The Workers’ Party of ousted President Dilma Rousseff suffered heavy losses in Brazil’s municipal elections on Sunday, bearing the brunt of voter dissatisfaction with an economic recession and a corruption scandal that have plagued Latin America’s largest nation. After ruling Brazil for 13 years, the leftist party known PT lost control of Sao Paulo, the... Continue Reading →
Petrobras CEO says wage hikes of last decade are impossible today
Fri Sep 30, 2016 | Reuters Brazil's state-led oil company Petrobras is unable to give its workers the kind of pay raises that increased company salaries by about 50 percent in real, inflation-adjusted terms over the past decade, Chief Executive Pedro Parente said on Friday. Petroleo Brasileiro SA, as Petrobras is formally known, is in... Continue Reading →
Brazil may let Petrobras sell transfer of rights area oil stakes
Fri Sep 30, 2016 | Reuters The logo of Brazil's state-run Petrobras oil company is seen on a tank in Sao Caetano do Sul, Brazil, September 28, 2016. REUTERS/Paulo Whitaker Brazil's government may let state-led oil company Petrobras sell stakes in offshore oil blocks, known as transfer of rights areas, to help finance their development,... Continue Reading →
Brazil M&A Rebounds as Petrobras Divestments Begin in Earnest
Dealmaking in Brazil is finally mounting a revival. Mergers and acquisitions in the country increased 35 percent to $16.6 billion in the third-quarter, compared with the same period last year, led by a spate of energy deals involving state-controlled Petroleo Brasileiro SA. Even more striking were the $11.1 billion in inbound transactions, according to data... Continue Reading →
Brazil slams Panama for not helping in Petrobras graft probe
Brazil's top prosecutor's office complained on Thursday that Panama had failed to deliver banking information requested over a year ago in the massive corruption investigation surrounding state-controlled oil company Petróleo Brasileiro SA. Brazilian prosecutors suspect financial institutions were used to move offshore millions of dollars in graft money from the scheme at the company known... Continue Reading →
Opec output cut a boon for US shale sector
September 29, 2016 admin The tentative agreement for Opec to cut its production is the best news the world’s oil producers have had all year. When ministers from the oil cartel announced in Algiers on Wednesday evening that they had agreed a production target lower than their current output, they signalled they were prepared to... Continue Reading →
Brazil Real Drops as Carry Loses Appeal Amid Strong U.S. Data
The real slipped as the U.S. economy advanced more than forecast, bolstering the dollar and dimming appetite for the world’s most-profitable carry trade. In a carry trade, investors borrow money in a low-yielding currency to invest it in a country with higher yields. Brazil’s benchmark interest rate is 14.25 percent -- more than 28 times... Continue Reading →
Brazil oilworkers reject Petrobras offer, prepare for strike
Thu Sep 29, 2016 | Reuters Brazil's largest oilworkers' federation, FUP, said on Thursday that its members voted overwhelmingly to reject a contract offer from Petroleo Brasileiro SA, or Petrobras, and are preparing for a strike. The union plans to continue talks with Petrobras starting at 2 p.m. (1700 GMT) in Rio de Janeiro and... Continue Reading →
Petrobras – Approval of Dividends Policy and Appointment Policy for Board of Directors, Executive Officers and Fiscal Council members
Rio de Janeiro, September 28, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its Board of Directors approved, at a meeting held today, the Dividends Policy and Appointment Policy for members of the Executive Board, Fiscal Council, Board of Directors of Petrobras and external participants who integrate its advisory committees. The Dividends Policy... Continue Reading →
Update – Brazil should pass law easing Petrobras subsalt rights this year: IBP
A bill ending the requirement that Brazil's state-controlled oil company Petrobras lead all new projects in the country's Subsalt Polygon region should become law by the end of the year, the president of oil industry association IBP said on Wednesday. Petroleo Brasileiro SA, as the company is formally known, has repeatedly said its debt and... Continue Reading →
Brazil Energy Insight 