12/14/2015 Rio de Janeiro, December 14, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 535/2015/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 535/2015/CVM/SEP/GEA-1 “We refer to the news item published today in the Empresas (Companies) section of the newspaper Valor Econômico, entitled Estatal e Braskem acertam preço da nafta (Petrobras and... Continue Reading →
Petrobras – Clarification on News: Pre-Salt Sale Difficulties
12/14/2015 Rio de Janeiro, December 14, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 532/2015/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 532/2015/CVM/SEP/GEA-1 “1. We refer to the news item published today in the Empresas (Companies) section of the newspaper Valor Econômico, entitled: Petrobras enfrenta dificuldades para vender até ativos do... Continue Reading →
Oil Rout to Claim More Victims After First Norwegian Bankruptcy
The collapse of oil prices has claimed its first bankruptcy victim in Norway’s offshore industry, and analysts warn more may follow. Dolphin Group ASA, a seismic surveyor that maps the seabed for oil and gas reservoirs, became the first Oslo-listed company in the industry to file for bankruptcy Monday. One of its competitors, Polarcus Ltd.,... Continue Reading →
Brazilian police raid homes of parliament speaker Cunha, tourism minister
Brazilian police raided the homes of Lower House Speaker Eduardo Cunha and at least one minister on Tuesday, widening the political scope of an investigation into a suspected web of corruption linking ruling coalition politicians and influential business figures. Cunha is at loggerheads with President Dilma Rousseff after opening impeachment proceedings against her on Dec.... Continue Reading →
Brazilian state threatens new oil tax over royalty dispute
Dec 14 Brazil's state of Rio de Janeiro, home to the bulk of the country's oil production, threatened on Monday to impose a new tax on oil and natural gas in the state if the country's oil regulator ANP does not adjust its royalty calculation. The state, whose budget has been hurt by a nearly... Continue Reading →
Pemex Expands to Houston as It Nears $100 Billion in Debt
The opening of Petroleos Mexicanos’s first-ever gasoline station in Houston featured several cultural reminders of the company’s origins. There were mariachis dressed in traditional Charro suits, trumpet-heavy Mexican music and, of course, tacos. Quite a show for one of the world’s most indebted oil companies. Pemex, as the world’s eighth-largest oil company is known, opened... Continue Reading →
Ecopetrol Targets Lower Oil Output in 2016 Amid Investment Cuts
Colombia’s state-controlled Ecopetrol SA is targeting reduced production next year as the company slashes its investment budget amid falling oil prices. The combined business group is targeting output of 755,000 barrels of oil equivalent per day next year, down from a 2015 target of 760,000 barrels, Ecopetrol said in a statement Monday. The board approved an investment... Continue Reading →
BNDES Responds to Bloomberg Article
To the Editor: Re article entitled, “Brazil’s Debt King: The Professor Who Oversaw a Boom Gone Wrong” (Dec. 10): Placing a group of facts together, even when they are true, doesn’t necessarily lead to a truthful or balanced understanding. That’s what Bloomberg did in its reporting. The story presents a distorted and biased view of... Continue Reading →
Former Odebrecht CEO formalizes departure after six months in jail
Dec 10,2015/Reuters Marcelo Odebrecht, the former chief executive of Grupo Odebrecht, has formalized his departure from Latin America's largest engineering group after six months in prison on corruption charges, the Brazilian company said on Thursday. He also stepped down as chairman of petrochemical producer Braskem SA, Odebrecht Oleo e Gas, Odebrecht Realizações Imobiliarias and Odebrecht... Continue Reading →
Oil Giant Shell to Cut Around 2,800 Jobs Amid BG Takeover
Royal Dutch Shell Plc said it would cut about 2,800 jobs to meet a pledge of reducing operating costs by $3.5 billion following its takeover of BG Group Plc. That equates to 3 percent of Shell and BG’s combined workforce as The Hague-based company consolidates offices and its administration structure once the acquisition is completed, it... Continue Reading →
Brazil Energy Insight 