Public prosecutors in Peru have not ruled out investigating the country's biggest builder, Grana y Montero (GRA.LM) (GRAM.N), or people linked to the company as part of an investigation into its scandal-plagued Brazilian partner Odebrecht, a source in the attorney general's office said on Tuesday. The Justice Department said late on Monday that prosecutors in... Continue Reading →
PDVSA Said to Be Preparing for Exit of President Del Pino
Petroleos de Venezuela SA is preparing for the departure of its president Eulogio Del Pino in what would be the biggest management shift in years for the state-owned oil producer, people familiar with the plans said. Del Pino, 61, may depart by July and will be replaced by Nelson Martinez, Venezuela’s oil minister, said the... Continue Reading →
Petrobras announces auction to sell seven drilling rigs
In line with its Strategic Plan / PNG 2017-21, which intends to reduce the company's costs, Petrobras announced that it will sell seven drilling rigs through an international auction. The units will be auctioned at a public hearing, due to take place on May 10 and interested companies have until one day before to qualify... Continue Reading →
Petrobras – Extraordinary General Meeting approved the sale of PetroquímicaSuape and Citep
Rio de Janeiro, March 27, 2017 - Petróleo Brasileiro S.A. – Petrobras, in continuation to the material fact disclosed on December 28, 2016, informs that, today, the Shareholders’ Extraordinary General Meeting approved the sale of 100% of the shares held by Petrobras in PetroquímicaSuape and Citepe to Grupo Petrotemex S.A. de C.V. and Dak Americas... Continue Reading →
Oil’s Magic Numbers
Round numbers enjoy an enduring and somewhat mystifying popularity in markets. A few years ago, the oil market had a very round and pleasing one in the form of $100. These days, it makes do with $50. Even this diminished level has a talismanic potency. On Monday, Wood Mackenzie, an energy consultancy, announced that oil companies... Continue Reading →
Petrobras increased by 1% the 2017-2012 investment plan
Petrobras adjusted its business plan and increased the investment threshold for the period 2017-2021 by 1% from US $ 74.1 billion to US $ 74.5 billion. For the same period, the company increased its exploration and production (E & P) forecasts by US $ 600 million from US $ 60.7 billion to US $... Continue Reading →
Statoil plans to continue investing in the pre salt in Brazil
Statoil president in Brazil, Anders Opedal, said the oil company is launching a long-term oil exploration investment program in the Campos Basin and Carcará fields in the pre-salt. The forecast is to participate in new auctions. The executive, who was at an event at the Brazilian Petroleum Institute (IBP) that discussed the issue of... Continue Reading →
Petrobras – Clarification on News: CARF Ruling
Rio de Janeiro, March 23, 2017 – Petróleo Brasileiro S.A. – Petrobras responds to Official Letter no. 432/2017-SAE which requests clarifications, as follows: Letter no. 432/2017 - SAE “Dear Sirs, We request clarifications by 9.00 am on 3/24/2017, regarding the news published by Valor Econômico newspaper on 3/23/2017, under the headline “Petrobras afasta autuação de... Continue Reading →
Clarifications on the Libra Pilot Project
Rio de Janeiro, March 23, 2017 – Petróleo Brasileiro S.A. – Petrobras and its partners are committed to implementing the production sharing agreement (PSA) for the Libra area, executed in 2013 and for which Libra Pilot, the first definitive production system, scheduled for late 2020, is an important milestone. Petrobras and its partners have, since... Continue Reading →
Petrobras board extends CEO Parente’s term for further 2 years
The board of Brazilian state-controlled oil company Petróleo Brasileiro SA voted to extend current Chief Executive Officer Pedro Parente's term for a further two years, according to a Monday securities filing. The filing did not specify when his new term is set to start. Parente took over in May following the resignation of his predecessor... Continue Reading →
Brazil Energy Insight 