Petrobras - Provisional Ban Cancellation on Bidding Processes 07/30/2015 Rio de Janeiro, July 30, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the provisional ban to block TKK Engenharia Ltda. has been cancelled, due to the shelving of administrative proceedings by the Office of the Federal Controller General (CGU), as stated in official letter... Continue Reading →
Petrobras begins production in Iracema Norte
Petrobras begins production in Iracema Norte 07/31/2015 Rio de Janeiro, July 31, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby announces that it has begun production from the Iracema Norte project with the startup on this Friday (July/31) of the Cidade de Itaguaí platform. The Iracema Norte area is located in the Lula field, in... Continue Reading →
Petrobras enlists ‘puffery’ defense against U.S. lawsuit
A U.S. judge earlier this month kept alive a lawsuit against Brazil's Petrobras in part because he doubted the state-led oil company's contention that some assurances it made about ethics and governance amounted to "mere puffery." District Judge Jed Rakoff, of Manhattan federal court, described puffery as a sort of harmless corporate bragging. To be... Continue Reading →
Brazil corruption probe threatens Rio Olympics
Brazil's largest-ever corruption scandal threatens to slow down preparations for the Olympic Games in Rio de Janeiro next year as it engulfs construction companies responsible for the lion's share of projects worth around $12 billion. Prosecutors investigating the scandal at state-run oil firm Petrobras have implicated more than 20 companies, including five that are working... Continue Reading →
Brazil’s real sinks on debt data
SAO PAULO, July 31 Brazil's currency sank its most in nearly three months on Friday after worse-than-expected government debt data raised investor fears of a credit downgrade, while Mexico's currency gained following new government efforts to support the struggling peso. Other currencies in the region were little changed, though Colombia's peso posted a modest rebound... Continue Reading →
OPEC Oil Production Falls
OPEC crude output declined this month as Iraqi production slipped from a record in June. Output by the Organization of Petroleum Exporting Countries decreased 362,000 barrels to 32.107 million a day this month, according to a Bloomberg survey of oil companies, producers and analysts. Last month’s total was revised 335,000 barrels higher, to 32.469 million... Continue Reading →
Exxon, Chevron Brace for Darker Times
Exxon Mobil Corp. and Chevron Corp., the biggest U.S. energy producers, hunkered down for a prolonged stretch of weak prices after posting their worst quarterly performances in several years. Exxon reported its lowest profit since 2009 as crude prices fell twice as fast as the world’s largest crude producer by market value could slash expenses.... Continue Reading →
Petrobras CEO Seeks to Recoup $1.8 Billion From Graft Losses
Petroleo Brasileiro SA is seeking to recover as much as 6.2 billion reais ($1.8 billion) lost as part of Brazil’s biggest corruption scandal. The world’s most indebted oil company announced today the recovery of 139 million reais from the scandal, in a ceremony with the country’s prosecutor general ahead of the year-and-a-half-long investigation. In 2014,... Continue Reading →
Rousseff Summons Governors to Brasilia
Brazil’s President Dilma Rousseff is intensifying efforts to patch up political relationships as talk of her impeachment gathers strength and she braces for renewed protests in August. Accompanied by her vice president and select ministers, Rousseff began meeting with governors in Brasilia on Thursday afternoon. She used her opening remarks to ask them to support... Continue Reading →
How Cheap Oil Is Fueling a Surge In New Factories
America's energy rebirth is the gift that keeps on giving for the economy. But this year, it's more about construction than drilling holes in the ground. While the collapse in oil and gas prices since the middle of last year caused energy companies to slash investment in oil wells, Thursday's report on second-quarter GDP showed... Continue Reading →
Brazil Energy Insight 