Petrobras confirms in shareholders meeting last night that the company will not distribute dividends to both ordinary and preferred shareholders. Preferred shareholders are contesting this measure. Petrobras confirms that is has cancelled offshore rig contracts with Schahin Oil and Gas for breach of contract. No other information is available at this time. Evan Sponagle 26/05/2015
Petrobras to divest of five groups of assets, including the pre-salt areas
Petrobras to divest of five groups of assets, including the pre-salt areas Evan Sponagle 25/05/2015 Within its plan to sell assets to reduce the heavy debt, Petrobras announced a goal of raising $ 13.7 billion from the sale of assets, according to local market sources. . One of the most valuable assets in the package for... Continue Reading →
Brazil to cut R$70 bln or U$23 bln in spending to meet fiscal target
Fri May 22, 2015 Brazil to cut R$70 bln or U$23 bln in spending to meet fiscal target May 22 The Brazilian government will freeze around 70 billion reais ($23.02 billion) in spending this year, as part of the austerity program. The cut is in line with expectations and signals greater commitment to austerity as... Continue Reading →
Petrobras Informs – Reversal of allowance for impairment of trade receivables
Petrobras Informs - Reversal of allowance for impairment of trade receivables Rio de Janeiro, May 20, 2015 - Petróleo Brasileiro SA - Petrobras informs that it has provisioned, in its 2014 Financial Statements, an allowance for impairment of trade receivables to cover uncollateralized receivables. In the 1st quarter 2015 financial statements, as disclosed in the... Continue Reading →
Brazil’s Jobless Rate Rises in April More Than Analysts Forecast
Brazil’s Jobless Rate Rises in April More Than Analysts Forecast by David Biller/Bloomberg 9:19 AM BRT May 21, 2015 Brazil’s unemployment rate rose in April more than analysts forecast as Latin America’s biggest economy heads to its deepest recession in 25 years. The jobless rate rose to 6.4 percent from 6.2 percent a month earlier,... Continue Reading →
Brazil’s economic activity down 1.07 pct in March -central bank
Thu May 21, 2015 7:42am EDT Brazil's economic activity down 1.07 pct in March -central bank BRASILIA/Reuters May 21 The Brazilian central bank's IBC-Br economic activity index dropped a seasonally adjusted 1.07 percent in March from February, the bank said on Thursday. The index showed that the Brazilian economy contracted 0.8 percent in the first... Continue Reading →
Petrobras may need to re-publish Q1 results due to accounting issue- regulator
Wed May 20, 2015 4:19pm EDT Petrobras may need to re-publish Q1 results due to accounting issue- regulator SAO PAULO/Reuters May 20. Brazil's state-run oil company Petroleo Brasileiro SA could be forced to re-publish first-quarter results after it included a contract completed after the reporting period, the president of Brazil's markets regulator said on Wednesday.... Continue Reading →
Petrobras probe looks to dig up corpse
http://www.ft.com/cms/s/0/4badd072-ff3d-11e4-84b2-00144feabdc0.html#ixzz3alkIKZkx May 20, 2015 11:54 pm Petrobras probe looks to dig up corpse Joe Leahy in São Paulo/FT ©Getty An investigation into corruption at Petrobras took a macabre turn on Wednesday as Brazil’s Congress sought to exhume the corpse of the scandal’s alleged political mastermind to quell suspicions that he might still be alive. A congressional inquiry... Continue Reading →
Oil Giants Band Together to Add Their Voice to Climate Debate
Oil Giants Band Together to Add Their Voice to Climate Debate By Tara Patel Stefan Nicola/Bloomberg 8:30 PM BRT May 20, 2015 Europe’s largest oil companies are banding together to forge a joint strategy on climate change policy, alarmed they’ll be ignored as the world works toward a historic deal limiting greenhouse gases. Royal Dutch... Continue Reading →
‘Shale-ionaires’ Suffering from Wave of Bankrupt Oil Drillers
‘Shale-ionaires’ Suffering from Wave of Bankrupt Oil Drillers By Kelly Gilblom/Bloomberg 9:00 PM BRT May 20, 2015 At the height of the U.S. energy boom, Texas landowner John Baen received about $100,000 a month in royalty payments from companies producing oil and natural gas on his property. Now the checks are much smaller, and when... Continue Reading →
Brazil Energy Insight 