The Brazilian economy returned to positive in the first quarter after a long recession, according to Central Bank data released on Monday, which have not yet indicated a linear or strong recovery. The Central Bank's Economic Activity Index (IBC-Br), a type of indicator of Gross Domestic Product (GDP), grew by 1.12% from January to March over... Continue Reading →
PetroRio reverses loss to net income of R $ 4,019 million in the first quarter
PetroRio reported net income of R $ 4.019 million in the first quarter of this year, reversing a net loss of R $ 65.387 million in the same period of 2016. According to the company, the improvement in net profit was mainly due to the "Brent valuation and reduction of the lifting cost". Ebitda between... Continue Reading →
Brazil’s Real Held Hostage by Reforms With Forecasters Split
The Brazilian real’s stuck in a rut, and only a drastic change in the outlook for government reform may be able to shake it loose, in either direction. The currency hasn’t outstripped its 50- and 200-day moving averages for the past month as optimism over yet-to-be-enacted economic reforms has failed to spark a rally amid... Continue Reading →
Petrobras – CARF definitive ruling regarding the deductibility of expenses in the development of production for the purposes of calculating taxable income
Rio de Janeiro, May 12, 2017 – Petróleo Brasileiro S.A. – Petrobras informs that today was notified about the final decision in favor of the company of the Administrative Board of Tax Appeals (CARF), in a fiscal administrative proceeding related to the moment of deductibility of expenses incurred by Petrobras in the development of oil... Continue Reading →
Tidewater in bankruptcy deal to eliminate $1.6B in debt
Tidewater, one of the world’s largest offshore vessel owners, has entered into a debt restructuring support agreement with certain consenting creditors. The U.S.-based vessel company has entered into the deal with lenders under its Fourth Amended and Restated Revolving Credit Agreement, dated as of June 21, 2013, and holders of Tidewater Senior Notes to put... Continue Reading →
Exclusive: Brazilian banks turn up heat on scandal-hit Odebrecht
Banks are raising the heat on Brazilian conglomerate Odebrecht SA to put its house in order after months of treating the scandal-hit company with kid gloves because of fears its collapse could hurt their balance sheets, sources said. Odebrecht has agreed to accelerate asset sales as part of a deal with creditor banks to let... Continue Reading →
Petrobras sees room for more efficient payroll, capex
Petroleo Brasileiro SA has room to improve the efficiency of its investments and payroll spending, executives said on Friday, underscoring that a record first-quarter operating profit was just an early sign of what their turnaround plan can accomplish. Preferred shares of the company, known as Petrobras, jumped as much as 5 percent to an 11-week... Continue Reading →
Brazil’s Odebrecht taps VP Guidolin as new chief executive
Brazilian engineering conglomerate Odebrecht SA [ODBES.UL] said on Friday it had tapped Luciano Guidolin as its new chief executive officer, replacing current CEO Newton de Souza. Guidolin, currently vice-president of investments for the group, played a key role in negotiating plea deals in Brazil, Switzerland and the United States, according to an Odebrecht statement. Executives... Continue Reading →
Petrobras Presentation – 1Q 2017 Results
Please see attached presentation. PBR Presentation 1Q 2017 results
Results of the 4th Round of Bids for Areas with Marginal Accumulations
With a focus on small and medium-sized enterprises, the government held the auction of inactive oil and gas fields. The operation was carried out this Thursday (11) and granted eight areas in three sedimentary basins. R $ 7.9 million were collected, and the amount surpassed the forecast for the minimum of the signing bonus, estimated... Continue Reading →
Brazil Energy Insight 