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(Reuters) - Brazil's state-run oil company Petrobras slashed its long-term spending plan to the lowest level in eight years on Monday as new management moved to reduce the industry's largest debt burden and restore confidence after a devastating corruption scandal. Read More
Brazilian President Dilma Rousseff has one core task to achieve on her visit to New York next week. The statist policies of her first term, together with falling commodity prices, helped tank Latin America’s biggest economy. She has adopted a more market-friendly persona during the first six months of her second term – but U.S.... Continue Reading →
The world’s largest oil companies need to change their business model to increase shareholder returns during a period of depressed crude prices, a report published by Morgan Stanley and The Boston Consulting Group said. Read More
Petrobras cut spending and output targets by at least a third as Brazil’s state-controlled oil company gives up its dream of being one of the world’s biggest producers. Petroleo Brasileiro SA, as it’s known formally, is focusing on exploration and production, scaling back investment in refineries that have become the subject of Brazil’s biggest corruption... Continue Reading →
Foreign debt sales from the country have plunged 80 percent to just $7.5 billion this year as Petroleo Brasileiro SA -- the state-controlled oil producer at the center of a graft probe -- scales back offerings and borrowing costs remain high. The decline in issuances is the biggest since 2009. Read More
Rio de Janeiro, June 29th, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that its Board of Directors has approved, on June 26th, 2015, the 2015–2019 Business and Management Plan. The Plan has as its fundamental objectives to delever the Company and to generate value for its shareholders. Attached is note from Petrobras Petrobras Business... Continue Reading →
Some would-be bidders in Mexico’s first oil license auction are resisting guarantee requirements in an impasse that threatens to reduce competition in the country’s energy liberalization. Rules require each bidding group to have one partner to act as guarantor, and for that company to maintain shareholder equity, or total assets minus liabilities, of at least $6... Continue Reading →
Brazil's president of the lower house, Eduardo Cunha, said on Friday that a requirement in the national oil law that state-run oil producer Petroleo Brasileiro SA, known as Petrobras, participate in all subsalt exploration and production blocks will be "corrected." Under the current legislation in Brazil, Petrobras must hold at least a 30 percent stake... Continue Reading →
In a nation where the elite have enjoyed relative impunity, a new generation of police and prosecutors in Brazil are bent on using the country's largest-ever corruption investigation to send the message that no one is above the law. And they gave the moniker Operation 'Erga Omnes,' Latin for 'For everyone' to a raid that... Continue Reading →
Brazil is seeking a rapprochement with the U.S. as the Western Hemisphere’s two largest economies try to realign interests after a decade of diplomatic skirmishes. Brazil president Dilma Rousseff will arrive in New York on Saturday for a five-day tour including San Francisco. It is her first official travel to Washington since she canceled a... Continue Reading →
Brazil Energy Insight 