Brazil's government has fine-tuned arguments aimed at defending President Dilma Rousseff from a ruling that her administration manipulated federal accounts last year, and expects Congress to approve them, Chief of Staff Jaques Wagner said on Wednesday. The Federal Accounts Court, or TCU, last month said the government had manipulated its accounts in 2014 to disguise... Continue Reading →
Norway Oil-Rig Tender Reveals ‘Desperate’ Drillers in Price Rout
An unusually high number of rigs are competing for a Det Norske Oljeselskap ASA drilling contract on the Alvheim oil field in the North Sea, an illustration of how companies are desperate for business as producers slash spending amid a crude-price slump. “I’ve tendered for rigs on the Norwegian continental shelf many times, and I’ve... Continue Reading →
Brazil Credit Risk Drops to Lowest in Seven Weeks as Real Gains
Brazil’s sovereign risk declined to the lowest level since September amid signs investor sentiment is slowly improving and as the government moves closer to a vote in Congress that will help it boost revenue. The real advanced. The cost of insuring Brazilian bonds for five years in the credit-default swaps market declined for the fourth straight... Continue Reading →
Resignation of Petrobras Board of Directors Member Mr. Clovis Torres Junior
Resignation of Petrobras Board of Directors Member Mr. Clovis Torres Junior 11/03/2015 Rio de Janeiro, November 3rd, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that Mr. Clovis Torres Junior resigned today, for personal reasons, from both his positions as board member of Petrobras and as chairman of Petrobras Distribuidora S.A (BR). Mr. Clovis Torres... Continue Reading →
Petrobras – Oil Workers’ Strike
Petrobras - Oil Workers’ Strike 11/03/2015 Rio de Janeiro, November 3, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby announces that the strike coordinated by the oil workers’ unions is affecting its operations. Yesterday, November 2, 2015, oil production fell by 273,000 barrels, equivalent to 13% of daily output in Brazil. There was also a... Continue Reading →
Ex-Brazil Crisis Fighter Sees Undervalued Assets Everywhere Now
Luiz Fernando Figueiredo knows first hand what a Brazilian crisis looks like. Back in 2002, when a financial panic swept the country and pushed the government to the brink of default, Figueiredo had an up-close view of the chaos as a director at the central bank. Today’s economic and fiscal woes, he said, have none... Continue Reading →
UPDATE 2-Brazil oil strike cuts output up to 13 pct – Petrobras
A labor strike that began on Sunday has reduced oil production from Brazil's state-run oil producer Petroleo Brasileiro SA by 273,000 barrels on Monday, or 13 percent of its output, the company said in a Tuesday security filing. Petrobras said it estimated oil production would show a 8.5 percent drop on Tuesday and natural gas... Continue Reading →
Oil holds above $50 on Brazil supply worries
Oil prices held above $50 a barrel on Wednesday following a 3 percent jump a day earlier on the back of Brazilian and Libyan supply worries, a U.S. pipeline outage and a general rally in riskier assets on hopes of more economic stimulus measures. Brent and U.S. futures for December delivery traded little changed by... Continue Reading →
Fitch: Brazil Ending ‘Pedaladas’ a Governance Positive
(The following statement was released by the rating agency) RIO DE JANEIRO, November 03 (Fitch) Brazil's decision to repay National Treasury debt owed to federally owned banks is positive for the banks as it imposes a new level of segregation between the government and these financial institutions, says Fitch Ratings. The decision will have a... Continue Reading →
Brazil judge convicts former Mendes Junior VP in Petrobras case
The federal judge handling the Petrobras corruption cases sentenced the former vice president of Brazilian engineering firm Mendes Junior to 19 years and four months in prison for his role in the massive kickback scheme. Judge Sergio Moro convicted Sergio Cunha Mendes of corruption, money laundering and racketeering for the payment of 31.5 million reais... Continue Reading →
Brazil Energy Insight 