Fri Sep 2, 2016 / Reuters Brazil's state-run oil producer Petroleo Brasileiro SA on Friday said 11,704 staffers joined its 2016 voluntary layoff program, with an estimated cost of about 4 billion reais ($1.23 billion). Petrobras, as the company is known, said the final number may change as the applications are still being calculated. The... Continue Reading →
Prysmian Brazil closes US $ 1.4 million contract to supply umbilicals
Prysmian Brazil, global leader in cables and systems for energy and telecommunications sectors, has just signed a contract worth US $ 1.4 million, with the Indonesian Star Energy, to supply energy cabling systems to be installed in the gas drilling platform Kakap PSC, located in the Natuna Sea, in Jakarta. The project scope includes the... Continue Reading →
MINISTRY OF MINES AND ENERGY ANTICIPATES NEW CHANGES IN LOCAL CONTENT POLICY
01 set, 2016 The local content policy, which has led many local entrepreneurs to invest in their structures, in new technologies and training, will most likely be relaxed. The Ministry of Mines and Energy is studying ways to alter the rules and the Director of Exploration and Production, José Botelho Neto, has anticipated that rules... Continue Reading →
Brazil Supreme Court overturns Odebrecht asset freeze
Thu Sep 1, 2016 /Reuters A Brazilian Supreme Court judge on Thursday overturned an audit court ruling that had frozen the assets of industrial conglomerate Odebrecht due to alleged overcharging on a refinery built for state oil company Petroleo Brasileiro SA. Last month, the TCU federal audit court froze 2.1 billion reais ($646 million) of... Continue Reading →
Brazil prosecutors reject SBM leniency deal for Petrobras graft
Federal prosecutors in Brazil rejected a $328.2 million (247.34 million pounds) deal on Thursday allowing Dutch oil-ship lesser SBM Offshore NV (SBMO.AS) to avoid prosecution for corruption related to its contracts with state-led oil company Petrobras. The decision was made by a federal prosecutor review board, which said numerous problems needed to be addressed before... Continue Reading →
Brazil’s Economic Policy Lurches Right
Brazil managed to pull off the Rio Summer Olympics and silence the naysayers. Now the country has a bigger act to manage—approve a painful austerity package to help bring on an economic rebound. Michel Temer, the provisional president who was sworn in after Dilma Rousseff was impeached on Aug. 31, is aiming to halt the... Continue Reading →
Brazilian police arrest two as corruption probe turns to major builder Queiroz Galvao
Brazil's federal police said they had arrested two people and raided properties on Tuesday over alleged corruption at building firm Queiroz Galvao, widening a sweeping investigation focused on state-run oil company "Operation Carwash" was launched two years ago to tackle price fixing, bribery and political kickbacks at Petrobras, as the company is commonly known. It... Continue Reading →
Brazil’s currency outlook may be brighter than politics suggest
Disappointment over the progress of an ambitious reform agenda by Brazil’s new President Michel Temer will probably be insufficient to cause another massive fall in the currency, even though it could rekindle market volatility and kill chances of any credit rating upgrades, a Reuters poll suggested on Thursday. The daunting task ahead of Temer is no... Continue Reading →
Brazil’s ousted President Rousseff appeals to Supreme Court
Brazil's ousted President Dilma Rousseff appealed to the Supreme Court on Thursday to overturn the Senate's decision to remove her from office for breaking budgetary rules. The Senate voted 61-20 on Wednesday to dismiss the leftist leader, confirming her conservative Vice President Michel Temer as president for the remainder of her term through 2018. Rousseff's... Continue Reading →
Brazil expects new Petrobras oil-rights deal by year-end
Brazil expects to renegotiate by year-end the price of 5 billion barrels of oil and gas rights purchased by Petrobras in a 2010 stock-for-oil swap, an energy ministry official said on Wednesday, removing a complication in the state-led company's plans to finance and develop major new offshore discoveries. Petrobras bought the rights from Brazil's federal... Continue Reading →
Brazil Energy Insight 