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July 18, 2019 The Court of Auditors of the Union (TCU) yesterday questioned the competence of the National Energy Policy Council (CNPE) to define the areas of the auction rounds in the sharing regime. The position of the court ministers was based on the fact that there is a lack of transparency in the selection... Continue Reading →
Finland’s Wartsila Oyj (WRT1V.HE) missed second-quarter forecasts on Thursday and warned that it expected demand to weaken for both its marine and energy businesses, sending shares in the engineering firm to a three-year low. Comparable operating profit in April-June fell to 113 million euros ($127 million) from 123 million euros a year earlier and missed... Continue Reading →
July 17, 2019 Sete Brasil creditors will meet August 9 to deliberate on Magni Partners' new and seemingly final offer to acquire the Urca, Frade, Arpoador and Guarapari rigs. After four months of negotiations, the group raised the value of its proposal from US $ 250 million to US $ 296 million, ensuring contractual improvements.... Continue Reading →
Rio de Janeiro, July 16, 2019 - Petroleo Brasileiro S.A. – Petrobras, focusing on providing greater transparency in its information, reports that as from this quarter, it will disclose the production and sales report prior to the company's financial statements report. On July 25th, after market closes, the company will release its quarterly production and... Continue Reading →
July 16, 2019 – Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) (NYSE: PBR) announced today the early results of its previously announced debt tender offers (the “Waterfall Offers”). As of 5:00 p.m., New York City time, on July 15, 2019 (the “Early Tender Deadline”) holders of US$1,790,166,000 principal amount of the outstanding notes of the series... Continue Reading →
Overhauling the bloated public pension system has been a ubiquitous topic among Brazil investors for years now, the change nearly every money manager would cite when asked what the country needed most. Now that it’s finally here, traders seem to want a whole lot more. The revamp, which is expected to save the government almost... Continue Reading →
The surprise departure of Mexico’s finance minister has the state oil company’s watchers biting their nails. Carlos Urzua resigned Tuesday, citing conflicts of interest and policy disagreements within Andres Manuel Lopez Obrador’s administration. That sent the peso plunging as much as 2.3%, and stocks sliding. Yields on both sovereign and Petroleos Mexicanos bonds surged, reflecting... Continue Reading →
The sale of state-owned assets is expected to drive M&A transactions and share offerings volume in Brazil in the second half of the year, bankers and investors said, after a slower-than-expected first half. As court injunctions delayed asset sales by oil company Petroleo Brasileiro SA (PETR4.SA) and discussion of pension reform dragged on in Congress,... Continue Reading →
July 9, 2019 Finance Secretary Carlos Urzúa announced his resignation today in a strongly worded letter that criticized the public policy decision making process within the government and the appointment of officials with no knowledge of public finances. “Discrepancies over economic matters were plentiful,” Urzúa wrote in a letter addressed to President López Obrador that... Continue Reading →
RIO DE JANEIRO, BRAZIL – July 8, 2019 – Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) (NYSE: PBR) today announced the expiration and expiration date results of the previously announced offers to purchase (the “Offers”) by its wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”), of any and all of its outstanding notes set forth in the... Continue Reading →
Brazil Energy Insight 