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Former President Luiz Inacio Lula da Silva has been called in for questioning next week by Brazil's federal police in a bribery investigation involving his son Luis Claudio, according to a summons document seen by Reuters on Friday. Lula is not under investigation but will be questioned about the case in which police suspect a... Continue Reading →
Dec 11, 2015 Reuters Dec 11 Brazil's energy minister Eduardo Braga said on Friday that he expects Brazil's state-run oil company Petroleo Brasileiro SA to sign a naphtha supply contract with Brazilian petrochemical company Braskem SA by Dec. 15. Earlier on Friday, Braskem Chief Executive Officer Carlos Fadigas said months of talks with Petrobras, as... Continue Reading →
Brazil’s political crisis is becoming a two-horse race between President Dilma Rousseff and the head of the lower house to see who survives in office longer. The same man who started impeachment proceedings against Rousseff, Chamber of Deputies President Eduardo Cunha, is struggling to hang on to his own job as he faces an ethics... Continue Reading →
In Brazil, Repsol is proposing that Statoil replace it as operator of the BM-C-33 block in the deepwater Campos Basin, with Repsol-Sinopec Brazil keeping a 35 per cent stake in the project. This basin is part of the vast pre-salt oilfields off Brazil’s east coast.
Investors around the world have seen $230 billion wiped off the value of oil companies in the week since OPEC sent crude prices plunging to a seven-year low by abandoning its output limit. Companies producing, refining, piping and exploring for oil, along with those that provide them with services, had a market value of about... Continue Reading →
Apparently, all participants of the Libra field, Shell, Total, CNPC and CNOOC, have turned down the opportunity to purchase an additional 10% held by Petrobras. Having giving the participants first right of refusal, Petrobras will need to look elsewhere for a buyer. Might prove to be a difficult task in today's market.
12/10/2015 Rio de Janeiro, December 10, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 529/2015/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter no. 529/2015/CVM/SEP/GEA-1 “We refer to the article published in the Economia & Negócios (Economy and Business) section of today’s edition of the newspaper O Estado de São Paulo, entitled:... Continue Reading →
Brazil’s real declined amid speculation that tensions between Finance Minister Joaquim Levy and Planning Minister Nelson Barbosa over fiscal policy is heating up again, adding another hurdle to passing reforms needed to shore up the budget and resume growth. A Valor Economico newspaper columnist reported Friday that Levy is defending a so-called primary budget surplus... Continue Reading →
The head of Brazil’s troubled oil giant is carving a path through the the worst oil rout in a generation that would look familiar to producers throughout the U.S. shale patch: focus on the core. Petroleo Brasileiro SA is preparing to deepen spending cuts and concentrate on its best fields to confront the collapse of... Continue Reading →
Brazilians have become inured to seeing politicians and businessmen marched off to prison for corruption. But the mug shot of banker André Esteves—unshaven and frowning—that flashed across TV screens in early December was a shock. Part of a cadre of mavericks who got astonishingly rich from Brazil’s transformation into one of the world’s top 10 economies... Continue Reading →
Brazil Energy Insight 