Petrobras - Clarification of News Item: Rental of Drilling Rigs 09/09/2015 Rio de Janeiro, September 9, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 347/2015/CVM/SEP/GEA-1 which requests the following clarifications: Official Letter 347/2015/CVM/SEP/GEA-1 “A news item that appeared in the September 6, 2015 edition of the newspaper Folha de São Paulo... Continue Reading →
Oil Jobs Exit Norway as Era of Richest Rewards Peters Out
When Luke Rickert first started as an engineer at Aker Solutions ASA in Oslo, a Norwegian oil services provider, his team of 24 had people from 15 different countries. People from the U.S. to India, Brazil, Portugal and dozens of other countries came to fill a shortage of skilled workers in Norway’s booming petroleum industry.... Continue Reading →
Brazil Returns to Junk as Bonanza Ends and Crisis Snares Levy
Brazil is junk -- again. Seven years after Standard & Poor’s lifted the nation’s credit rating to investment grade, reflecting the rising influence of emerging markets, Latin America’s largest economy has lost its vaunted designation. S&P’s decision late Wednesday to cut Brazil’s rating one step, to BB+ with a negative outlook, underscores its worsening economic and... Continue Reading →
Here’s What Brazil Investors, Lawmakers Are Saying About S&P Cut
Brazil had its credit rating cut to junk by Standard & Poor’s on Wednesday after the close of markets, with a negative outlook. The downgrade sent the ETF that tracks Brazilian shares plunging in late trading. Here’s what lawmakers and investors are saying: MARKET REACTION: * Brasil Plural: "If the timing of the downgrade was... Continue Reading →
Brazil downgraded to junk rating by S&P, deepening woes
Standard & Poor's downgraded Brazil's credit rating to junk grade on Wednesday, further hampering President Dilma Rousseff's efforts to regain investors' trust and pull Latin America's largest economy out of recession. The faster-than-anticipated downgrade from investment grade will likely rock Brazilian financial markets on Thursday and will increase borrowing costs for the government and Brazilian... Continue Reading →
Pemex 2016 Spending Budget Reduced as Woes Build After Reform
As Petroleos Mexicanos seeks investment from outside Mexico, it’s losing some support from the government. President Enrique Pena Nieto announced Tuesday that Mexico’s budget proposal would include 293 billion pesos ($17 billion) for Pemex investment in 2016, down from 366 billion pesos this year and the lowest amount allocated to the world’s ninth-largest crude producer... Continue Reading →
Brazil’s Rousseff under pressure to loosen austerity
After months of trying to shore up Brazil's public finances, President Dilma Rousseff now faces political and business pressure to ease up on painful austerity measures in a country long hooked on the helping hand of a big state. Business leaders have supported the beleaguered Rousseff as she faces growing calls from political foes for... Continue Reading →
Brazilian Stock Market Value is Worth one Apple
The Brazilian stock market, Bovespa, is down over 54% for the year to U$518 billion. The market value of the stock market is inferior to what Apple is worth in the NYSE which is U$640 billion. The these last 12 months the Bovespa value has tumbled from U$1.14 trillion to U$518 billion. Recession, currency devaluation,... Continue Reading →
Brazil Real Gains on China Support
The local currency advanced after China, Brazil’s largest trading partner, pledged to accelerate construction of some major projects and reduce companies’ tax burdens. The real also gained as President Dilma Rousseff’s administration was said to be studying a tax increase on Brazil’s top earners to raise revenue and narrow an expanding budget deficit. The real appreciated... Continue Reading →
Citigroup Sees U.S. Oil Output Losing 500,000 Barrels a Day
A funding squeeze threatens to cut U.S. oil output by as much as half a million barrels a day by the end of the year, with shale producers among the worst affected, Citigroup Inc. said. High-cost oil producers in the U.S. have been forced to scale back in the past year after members of the... Continue Reading →
Brazil Energy Insight 