal Dutch Shell plc (ADR) (NYSE:RDS.A) had estimated the total daily loss from the shutdown at ~$15M.

Total Raises $173 Million in Dim Sum Offering_ (Wall Street Journal)
Amid a dismal quarter for dim sum bonds, French energy giant TOTAL S.A. (ADR) (NYSE:TOT). brought a flicker of life to the once red-hot market this week with the first issuance by an international company since June. Still, the market is on track for its worst three-month period since it started in 2010, with only five bonds worth $334 million sold, a fraction of the $4.52 billion sold between April and June, according to data provider Dealogic.

Halliburton And Petroleo Brasileiro Petrobras SA Cut Staff In Brazil (Fiscal Insider)
The oil workers union for Halliburton Company (NYSE:HAL) has cut its workforce in Brazil after Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) and other oil producers is developing new wells in older areas, extent back drilling in low producing areas. The director of union worker at Sindipetro Norte Fluminense, Helio Guerra, has said the second biggest U.S. oil service provider by revenue in last three month has cut approximately 100 workers. The firings are sparked mainly because Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) extent back drilling in low producing areas, particularly in the Campos basin, as it look for to enhance efficiency.

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