Petrobras Debt Crunch Buoys Exxon’s Prospects in Brazil: Energy

Petroleo Brasileiro SA (PETR4)’s worst debt position in a decade is boosting chances the Brazilian oil company will step aside and let Exxon Mobil Corp. (XOM) and Royal Dutch Shell Plc (RDSA) buy offshore exploration licenses in Latin America’s biggest auction this year.

Nigeria's Jonathan Says Oil Industry Needs Overhaul

Oil companies' objections to Nigeria's proposed overhaul of its petroleum sector are expected, but the reforms are necessary, President Goodluck Jonathan said in an interview Thursday.