A Brazilian state appeals court postponed on Monday a vote on the legality of several aspects of Grupo OAS SA's restructuring plan for at least a couple of weeks, adding uncertainty to efforts by the debt-laden engineering conglomerate to emerge from bankruptcy protection. The appeals court in São Paulo agreed earlier in the day to... Continue Reading →
Brazil’s Odebrecht may pay whistleblowers $275 million, Valor says
Brazilian engineering conglomerate Odebrecht SA may agree to pay up to 900 million reais ($275 million) in compensation to whistleblowers within the company to settle a major graft and money-laundering probe, newspaper Valor Economico reported on Tuesday. Valor reported, citing unnamed sources participating in legal discussions, that Odebrecht was negotiating average compensation of 15 million... Continue Reading →
Petrobras Slashes Business Plan 25 Percent to $74 Billion
Petroleo Brasileiro SA reduced investments by 25 percent and is accelerating asset disposals in its latest business plan as it downsizes to withstand low international oil prices amid Brazil’s deepest two-year recession on record. The 2017-2021 plan, the first drafted under Chief Executive Officer Pedro Parente, focuses on accelerating debt reduction and retreating from peripheral... Continue Reading →
Mothballing the World’s Fanciest Oil Rigs Is a Massive Gamble
In a far corner of the Caribbean Sea, one of those idyllic spots touched most days by little more than a fisherman chasing blue marlin, billions of dollars worth of the world’s finest oil equipment bobs quietly in the water. They are high-tech, deepwater drillships -- big, hulking things with giant rigs that tower high... Continue Reading →
Oil Majors Must Count on M&A to Replenish Reserves, WoodMac Says
Major oil producers will rely on acquisitions for about half theirreserve replacement in the future after cutting exploration budgets to weather the crude-price collapse, according to Wood Mackenzie Ltd. Big oil companies are no longer trying to replace all their production through conventional exploration, the energy consulting company said in a report published Tuesday. "Now... Continue Reading →
Petrobras – Webcast Invitation Strategic Plan and 2017-2021 Business and Management Plan
09/19/2016 Petrobras would like to invite investors and analysts for the conference call/webcast of the new Strategic Plan and the 2017-2021 Business and Management Plan, with broadcast in Portuguese and simultaneous translation to English, according to the times below: http://www.investidorpetrobras.com.br/en/press-releases/webcast-invitation-strategic-plan-and-2017-2021-business-and-management-plan September 20, 2016 (Tuesday) 12:30 pm (Brasília) 11:30 am (New York) 4:30 pm (Londres)
Petrobras expected to cut investment, output in 2017-21 plan
Brazil's heavily indebted state-led oil company Petrobras will likely cut planned investment by about a sixth and its 2020 output goal by 14 percent under a five-year strategic plan scheduled for release Tuesday before markets open, according to analysts. Petroleo Brasileiro SA, as the company is formally known, is expected to announce a 2017-2021 capital... Continue Reading →
Brazil oil workers reject Petrobras wage offer; strike is possible
Brazil's largest oil workers union strongly rejected on Friday a proposal from Petrobras for a deal over salaries and benefits in their annual talks, increasing the risk of a new strike at the state-led oil company. Leaders of the Federação Única dos Petroleiros (FUP) union said the terms broke agreements made in November to end... Continue Reading →
Big Oil Was Never That Big a Money-Maker, Goldman Sachs Says
Oil companies longing for the glory days of ultra-high crude prices might wish to think again. The rising oil prices that came to characterize energy markets in the mid-2000s, and which culminated in a record near-$150 a barrel in 2008, were not the windfall investors might have imagined, according to a new note from Goldman Sachs Group... Continue Reading →
Brazil’s Currency Bulls Now Getting Burned by Political Mess
The world’s best currency rally has lost its mojo. Brazil’s real has been falling in recent weeks, and is now barely hanging on as 2016’s top performer. Bears are reemerging as a fractured congress, feuding politicians and a stew of corruption dims hopes President Michel Temer will succeed in pushing through reforms to shore up... Continue Reading →
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