Rio de Janeiro, April 19, 2016 - Petróleo Brasileiro S.A.-Petrobras hereby responds to Official Letter No. 165/2016/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter No. 165/2016/CVM/SEP/GEA-1 “Dear Sir, We refer to the news item published today in the newspaper Valor Econômico, Business section, under the title: "Petrobras Plan does not reduce the volume of debt",... Continue Reading →
Brazil’s OAS creditors to take over Invepar stake
Thu Apr 21, 2016 Reuters Brazilian construction company Grupo OAS said its creditors would take over its 24.5 percent stake in infrastructure company Invepar as part of a restructuring plan. OAS's shares of Invepar will be transferred to SPE Credores by the end of the day on May 31, the company said in a statement... Continue Reading →
Schlumberger CEO Sees `Full-Scale Cash Crisis’ in Oil Industry
Schlumberger Ltd. cut another 2,000 jobs in the first quarter as the world’s largest provider of oilfield services sees the industry in an unprecedented downturn. The global headcount dropped to 93,000 at the end of the first quarter with the reduction, Joao Felix, a spokesman for the company, said by e-mail. More than a quarter... Continue Reading →
Petrobras’ output down in March, but maintains 2016 goal
Apr 20, 2016 Petrobras' output down in March, but maintains 2016 goal REUTERS Brazil's Petroleo Brasileiro SA said on Wednesday that output dropped 3.7 percent in March to 2.55 million barrels of oil and equivalent natural gas a day from February. Petrobras, as the state-run company is known, said the drop in output was due... Continue Reading →
Brazil corruption investigators vow to keep digging
Demonstrators hold banners as they take part in a protest against Brazil's President Dilma Rousseff's appointment of Brazil's former President Luiz Inacio Lula da Silva as her chief of staff, at Paulista avenue in Sao Paulo, Brazil, March 17, 2016. The placards show images... REUTERS/NACHO DOCE In a Brazil deeply divided by the battle... Continue Reading →
Sete Brasil Shareholders Approve Plan to File for Bankruptcy
Shareholders of oil-rig venture Sete Brasil Participacoes SA agreed to a plan to file for bankruptcy protection after its single client failed to present a viable book order. A Sete Brasil official confirmed Wednesday that investors are backing the plan and declined to elaborate. Shareholders had set that day as a deadline for Petroleo Brasileiro... Continue Reading →
Back at the House of Cards -Rousseff to Denounce Coup in New York and Leaves VP in Charge
President Dilma Rousseff will leave Brazil in the hands of the man who she accuses of leading a coup attempt against her when she travels to New York on Thursday for a United Nations climate event. Her two-day trip comes after the lower house on Sunday voted by a wide margin in favor of her... Continue Reading →
Brazil’s President-in-Waiting, a Political Insider, Is Preparing
Brazilian politics has, for the past 13 years of Workers’ Party rule, been run by those evincing a street-savvy populism. Now a very different character is poised to become president, in some ways a throwback to an earlier era, an inside operator and deal maker with strong ties to the investment community. Vice President Michel... Continue Reading →
Brazil Goes Easy on Wealthy Tax Dodgers to Help Plug Budget Gap
A 70-something corporate lawyer in Sao Paulo’s financial district is ready to come clean with a secret that’s weighed on him for decades: He owns $200,000 in undisclosed cash illegally stashed abroad. He’s not alone. Well-to-do Brazilians have hidden as much as $400 billion in offshore accounts from the nation’s tax authorities -- and not... Continue Reading →
What Is the ‘Magic Number’ for the Price of Oil?
WSJ At $50 per barrel, falling Brent prices started to hurt rather than help shares and other risky assets ENLARGE There are some signs that the influence of oil on other assets may be fading. Above, the Transocean John Shaw oil platform in Cromarty, U.K. PHOTO: BLOOMBERG NEWS By JAMES MACKINTOSH April 19, 2016 12:06... Continue Reading →
Brazil Energy Insight 