Bloomberg Petrobras has agreed to sell assets in Argentina and Chile for about $1.4 billion as Brazil’s state-controlled oil producer looks to raise cash and focus on deep-water projects in Brazil. The Rio de Janeiro-based producer has completed negotiations to sell its 67.2 percent stake in Petrobras Argentina SA to Pampa Energia SA for $892... Continue Reading →
Petrobras Boomtown Turns Desolate as Refinery’s Billions Vanish
Located just 30 miles east of Rio de Janeiro’s bustling Copacabana beach, Itaborai looks like many oil boomtowns after the bust -- except the deserted stores and empty glass towers that loom over this town of 220,000 speak of some bigger cataclysm than the collapse of crude prices. “They said this would be the new oil city,”... Continue Reading →
Brazil’s Top Prosecutor Seeks to Investigate Rousseff, Lula
Brazil’s chief prosecutor has asked the Supreme Court to authorize an investigation into President Dilma Rousseff and her predecessor Luiz Inacio Lula da Silva, her mentor and close ally, two of the country’s main newspapers reported. Public Prosecutor Rodrigo Janot filed the request with the high court, which must authorize any formal probe into the... Continue Reading →
Brazil Real Declines Amid Intervention as Emerging Markets Slump
Brazil’s real declined a second day as the central bank intervened to weaken it, joining a selloff in emerging-market currencies as renewed concern that China’s economy is faltering dimmed demand for riskier assets. The real slumped 2.1 percent to 3.5656 per dollar at 11:53 a.m. in Sao Paulo after the monetary authority sold 9,800 reverse... Continue Reading →
Halliburton Stays Course as Baker Hughes Seeks Changes Post-Deal
Halliburton Co. and Baker Hughes Inc. wasted no time making clear they will take different paths after the termination of their merger. "Our strategy has not changed," Halliburton Chief Executive Officer Dave Lesar told investors and analysts on a conference call Tuesday. His statement came minutes after Baker Hughes wrapped up a separate conference call in... Continue Reading →
Brazil Oil Industry Sees Reforms Advancing If Government Changes
Brazil is more likely to reform its struggling oil industry to attract investments if there is a change in government, some of the country’s top oil executives said at an industry gathering in Houston. Brazil is expected to ease Buy in Brazil restrictions and auction exploration acreage more regularly if a new government takes over, Jorge... Continue Reading →
Halliburton Loss Grows as It Takes Baker Hughes Deal Charges
Halliburton Co.’s first-quarter loss widened as customers slashed budgets in half and the company took charges related to the $28 billion merger with Baker Hughes Inc. that was called off Sunday in the face of stiff resistance from regulators in the U.S. and Europe over antitrust concerns. The world’s largest provider of fracking services reported a... Continue Reading →
Corporate Brazil faces cash risks through 2017 -Moody’s
More Brazilian companies will face increasing liquidity risk through next year as rising borrowing costs and the harshest recession in decades hamper their ability to service debt, Moody's Investors Service said on Monday. A Moody's team of analysts led by Erick Rodrigues said in a report that the number of companies facing high funding risks... Continue Reading →
Brazil’s $2 Billion Intervention Makes Real World’s Worst Loser
Brazil’s real led losses among its most-traded peers as the central bank intervened to weaken the currency in a bid to slow this year’s rally and support exporters. The real dropped 1.6 percent to 3.4936 per dollar at 4:43 p.m. in Sao Paulo, making it the world’s worst-performing currency after Libya’s dinar. The loss came... Continue Reading →
Brazil State Banks’ Bond Woes to Worsen After Years of Largess
After ratcheting up lending at the behest of President Dilma Rousseff, Brazil’s state-controlled banks may be in store for more pain. Banco do Brasil SA, Caixa Economica Federal and development bank BNDES are seeing their borrowing costs in the bond market soar relative to those of their private-sector peers as Brazil’s longest recession in a century sparks a... Continue Reading →
Brazil Energy Insight 