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Brazil’s real fell, extending a weekly drop, as political concerns dimmed expectations that a new economic team named by Acting President Michel Temer will be able to quickly revive Latin America’s biggest economy. The real fell 0.9 percent to 3.6159 per U.S. dollar as of 11:58 a.m. in Sao Paulo. It has weakened 2.6 percent... Continue Reading →
Grupo BTG Pactual, the Brazilian bank that was forced to sell assets after the arrest of its founder last year, is exploring the sale of its 50 percent stake in an African joint venture with state-run oil company Petroleo Brasileiro SA, according to people with knowledge of the matter. BTG has held sales talks with... Continue Reading →
The offshore drilling market is in such bad shape that when a rival recently bought a rig for less than a 10th of its new-build cost, it probably overpaid, according to Seadrill Ltd. Chief Executive Officer Per Wullf. Shares in his oil-services company reversed gains to become the biggest losers in Oslo trading. Shipping tycoon George... Continue Reading →
When President Luiz Inacio Lula da Silva left office in January 2011, Brazil was widely regarded as Latin America’s gold standard for economic development and social progress. But today, with his handpicked successor, Dilma Rousseff, facing an impeachment trial, the country is viewed as an economic failure. But the problem is not with the objectives,... Continue Reading →
Oil prices climbed above $50 a barrel on Thursday for the first time in nearly seven months as a global supply glut that plagued the market for nearly two years showed signs of easing. Oil prices have rallied in recent weeks after a string of outages, due mainly to wildfires in Canada and unrest in... Continue Reading →
Brazil Finance Minister Henrique Meirelles appointed new leadership for the nation’s biggest state-owned banks two weeks after Michel Temer took over as acting president. Paulo Rogerio Caffarelli, 50, corporate executive director at steelmaker Cia. Siderurgica Nacional SA, was named to replace Alexandre Abreu as chief executive officer of Banco do Brasil SA, the nation’s largest... Continue Reading →
Statoil ASA boosted production more than 2 percent last year by increasing the reliability of its oil and gas fields amid the lowest crude prices in a decade. Norway’s largest energy producer got an extra 50,000 barrels of oil equivalent a day by cutting unplanned disruptions to keep its fields running for more than 90... Continue Reading →
Rio de Janeiro, May 24, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 226/2016-CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 226/2016-CVM/SEP/GEA-1 “Dear Officer, We refer to the news item published today in the Empresas (Companies) section of the newspaper Valor Econômico, entitled Parente deve assumir Petrobras no dia 31 (Parente... Continue Reading →
Brazil's Supreme Court accepted a plea bargain agreement with an ex-senator at the center of a political uproar that cost the Planning Minister his job on Monday, O Estado de S. Paulo reported on Wednesday. Sérgio Machado, who is also the ex-president of the transportation arm of state-run oil giant Petrobras, has been under investigation... Continue Reading →
Brazil’s Acting President Michel Temer enjoyed his first victory in Congress on Wednesday when legislators approved his request to change this year’s budget target. Actong Brazilian President Michel Temer on May 24. Photographer: Evaristo Sa/AFP/Getty Images Lawmakers in a joint session of Congress supported government legislation that allows it to post a budget gap before interest... Continue Reading →
Brazil Energy Insight 