Brazil’s real weakened the most among major currencies a corruption probe that has engulfed the state-run oil giant reached Grupo BTG Pactual, the largest independent investment bank in Latin America. Andre Esteves, BTG Pactual’s billionaire chief executive officer, was arrested along with the government’s leader in the Senate, Delcidio Amaral, a police press official said, declining... Continue Reading →
Mexico Reaps Record $6.4 Billion in Oil Hedge Win, Minister Says
Mexico Reaps Record $6.4 Billion in Oil Hedge Win, Minister Says Adam Williams/Bloomberg November 24, 2015 — 5:21 PM BRST Mexico is reaping record financial returns from its oil hedge this year. After locking in crude sales at $76.40 a barrel, Mexico will receive $6.4 billion in December as the guaranteed price exceeds the average... Continue Reading →
Brazil oil explorer QGEP says test of Carcara area promising
Brazil oil explorer QGEP says test of Carcara area promising SAO PAULO/Reuters Nov 24 Formation tests run in the Carcara offshore area by Brazilian oil explorer Queiroz Galvao Exploracao e Producao SA have showed results as promising as the best subsalt discoveries so far, the chief executive of the company said on Tuesday. A more... Continue Reading →
Brazil police arrest rancher friend of former president Lula /Petrobras
Brazilian federal police on Tuesday arrested businessman and rancher José Carlos Bumlai, a friend of former President Luíz Inácio Lula da Silva, for suspected fraud in a drillship contract with state-run oil firm Petrobras. Prosecutors said they were also investigating Bumlai with the help of Brazil's tax collection agency for his role as the intermediary... Continue Reading →
EXCLUSIVE-Brazil’s Petrobras corruption investigators to probe Olympic contracts
Brazilian police investigating corruption around state-run oil firm Petrobras also plan to probe more than $10 billion of construction contracts for the 2016 Olympic Games in Rio de Janeiro, a lead investigator said. Some of the big engineering firms caught up in the Petrobras probe "very probably" broke laws against price-fixing and bribery on contracts... Continue Reading →
Brazil’s Real Rises Ahead of Congressional Vote on Fiscal Target
Brazil’s real rose ahead of a planned vote in congress on the country’s fiscal target and as the central bank stepped up support for the currency. The real climbed 0.7 percent to 3.7052 per U.S. dollar at 1:20 p.m. in Sao Paulo. The government is working to gather support among lawmakers to guarantee approval of a change... Continue Reading →
Petrobras rules out raising fresh capital for now -source
Indebted state-run oil company Petroleo Brasileiro SA has ruled out bolstering its capital in the short term, a source with direct knowledge of the company's decision said on Monday. In a statement released later on Monday, Petrobras, as the company is known, denied media reports of talks for the Treasury to transfer hybrid securities to... Continue Reading →
GMO Says Petrobras Century Bonds Best Bet on Brazilian Producer
Grantham Mayo Van Otterloo & Co. says Petroleo Brasileiro SA is too strategic for the state to let it default and the earlier selloff in the Brazilian oil producer’s longest-dated bonds made them attractive. Petrobras has been battered by plunging crude prices, a corruption scandal enveloping its executives, a strike that curbed production and disappointing... Continue Reading →
Norway Faces 20% Drop in Oil Investment After Prices Slump
Western Europe’s biggest oil and gas producer will probably see investments slump by one-fifth next year compared with 2014, when crude hit a peak, as the industry adjusts to considerably lower prices. Investments by oil and gas companies operating in Norway will fall to 171 billion kroner ($20 billion) next year, 5.6 percent under a... Continue Reading →
Seadrill Turns to Loss on $1.8 Billion Writedown in Oil Rout
Seadrill Ltd., the offshore driller controlled by billionaire John Fredriksen, reported its first quarterly loss since 2011 as a collapse in oil prices reduced demand for its rigs. The net loss of $1.83 billion came after the Hamilton, Bermuda-based company booked $1.8 billion in non-cash impairment charges to investments and goodwill, it said in a... Continue Reading →
Brazil Energy Insight 