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December 19, 2019 Royalties are the most traditional form of taxation of mineral resources in the world. It is compensation for the exploitation of a mineral resource designed to ensure that future generations enjoy the benefits that exploitation of the non-renewable natural resource provides to the current generation. In the Brazilian case, according to Law... Continue Reading →
12/19/2019 Petrobras launched the website New Paths (www.petrobras.com.br/novoscaminhos ), a channel created to explain the strategies and business decisions of the company. In addition to the site, an advertising campaign featuring two television films and Internet plays will invite people to learn more about the portfolio management at Petrobras. The main message is to explain... Continue Reading →
Brazil’s Economy Minister Paulo Guedes said on Wednesday he had reached agreement with Congressional leaders on modernizing the country’s complex tax system next year and one option could be taxing on-line transactions. Brazil has brought its snowballing public debt under control with reform of the costly pension system and spending cuts, he said, while interest... Continue Reading →
December 18, 2019 Petróleo Brasileiro S.A. – Petrobras informs that its Board of Directors, at a meeting held today, approved the distribution of anticipated remuneration to shareholders as interest on equity, in the total gross amount of R$ 2,352,827,349.18, corresponding to R$ 0.42 per outstanding preferred share. The payment will be made on February 07,... Continue Reading →
December 18, 2019 Petróleo Brasileiro S.A. - Petrobras reports that, under the scope of its ongoing contingency assessment process, it has decided to join the Programs for Partial Tax Remission and Interest and Fine Reduction on VAT (ICMS) Debt established by the states of Amazonas, Alagoas, Bahia, Pernambuco, Rio Grande do Sul and Sergipe. The... Continue Reading →
Dec 18, 2019 Petrobras plans to invest U$ 49.5 billion in production development projects between 2020 and 2024 The Buzios field, in the Santos Basin pre-salt, will receive the largest volume of investments foreseen in the Petrobras 2020-2024 Strategic Plan. The projection is that the asset will absorb U$ 18 billion over the next five... Continue Reading →
Dec 16, 2019, Odebrecht shifts command at a crucial time for the company. Current group president Luciano Guidolin will be replaced by Ruy Sampaio, currently chairman of the board. The company has a meeting of creditors about the judicial recovery scheduled for Thursday, the 19th. Guidolin is expected to remain a member of the board of directors of... Continue Reading →
December 16, 2019 Petróleo Brasileiro S.A. - Petrobras, following up on the press release disclosed on August 14, 2019, reports that it has prepaid today a US$ 5 billion loan with China Development Bank (CDB), due in 2027. This prepayment will lead to the termination of the obligation to preferentially supply, under market conditions and... Continue Reading →
Though overall global upstream investments in 2020 will decrease by around 4%, deepwater will be the only segment expected to grow above 5% next year, spelling a boom for the industry, said a report. Rystad Energy is forecasting that overall global upstream investments in 2020 will decrease by around 4%. Investments in shale/tight oil are... Continue Reading →
Weatherford International has completed its financial restructuring and emerged from chapter 11 protection. The company emerges with a stronger financial foundation, having reduced approximately $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, including a $450 million revolving credit facility, secured a $195 million letter of credit facility, and secured over... Continue Reading →
Brazil Energy Insight 