Brazilian President Michel Temer on Thursday unveiled a slew of stimulus measures to reduce the debt burden of businesses and consumers struggling with the country's worst recession on record amid growing popular discontent. Although limited in scope, the measures aim to appease Brazilians angry at the deepening recession in Latin America's biggest economy and allegations... Continue Reading →
Brazil prosecutors hit ex-president Lula with more corruption charges
Prosecutors on Thursday charged former Brazilian President Luiz Inacio Lula da Silva, his wife and a former finance minister with more corruption charges in the investigation of graft at state-run oil company Petrobras. It is now up to federal judge Sergio Moro to decide if the new charges will result in another trial for Lula,... Continue Reading →
Petrobras -Oil and natural gas production in November
Rio de Janeiro, December 15, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that its total oil and natural gas production in November was 2.86 million barrels of oil equivalent per day (boed), of which 2.74 million were produced in Brazil and 0.12 million boed abroad. Average oil production in the country was 2.23... Continue Reading →
Pre Salt – World record with 1 billion barrels in 6 years
12/15/2016 | 09h03 TN Petroleo Petrobras and partners celebrated, on Wednesday (14/12), a historical mark: the total of 1 billion barrels of oil produced in the pre-salt. This accumulated production occurs only six years after the entry of the first production system in the Santos Basin, in the Lula field, and ten years after... Continue Reading →
Brazil’s Braskem to pay 3.1 bln reais in leniency deal for corruption case
Dec 14 Brazil's Braskem SA , the largest petrochemical producer in Latin America, signed a leniency deal on Wednesday with Brazilian prosecutors leading a sweeping corruption probe into political kickbacks at state-run oil company Petrobras, the company said in a securities filing. The company agreed to pay 3.1 billion reais ($920 million) in fines... Continue Reading →
CNPE meeting to vote for unitizations and auctions of oil areas
The meeting of the National Council for Energy Policy (CNPE), the federal government's policy and energy guidelines body, will have in its agenda the unitization rules for oil fields and the three auctions of oil and gas areas planned for 2017, said the Minister of Mines and Energy, Fernando Coelho Filho. The CNPE will discuss... Continue Reading →
Brazilian pension reform bill clears first hurdle in Congress
A pension reform proposed by President Michel Temer that would add more than a decade to Brazilians' working lives will be debated in Congress after an overnight vote that laid bare divisions among lawmakers over the plan. Pension reform is the next move by Temer to bring a widening budget deficit under control after he... Continue Reading →
Total assumes 50% share of Petrobras in Xerelete Sul block
Total assumes 50% share of Petrobras in Xerelete Sul block The French oil company Total took over Petrobras' 50% stake in the Xerelete Sul block in the Campos Basin, still under development, and now holds 100% of the concession. The transfer has already been approved by the Administrative Council for Economic Defense (Cade). The operation... Continue Reading →
ANP ALTERS CALENDAR OF THE AUCTION OF MARGINAL BLOCKS
Dec 13, 2016 The National Oil Agency changed the schedule of the 4th Round of Bids for Marginal Areas. The publication of the edict and the model of the concession contract will be released on January 19. The auction will offer to the market ten areas for exploration and production of oil and gas:... Continue Reading →
Big Oil Gets a Huge Role in Trump’s Administration
Ever since the U.S. Supreme Court broke up John D. Rockefeller’s Standard Oil in 1911, the energy industry has been at loggerheads with the federal government. Now it is the government -- or may be if Exxon Mobil Corp. Chief Executive Officer Rex Tillerson is confirmed as President Donald Trump’s secretary of state. Rex Tillerson... Continue Reading →
Brazil Energy Insight 