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Petróleo Brasileiro SA (PETR4.SA), Brazil's state-controlled oil producer, on Tuesday slashed its investment plan for the third time in just over six months as it tries to preserve cash to pay its debt, the industry's largest. With oil prices at more than 10-year lows and the company's $15.1 billion asset sale stalled, Petrobras cut its... Continue Reading →
BP Plc plans to cut 4,000 jobs in its crude-oil production division this year as prices trade near a 12-year low. The company will reduce its worldwide upstream workforce to less than 20,000, London-based spokesman David Nicholas said by phone. The cuts include 600 people working at North Sea projects: they’ll lose their positions over the... Continue Reading →
Brazil's Petrobras received a license on Monday allowing it to boost crude processing by 35 percent at its controversial RNEST refinery, the local government said, a move that lets the company delay installation of promised pollution controls. Under the license, Petroleo Brasileiro SA, as government-controlled Petrobras is formally known, can process up to 100,000 barrels... Continue Reading →
Brazil’s state-controlled oil producer Petrobras further cut spending and reduced estimates for its production growth amid the worst oil market in a generation and a massive corruption scandal. The stock tumbled. Petroleo Brasileiro SA, as the company is formally known, slashed its business plan in the five years through 2019 to $98.4 billion, the latest... Continue Reading →
01/12/2016 Rio de Janeiro, January 12, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its Board of Directors has approved certain adjustments to the 2015-2019 Business and Management Plan (2015-2019 BMP). These adjustments are designed to preserve the fundamental objectives of deleveraging and the generation of value for shareholders established by the 2015-2019... Continue Reading →
Jan 9, 2016 Reuters Brazilian oil regulator ANP has proposed an increase in royalties that could help to shore up state and federal finances at the expense of heavily indebted state-run oil company Petrobras, newspaper Folha de S.Paulo reported on Saturday. Folha said the measure, which is open to public consultation until March 10, could... Continue Reading →
Mon Jan 11, 2016 Reuters A flag of Brazil's state-run Petrobras oil company is pictured at a gas station in Mariana, Brazil, November 11, 2015. REUTERS/RICARDO MORAES Brazil's government-run oil company Petrobras got a waiver of pollution control requirements from the state of Pernambuco for its RNEST refinery, allowing it to boost output to 100,000... Continue Reading →
Brazil's federal tax authority and prosecutors are investigating 13 foreign and local banks for possible financial crimes intermidiating loans to Brazilian engineering group Schahin, newspaper O Estado de S. Paulo reported on Monday. The banks under investigation include the investment banking unit of Itau Unibanco Holding SA, Itau BBA, Banco Bradesco SA, Banco Santander SA,... Continue Reading →
Brazil’s stint as the most lucrative emerging-market bond investment may be short-lived, according to Aberdeen Asset Management Plc and Commerzbank AG. The country’s dollar-denominated notes returned 1.9 percent last week, the best performance among 60 developing nations tracked by Bloomberg. Still, the gains are just a reprieve from a rout last year that saddled bondholders with losses... Continue Reading →
For investors in Brazil battered by a terrible 2015, there was reason to believe January would provide a respite. With summer holidays in full gear and Congress in recess, developments in the political scandals that had roiled markets were put on hold. And then came China. Read more
Brazil Energy Insight 