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The political crisis engulfing Brazilian President Dilma Rousseff got a lot bigger Thursday, when the man who was both her mentor and predecessor was named as the target of a federal probe into foreign business transactions. Former President Luiz Inacio Lula da Silva, whose widespread popularity paved the way for Rousseff’s election in 2010, is... Continue Reading →
Brazil and Canada are among those “most in the firing line” at current prices, Paul Horsnell, the head of commodities research at Standard Chartered in London, said July 13. Brazil’s so-called pre-salt offshore fields, and Canada’s tar sands are “frontier” oil provinces where costs are higher because of their technical complexity or remoteness, he said.... Continue Reading →
Mexico is about to undergo its first subsea land rush. International energy producers that sat out Mexico’s historic auction of oil and natural gas fields this week will be among the fiercest competitors for potentially massive deepwater prospects that go up for sale as soon as next month. Read More
Brazil’s former President Luiz Inacio Lula da Silva is being investigated by federal prosecutors on allegations of influence peddling in a move that may deepen the country’s political crisis. The real fell. Authorities are probing whether Lula used his influence to help construction company Odebrecht SA win contracts in Panama and Venezuela from 2011 to... Continue Reading →
The speaker of Brazil's lower house of Congress said on Thursday he is weighing legal arguments to impeach President Dilma Rousseff, which would be the first ouster of a sitting president in the country in nearly 23 years. Eduardo Cunha, a leader of the PMDB party that is in charge of deciding whether to move... Continue Reading →
Brazil’s political crisis will deteriorate, making it even harder for President Dilma Rousseff to govern the country, said lower house President Eduardo Cunha. “The strain of the political crisis coupled with the economic crisis is eroding the government’s popularity,” Cunha told reporters in Brasilia Thursday. “I see the governability crisis worsening.” Read More
Petrobras - Clarification of Press Article: Privatization of Gas Pipelines 07/15/2015 Rio de Janeiro, July 15, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 245/2015/CVM/SEP/GEA-1, as transcribed below: OFFICIAL LETTER 245/2015/CVM/SEP/GEA-1 “We refer to the article published today in the Market section of Folha de São Paulo entitled Petrobras estuda privatizar... Continue Reading →
Brazil's Justice Minister José Eduardo Cardozo pledged on Wednesday to punish any investigators found to have broken the law by using unauthorized bugs or leaking documents to the press while probing corruption at state-run oil firm Petrobras. The landmark probe that has jailed powerful engineering executives and implicated dozens of politicians is coming under scrutiny... Continue Reading →
Brazil’s sovereign wealth fund has started reducing its stake in Banco do Brasil SA as the government prepares to possibly tap the fund to help meet its fiscal target, said a person with direct knowledge of the matter. Shares dropped the most on the Ibovespa index. The sovereign fund sold 1 million shares of Banco... Continue Reading →
Itau Unibanco SA is now forecasting Brazil’s economy will contract for a second consecutive year as unemployment continues to rise and the government struggles to contain above-target inflation. Brazil’s largest bank reduced its forecast for next year’s gross domestic product to a 0.2 percent contraction from 0.3 percent growth. It also predicts this year’s recession... Continue Reading →
Brazil Energy Insight 