Grupo Odebrecht SA , Latin America's largest engineering conglomerate, is considering selling the majority stake it has in petrochemical producer Braskem SA, according to three sources with direct knowledge of the situation. Odebrecht, controlled by the namesake millionaire Brazilian family, could exit Braskem in a joint transaction with state-controlled oil producer Petroleo Brasileiro SA, said... Continue Reading →
Statoil Drills The Longest Horizontal Well In Brazil
In the Campos Basin’s Peregrino field, the oil company drilled a well 8,080 m long in total. The Norwegian firm intends to drill 10 wells in a new area of the field's reservoir [07.03.2016] By Gabriela Medeiros/Brazil Energy The production in the Peregrino field is carried out using two WHP's and the FPSO Peregrino Statoil... Continue Reading →
5th Circuit revives Petrobras lawsuit over chain failure
Mar 9, 2016 Reuters A U.S. appeals court has revived a lawsuit filed by the U.S. unit of Brazilian national oil company Petrobras claiming a faulty tether chain caused $400 million in damages when equipment it was meant to secure collapsed to the sea floor in the Gulf of Mexico in 2011. Petrobras America and... Continue Reading →
Game Over for Rousseff?
In a matter of days, the vast corruption probe known as Operation Carwash has moved closer than ever to Brazil’s president, Dilma Rousseff.On Feb. 22, Rousseff’s top campaign strategist, João Santana, was arrested for allegedly receiving $7.5 million, a sum tied to a bribery scheme at national oil company Petrobras, which is at the center of... Continue Reading →
From Champs To Chumps: Latin America Oil Giants Owe $275 Billion
The Latin American state-run oil companies whose largesse filled government coffers from Mexico to Brazil during the crude boom of the previous decade are quickly becoming dangerous liabilities as soaring debt levels spook investors. Regional leaders are being forced to shelve plans to spend petro-cash on popular projects after oil prices plunged more than 50 percent... Continue Reading →
Brazil prosecutors seek Lula’s arrest for money laundering
Mar 10, 2016 Reuters SAO PAULO | BY BRAD HAYNES AND EDUARDO SIMÕES Former Brazilian President Luiz Inacio Lula da Silva waves to the crowd from his home in Sao Bernardo do Campo, Brazil, March 5, 2016. REUTERS/PAULO WHITAKER TPX IMAGES OF THE DAY State prosecutors in Brazil are seeking the arrest of former President... Continue Reading →
Anadarko Cuts 1,000 Jobs as It Idles Drilling Rigs, Sells Assets
Anadarko Petroleum Corp. is shrinking its workforce in the latest step to cope with a collapse in oil and gas prices, following plans to park rigs, slash dividends and sell assets. The third-largest U.S. natural gas producer is laying off about 1,000 workers, roughly a 17 percent reduction, said company spokesman John Christiansen. The move... Continue Reading →
Rousseff Allies Said to Jump Ship as Brazil Crisis Deepens
Senate leaders from Brazil’s biggest political party are pushing their colleagues in Congress to declare their independence from President Dilma Rousseff’s government, according to two people with direct knowledge of the discussions. The leaders of the Brazilian Democratic Movement Party, or PMDB, discussed the strategy at a dinner Wednesday night with their counterparts from the... Continue Reading →
Brazil Sells $1.5 Billion in 10-Year Bonds as Yields Decline
The same turmoil that’s roiling Brazil’s government opened up a window for the country’s first bond sale since it was cut to junk. Brazil sold $1.5 billion of 10-year bonds to yield 6.125 percent, according to data compiled by Bloomberg. The sale comes as speculation that President Dilma Rousseff will be impeached drives down borrowing... Continue Reading →
Brazil Real, Stocks Gain on Report Prosecutors Seek Lula Arrest
Brazil’s real extended its best-in-the-world rally and stocks climbed as a news report that prosecutors requested a preventive arrest of Brazil’s former President Luiz Inacio Lula da Silva added to speculation that a change in government may be drawing closer. With Thursday’s gain, the real is up 11 percent since the start of March, the... Continue Reading →
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