09/12/2016 Rio de Janeiro, September 12, 2016 - Petróleo Brasileiro SA - Petrobras announces that its total production of oil and natural gas in August was 2.84 million barrels of oil equivalent per day , of which 2.72 million barrels produced in Brazil and 0.12 million abroad. Total production of oil and gas in Brazil... Continue Reading →
Petrobras Cost-Cutting Is Making Traders in Oil-Rig Bonds Uneasy
Oil giant Petroleo Brasileiro SA’s cutbacks are reverberating in the bond market. QGOG Constellation SA, which rents rigs to Brazil’s state-controlled crude producer, has seen its $700 million of notes due in 2019 drop 11 percent in the past three months. The slump reflects mounting concern that Petrobras, as the oil company is known, may not... Continue Reading →
Brazil’s Petrobras CEO says to halve leverage ratio before 2020
Sun Sep 11, 2016 Brazil's state-run oil firm Petroleo Brasileiro SA will seek to reduce its leverage ratio to 2.5 from 5 currently before 2020, Chief Executive Officer Pedro Parente told newspaper O Estado de S. Paulo in an interview on Sunday. Parente said the leverage target will be included in the business plan to... Continue Reading →
Key Takeaways: Brazil Central Bank Chief Goldfajn Interview
Brazil’s central bank president Ilan Goldfajn sat down for an interview with Bloomberg on Thursday in his office in Brasilia. He discussed expectations for fiscal austerity measures and the conditions that must be met before his board can cut the benchmark interest rate. Monetary Policy Goldfajn said policy makers are monitoring investor perception of risk... Continue Reading →
Pemex Budget Slashing to Continue as Minister Signals Austerity
Mexico will continue to hack into the budget of its oil producer next year, a move likely to mean further financial duress and continued output declines for Petroleos Mexicanos. It’s “reasonable” that the 2017 budget reduction for Pemex, as the state-owned company is known, will be around the same amount as the 100 billion pesos ($5.4... Continue Reading →
Brazil oil law change key to attracting investment: Statoil
The company logo of Norwegian energy firm Statoil is seen at the headquarters outside Oslo, Norway, November 28, 2014. REUTERS/Berit Roald/NTB Scanpix Norway's Statoil sees changes to Brazil's oil industry laws, including the end of mandatory participation by Petrobras in all subsalt blocs, as key for attracting foreign investment, Chief Executive Officer Eldar Saetre said... Continue Reading →
BNDES reviews local content index for accreditation of suppliers
The National Bank for Economic and Social Development (BNDES) approved a temporary measure that reduces from 60% to 50% the minimum nationalization index requirement for the accreditation Suppliers of machinery and equipment, industrial systems and components in the credit operations of the Bank, called accreditation Computerised Suppliers (CFI). The amendment applies to all sectors of... Continue Reading →
GE Oil & Gas inks FPSO agreement with MODEC in Brazil
9/7/2016 World Oil LONDON -- GE Oil & Gas has signed a major agreement with MODEC, an owner/operator and EPCI general contractor of floating production systems, to supply and service gas turbines for FPSOs in Brazil. MODEC ordered GE gas turbines for eight FPSOs based in Brazil and signed a 25-year maintenance contract for... Continue Reading →
Petrobras -Conclusion of the negotiations on the sale of Nova Transportadora do Sudeste
Rio de Janeiro, September 8, 2016 – Petróleo Brasileiro S.A. – Petrobras, concerning the news on the sale of Nova Transportadora do Sudeste (NTS), and giving continuity to the material facts disclosed on May 12 and July 12, 2016, informs that it has concluded the negotiations with the consortium led by Brookfield for the sale... Continue Reading →
Presidential ambitions put stress on Brazil’s new government
A pledge by Brazil's new President Michel Temer not to run in the 2018 election enticed political rivals to back his coalition but pressure from his party might lead him to break the promise, jeopardizing the support he needs to push through reforms. Temer needs the backing of a fragile coalition of 21 parties in... Continue Reading →
Brazil Energy Insight 