Former Brazilian Finance Minister Antonio Palocci entered talks with federal police to strike a plea bargain deal, in a potential blow to former President Luiz Inácio Lula da Silva's chances of running in next year's election, newspaper Folha de S.Paulo said on Tuesday. Palocci, one of the closest advisers to Lula and former president Dilma... Continue Reading →
IMF Sees Brazil Growth Rebounding in 2018 on Easing Uncertainty
The International Monetary Fund nudged up its 2018 growth outlook for Brazil as fading political uncertainty, easing monetary policy and progress on the government’s economic reform agenda help foster a gradual recovery. Brazil will grow 1.7 percent next year, compared with a January forecast of 1.5 percent, the IMF said in its World Economic Outlook... Continue Reading →
Sale Process of BM-S-8 Exploration Block, CARCARA
Rio de Janeiro, April 17, 2017 – Petróleo Brasileiro S.A. – Petrobras informs that became aware today of the decision by the 2nd Federal District Court (Sergipe state) that granted an injunction to suspend the transfer of Petrobras’ stake in the BM-S-8 exploration block ("Carcará Field") to Statoil Brasil Óleo e Gás Ltda. and the... Continue Reading →
Lender to Sete Brasil just wants to jump ship
Without having faith in the judicial recovery process of Sete Brasil - and who does? - Jurong shipyard will take tougher measures against the company. The Singapore Group is expected to demand possession of the Arpoador drill ship, which Jurong is building for Sete Brasil. It would use the equipment to cover part of... Continue Reading →
Brazil’s Markets Aren’t Fazed by Latest Corruption Scandal Headlines
Brazil’s newsstands and its markets have never seemed more disconnected. As the nation obsesses over new details emerging from a sweeping corruption probe that’s implicated top business executives and politicians -- with pundits predicting who is likely to end up in jail and which government figures will resign in disgrace -- Brazilian assets are extending... Continue Reading →
Brazil’s president says expects some ministers to step down
Brazilian President Michel Temer said on Monday he expects some of his ministers to resign after they were implicated in a massive corruption investigation, but said this would not stop his government from approving landmark economic reforms. Eight of Temer's ministers were mentioned by executives of engineering group Odebrecht SA in plea bargain testimonies made... Continue Reading →
U.S. judge approves $2.6 billion fine for Odebrecht in corruption case
A U.S. judge on Monday sentenced Brazilian engineering company Odebrecht SA to pay $2.6 billion in fines in a massive criminal corruption case, signing off on a plea deal between the company and U.S., Brazilian and Swiss authorities. U.S. District Judge Raymond Dearie said at a hearing in Brooklyn federal court that about $93 million... Continue Reading →
PRODUCTION OF TUBARÃO MARTELO GROWS 10.4% IN MARCH
The month of March brought a better operating result for OGPar, which had an increase in its oil production in the period. In all, the company closed the interval with about 242,6 thousand barrels. The number represents a gain of 10.4% compared to the previous month. In February, the company's monthly output was 219.6 thousand... Continue Reading →
Brazil’s Odebrecht paid $3.3 billion in bribes over a decade: reports
Odebrecht SA [ODBES.UL], the Brazilian engineering company at the center of a historic corruption scandal, paid out a total of about $3.3 billion in bribes in the nine years through 2014, according to testimony cited by local media on Saturday. Through a department specifically established to pay politicians and other recipients for public works contracts,... Continue Reading →
Mitsui’s new FPSO hull concept gets approval in principle
Japan’s Mitsui Engineering & Shipbuilding (MES) has obtained a Bureau Veritas approval in principle (AIP) for the new generation noah-FPSO Hull and associated design and construction methods. Mitsui said on Thursday that the AIP by Bureau Veritas follows approval from the American Bureau of Shipping and that it provided assurance of the feasibility and reliability... Continue Reading →
Brazil Energy Insight 