(Reuters) - Economic activity in Brazil expanded at a faster pace than expected in July, suggesting the economy got off to a solid start to the third quarter despite a string of mixed reports. Economic activity rose 0.41 percent in July after seasonal adjustments. The median forecast in a Reuters poll indicated a 0.10 percent... Continue Reading →
Brazil says 17 firms registered to bid for pre-salt oil exploration
A total of 17 companies have registered to take part in two rounds of bidding for licenses to explore pre-salt oil areas in Brazil, Oil and Gas Secretary Marcio Felix said on Thursday. The auctions next month include some of the most promising oil blocks in the world. Pre-salt oil, referring to reserves found beneath... Continue Reading →
Petrobras approves settlement with investors to end individual securities action in the United States
Rio de Janeiro, September 13, 2017 – Petróleo Brasileiro S.A. – Petrobras announces that its Board of Directors approved today an agreement to settle an individual securities action brought before the U.S. federal District Court for the Southern District of New York, by a number of funds affiliated with Discovery Global Citizens Master Fund, Ltd.... Continue Reading →
New Composition of Petrobras’ Minority Shareholders Committee
Rio de Janeiro, September 13, 2017 - Petróleo Brasileiro S.A. – Petrobras reports that at a meeting held today its Board of Directors appointed Board Member Durval José Soledade Santos to compose the Minority Shareholders Committee in place of Mrs. Lavínia Rocha de Hollanda, who is no longer a member of this Committee due to... Continue Reading →
Note on oil exploration at the mouth of the Amazon/ MINISTRY OF THE ENVIRONMENT
Considering the latest news published in the press about the licensing process of Total E & P Brasil LTDA on the exploration of oil at the mouth of the Amazon, it is necessary to clarify some information. There was no refusal by IBAMA to grant a license, and due diligence was requested in order to... Continue Reading →
Seadrill enters restructuring deal to reduce debt
Indebted offshore driller Seadrill Limited has entered into a restructuring agreement with the majority of its lenders which will see over $1 billion of new capital injected into the company. The driller informed on Wednesday the agreement was backed by more than 97 percent of its secured bank lenders, approximately 40 percent of its bondholders and... Continue Reading →
IEA Sees Strongest Global Oil-Demand Growth in Two Years
Global oil demand will climb this year by the most since 2015, the International Energy Agency said, amid stronger-than-expected consumption in Europe and the U.S. The IEA, which advises most major economies on energy policy, increased its estimate for demand growth in 2017 by 100,000 barrels a day to 1.6 million a day, or 1.7 percent.... Continue Reading →
Petrobras Pension Plan (Petros): Deficit Equating Plan
Rio de Janeiro, September 12, 2017 - Petróleo Brasileiro S.A. – Petrobras, further to the material fact disclosed on 6/23/2016, reports that it was notified by Fundação Petrobras de Seguridade Social (Petros) that its Deliberative Board has approved, in a meeting held today, the Deficit Equating Plan (PED) for the Petrobras System Petros Plan (PPSP).... Continue Reading →
Petrobras – Pre-payment of bank debt and new financing
Rio de Janeiro, September 12, 2017 - Petróleo Brasileiro S.A. – Petrobras reports that, following its liability management strategy, has executed the pre-payment of a debt with JPMorgan Chase Bank, N.A. in the amount of US$ 1.13 billion, maturing between June 2019 and March 2020. Petrobras executed simultaneously with this institution a new funding of... Continue Reading →
Brazil to release Eletrobras privatization model in September
Brazil’s government aims to release a privatization model for the country’s largest state-owned electric utility, Centrais Eletricas Brasileiras SA, this month, the mining and energy minister said on Tuesday. Read more
Brazil Energy Insight 