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The debt clock is ticking down at Brazil’s troubled oil giant, Petrobras. Next up: $24 billion of repayments over 24 months. That’s a towering hurdle for a company that hasn’t generated free cash flow for eight years and whose borrowing rates are soaring. Annual debt servicing costs have doubled to 20.3 billion reais ($5.4 billion)... Continue Reading →
Brazil’s inflation exceeded 10 percent for the first time in 12 years, complicating President Dilma Rousseff’s efforts to revive an economy that is also battling higher-than-forecast unemployment. Consumer prices rose 0.85 percent from Oct. 15 to Nov. 12, pushing the 12-month inflation rate to 10.28 percent, the national statistics agency said Thursday. The monthly gain,... Continue Reading →
An impeachment of President Dilma Rousseff would be credit neutral "at best", but more likely negative for Brazil's teetering credit rating, Moody's top Latin American analyst said on Wednesday. Rousseff's political opponents are seeking her impeachment saying she has mismanaged a once-booming economy and undermined confidence. Senior Moody's analyst Mauro Leos said along with the... Continue Reading →
11/17/2015 Rio de Janeiro, November 17, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 474/2015/CVM/SEP/GEA-1 requesting clarifications, as transcribed below: Official Letter 474/2015/CVM/SEP/GEA-1 “We refer to the news item published on November 15, 2015 on the Mercado (market) section of the Folha de São Paulo newspaper, entitled: “Petrobras is considering selling... Continue Reading →
11/17/2015 Rio de Janeiro, November 17, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the drilling of an extension well proved the occurrence of oil in the Pitu area. The discovery of this accumulation, the first in Potiguar Basin deep waters, was first announced to the market on December 17, 2013. The 3-BRSA-1317-RNS well,... Continue Reading →
11/17/2015 Rio de Janeiro, November 17, 2015 – Petróleo Brasileiro S.A. – Petrobras announces that its average oil and natural gas production in October in Brazil and abroad reached 2.76 million barrels of oil equivalent per day (boed), 1.6% higher than the 2.72 million boed recorded in September. Considering the volumes produced in Brazil only,... Continue Reading →
11/17/2015 Rio de Janeiro, November 17, 2015 – Petróleo Brasileiro S.A. – Petrobras announces that the unions are analyzing the proposal presented by the Company. Until now, 10 of the 17 unions communicated their approval of Petrobras’ proposal and the end of the strike in their respective bases. Nevertheless, there are still ongoing manifestations in... Continue Reading →
The Brazilian oilworkers union local responsible for the bulk of the country's oil and gas output told its members on Tuesday to leave all Petroleo Brasileiro SA vessels in the Campos Basin, Brazil's most productive oil district. The action by the local, Sindipetro Norte Fluminense, defied its national federation FUP, which on Friday recommended members... Continue Reading →
Brazil's Vice President Michel Temer said on Tuesday he is not seeking to run for president in 2018, but his PMDB party is keen to launch its own candidate and has released a pro-business economic agenda as its platform. The PMDB, the largest party in Brazil's ruling coalition, has clashed repeatedly with President Dilma Rousseff... Continue Reading →
A union representing workers at state-run oil company Petroleo Brasileiro SA in Brazil's most important production area said on Monday it remains on strike over back pay and the state-owned oil company's plans for assets sales. Sindipetro Norte Fluminense workers operate oil platforms and other services in the Campos Basin, the source of 64 percent... Continue Reading →
Brazil Energy Insight 