Two landmark corruption trials and the first hurdle for a crucial pension reform mean that April could make or break Brazilian President Michel Temer's presidency, or bring it to an abrupt end. A Supreme Court judge is due to lift the seal on plea bargain testimony that could lead to the dismissal of five ministers.... Continue Reading →
Odebrecht bonds slump as scandal spillover fans investor skepticism
Bonds of Odebrecht SA on Friday hit their lowest level in more than six months as investors feared the spillover of the Brazilian engineering conglomerate's involvement in a bribery scandal could hamper planned asset sales and the procurement of new contracts across Latin America. Investors have grown concerned about Odebrecht since Feb. 22, when Reuters... Continue Reading →
Court decision regarding EIG Group lawsuit
Rio de Janeiro, March 31, 2017 – Petróleo Brasileiro S.A. – Petrobras announces that, on March 30, 2017, the United States District Court for the District of Columbia granted in part Petrobras’s preliminary defense (motion to dismiss) in the lawsuit filed by funds of the EIG Group, related to its investment in Sete Brasil Participações... Continue Reading →
Petrobras – ANP’s notice on government participation in Lula Field
Rio de Janeiro, March 31st, 2017 – Petróleo Brasileiro S.A. – Petrobras informs that Consortium BM-S-11 received, on March 30th, 2017, a notice issued by the National Petroleum, Natural Gas and Biofuels Agency - ANP, regarding Lula Field, Santos Basin pre-salt, in the amount of R$ 2.6 billion. This assessment is due to divergence in... Continue Reading →
Brazil’s oil exports set to jump this year, weakening OPEC curbs
Brazil is poised to sharply increase oil exports this year as heavy investments spur new output and demand for its lighter crudes win more buyers, especially in China and India. Production is projected to rise 210,000 barrels per day (bpd) in 2017, second only in the size of additional supply to the United States among... Continue Reading →
Petrobras – Adjustment of the Divestment Program to the Methodology approved by the Federal Accounting Court
Rio de Janeiro, March 31st, 2017 – Petróleo Brasileiro S.A. – Petrobras, in continuation to the material fact disclosed on March 15, 2017, informs that its Executive Board approved yesterday the composition of its new divestment portfolio, consisting of projects that will follow the revised divestment methodology proceedings since the beginning, in compliance with the... Continue Reading →
ANP announces new areas for the 3rd sharing pre-salt auction round
The National Energy Policy Council (CNPE) has four pre-bidding areas in the 3rd round of sharing in November. The director of the National Petroleum Agency (ANP), Felipe Kury, confirmed that the areas of the auction include Pau Brazil, Peroba, Saturn and Alto de Cabo Frio the last two adjacent areas and will be auctioned... Continue Reading →
Exclusive: Brazil conglomerate Odebrecht mulls IPO after overhaul
Odebrecht SA, the family-controlled engineering conglomerate ensnared in Brazil's worst corruption scandal ever, is considering going public once it finalizes a thorough overhaul of corporate governance practices, a senior executive told Reuters on Thursday. An initial public offering remains one of several options the group and the namesake family that controls it are analyzing as... Continue Reading →
Odebrecht scandal could threaten public-private partnerships, IADB says
The Odebrecht corruption scandal could threaten public-private partnerships that are needed to build infrastructure throughout Latin America, the president of the Inter-American Development Bank (IADB) said on Thursday. The Brazilian builder admitted to paying hundreds of millions of dollars of bribes in 12 countries, mostly in Latin America, as part of a settlement with U.S.... Continue Reading →
P-69 arrives in Brazil to be completed
The FPSO P-69 hull arrived on the 28/3, at the Brasfels shipyard, in Angra dos Reis (RJ). This integration site will include the installation of the modules on the hull, the interconnection of all the equipment of the platform and the commissioning of the operating systems (set of tests to verify that the systems are... Continue Reading →
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