Former Brazilian leader Luiz Inacio Lula da Silva will face a fifth corruption trial, a judge ruled on Monday, as charges pile up against the man seen as a front-runner to win the 2018 presidential election. Judge Sergio Moro, who has overseen the bulk of Brazil's biggest graft probe into a long-standing kickback scheme at... Continue Reading →
BP Piles Up Oil Assets as CEO Dudley Says Worst Over for Company
BP Plc is piling up assets with more than $3 billion of deals in three days as Chief Executive Officer Bob Dudley sees the company emerging from the doldrums after a two-year price slump. Since Saturday, BP has announced a $2.2 billion expansion of output in Abu Dhabi and a $916 million investment in fields in Mauritania... Continue Reading →
Havyard to design two more AHTS vessels for Grupo CBO
Havyard Design & Solutions, a ship technology company, has signed a contract for the delivery of ship design and equipment for two more AHTS vessels with the Brazilian shipping company Grupo CBO. Havyard said on Monday that the supply agreement for the delivery of ship design and equipment for two additional vessels is valued at... Continue Reading →
Petrobras – Approval of the New Policy on Related-Party Transactions
Rio de Janeiro, December 16, 2016 – Petróleo Brasileiro S.A. – Petrobras reports that its Board of Directors, in a meeting held yesterday, approved the Company’s new Policy on Related-Party Transactions. This Policy complies with the instructions and guidance by the Securities and Exchange Commission of Brazil – CVM, as well as the provisions under... Continue Reading →
Petrobras – Execution of Commercial and Facility Agreements with the China Development Bank
Rio de Janeiro, December 16, 2016, Petróleo Brasileiro SA – Petrobras informs that it executed yesterday a Facility Agreement with the China Development Bank (CDB) in the amount of US$ 5 billion for a 10-year term. The Agreement is the result of the Term Sheet signed between the parties, as disclosed on February 26, 2016.... Continue Reading →
What Global Oil Flows Might Look Like After OPEC’s Supply Shock
OPEC’s quest to end a global crude glut already snapped a two-year slump in oil prices. Now attention is turning to how the group’s surprise decision to cut output will transform international trade flows of the world’s most important commodity. The early signs are that Middle East suppliers will prioritize Asia, pushing competitors in Africa and... Continue Reading →
ROTA 2 REACHES MARK OF 2 BILLION CUBIC METERS OF GAS EXPORTED FROM THE PRE-SALT IN NINE MONTHS
Dec 15, 2016 In addition to celebrating the mark of 1 billion barrels of oil produced in the pre-salt, Petrobras achieved another important achievement in the region: the Rota 2 gas pipeline reached the volume of 2 billion cubic meters of gas exported. The mark was obtained on November 15, nine months after the... Continue Reading →
State of Rio extinguishes fiscal benefit of oil sector
The Rio de Janeiro Legislative Assembly (Alerj) extinguished a special tax regime for the oil sector, in the midst of a strong financial crisis, on the grounds that the exemptions prevented the state collection of about 3.5 billion reais only in 2015. The Legislative Decree, which extinguished the differentiated regime that reduced the collection... Continue Reading →
OPEC Deal Tests Oil Majors’ Appetite for Risk and Reward: TOTAL
OPEC’s deal to cut production and boost prices gives oil companies the opportunity to shake off two years of layoffs and slumping profits to start investing again -- if they still have the risk appetite. Just ask Patrick Pouyanne, chief executive officer of Total SA. Throughout the downturn he’s consistently warned that tens of billions of... Continue Reading →
Petrobras Biocombustível closes deal for the incorporation of Nova Fronteira by São Martinho S.A
Rio de Janeiro, December 15, 2016 – Petróleo Brasileiro S.A. – Petrobras reports that its wholly-owned subsidiary Petrobras Biocombustível S.A. (PBIO) closed, on this date, with group São Martinho S.A. (“São Martinho”) an Agreement (Acordo de Incorporação e Outras Avenças) under which Nova Fronteira Bioenergia S.A. (“Nova Fronteira”), in which PBIO holds 49% participation, will... Continue Reading →
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