Study shows outlook for the coming decades With 20 billion barrels in untapped oil and gas reserves, the pre-salt could yield the country at least 1.2 trillion reais in taxes and royalties. This is shown by a study commissioned by the Brazilian Association of Petroleum Services Companies (Abespetro) So far, the pre-salt has already produced... Continue Reading →
Brazilian corruption probe sends politicians running for cover
Brazilian politicians are scrambling to negotiate an amnesty for illicit funding as part of efforts to shield themselves from a widening graft probe that has engulfed President Michel Temer's government and the Congress. Lawmakers have for months sought a legislative slight-of-hand to evade the rapidly expanding "Car Wash" investigation that has exposed systematic corruption on... Continue Reading →
Brazil’s Temer says economy turning around, confidence rising
The Brazilian economy has begun to turn around, jobs are being created, and business confidence is slowly recovering, President Michel Temer said on Friday, touting initial successes of his recovery plan. Speaking at a business meeting in Sao Paulo, Temer pointed to the latest cover of The Economist showing Brazil beginning to lift off among... Continue Reading →
Petrobras ordered to restart asset sales
zoomFPSO Cidade de Itajaí, located on the Baúna field. Image source: Teekay Brazilian court has ordered the state-owned oil company Petrobras to restart its assets sale program, meant to help the company reduce its massive debt, except for two projects. Brazil’s Federal Accounting Court (TCU) on Wednesday overturned an injunction from December last year that... Continue Reading →
Brazil Heralds $1.2 Billion Raised in Key Infrastructure Auction
Brazil raised 3.72 billion reais ($1.2 billion) with the auction of four airports on Thursday in the latest test of President Michel Temer’s strategy of jump-starting growth via private investments. The auction, the first of its kind since 2013, had bids for all the airports. Fraport AG Frankfurt Airport Services Worldwide got contracts to operate... Continue Reading →
BRIEF-Moody’s changes outlook on Brazil’s Ba2 issuer rating to stable from negative
Moody's * Changes outlook on brazil's ba2 issuer rating to stable from negative * Moody's on brazil says risk of contingent liabilities from government-related entities, captured in negative outlook, has been significantly reduced * Moody's on brazil says expectation that the downside risks reflected in the negative outlook are abating and macroeconomic conditions stabilizing *... Continue Reading →
Halliburton, the American oil services giant, is in the final stretch to buy Norwegian Aker Solutions
03/15/2017 The news was released by the Norwegian financial newspaper Finansavisen and reports that the Aker Group, owned by Kjell Inge Røkke, is about to sell its oil services business. Earlier reports, citing people familiar with the matter, speculated that Norwegian billionaire Rokke was considering the sale of Aker Solutions, and that negotiations with... Continue Reading →
Brazil leaders back pension reform despite protests, graft probe
Brazil's president and senior lawmakers redoubled their support for a major pension reform on Wednesday despite nationwide protests against the proposal and the expansion of a graft probe threatening the ruling coalition. The government's agenda received a vote of confidence from Moody's Investors Service, which cited progress on fiscal reforms as a reason for revising... Continue Reading →
Exclusive: Brazil prosecutor sees 350 new graft probes after Odebrecht testimony
A top Brazilian prosecutor said more than 350 new investigations will spring from a trove of testimony by executives of construction firm Odebrecht, revealing how corruption cut across the political spectrum from the smallest cities to the highest levels of government. Carlos Lima, the dean of a team of prosecutors in southern Brazil that is... Continue Reading →
Petrobras – Federal Accounting Court (TCU) authorizes resuming the Divestment Program
Rio de Janeiro, March 15, 2017 – Petróleo Brasileiro S.A. – Petrobras, in continuation to the material facts disclosed on 12/8/2016 and 12/20/2016, reports that the decision by the Federal Accounting Court (TCU) issued today, repealed the preventive order preventing the company from initiating new divestment projects and concluding those in progress and, as for... Continue Reading →
Brazil Energy Insight 